Constructing and Assessing Income Statements Using Cost-to-Cost Method On March 15, 2012, Frankel Construction contracted to build a shopping center at a contract price of $120 million. The schedule of expected (which equals actual) cash collections and contract costs foll millions): Year Cash Collections Cost Incurred 2012 2013 2014 Total $30 50 40 $120 (a) Calculate the amount of revenue, expense, and net income for each of the three years 2012 through 2014 using the cost-to-cost method. Rounding instructions: Round percentages to the nearest whole number. Use rounded percentages for remaining calculations. Round revenue and income to the nearest whole number. Enter $ answers in millions. Costs Year incurred 2012 S 2013 2014 $15 40 30 $85 20 x 30 x 35 x $85 Cost-to-CostMethod Percent of total expected costs Revenue recognized 24% x $ 35% x 41% X 29 x $ 42 x 49 x $120 Income 9 x 12 x 14 x $35

Constructing and Assessing Income Statements Using Cost-to-Cost Method On March 15, 2012, Frankel Construction contracted to build a shopping center at a contract price of $120 million. The schedule of expected (which equals actual) cash collections and contract costs foll millions): Year Cash Collections Cost Incurred 2012 2013 2014 Total $30 50 40 $120 (a) Calculate the amount of revenue, expense, and net income for each of the three years 2012 through 2014 using the cost-to-cost method. Rounding instructions: Round percentages to the nearest whole number. Use rounded percentages for remaining calculations. Round revenue and income to the nearest whole number. Enter $ answers in millions. Costs Year incurred 2012 S 2013 2014 $15 40 30 $85 20 x 30 x 35 x $85 Cost-to-CostMethod Percent of total expected costs Revenue recognized 24% x $ 35% x 41% X 29 x $ 42 x 49 x $120 Income 9 x 12 x 14 x $35

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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4. In 2016, Omega Construction began work on a contract with a price of $850,000 and estimated costs of $595,000. Data for each year of the contract are as follows: Costs incurred during the year $238,000 Estimated costs to complete Partial billings Collections 2016 2017 2018 $319,600 $105,000 357,000 139,400 -0- 260,000 210,000 380,000 240,000 200,000 410,000 Assuming the performance obligation is satisfied over time, what would be the gross profit in 2016? a. $102,000 b. $260,000 c. $255,000 d. $425,000
table belom shows the financial statements of a fan components supplier company that started it's operation in 1st January 2021.Calculate the profit and loss statement for the year ended December 2021.
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Shields Company is preparing its interim report for the first quarter ending March 31. The following payments were made during the first quarter: The amount that will be reported in the quarter is the Expenditure Date Amount Annual advertising January $800,000 Property tax for the fiscal year February 350,000 March 260,000 Annual equipment repairs O a $352,500 Ob$1,410,000 Oc. $0 Od $1,060,000
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