During 2023, Sheridan Corporation started a construction job with a contract price of $4.34 million. Sheridan ran into severe technical difficulties during construction but managed to complete the job in 2025. The contract is non-cancellable. Under the terms of the contract, Sheridan sends billings as revenues are earned. Billings are non-refundable. The following information is available: Costs incurred to date Estimated costs to complete (a) (61) 2024 2023 Date Account Titles and Explanation 2024 $ 620,000 3,255,000 (To record revenues) 2024 Prepare the year-end journal entries for 2024 to record revenues and expenses from the contract, assuming the percentage-of- completion method is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries) (To record construction expenses) $2,170,000 2,170,000 2025 $4,240,000 -0- Debit Credit

Q: What are the important guidelines for Selecting a MARR?

A: It places a base gainfulness prerequisite on the discount rate, or MARR, which a venture or…

Q: Examples of  CIRO and PIRO

A: Example of CIRO: A note book valued at $5 CAD is being transported through courier would be exempt…

Q: What is meant by Remainderman?

A: The remainderman is a beneficiary that receives the principal left in an estate or trust after a…

Q: When is the midmonth convention used? Give an example?

A: Depreciation means decline in the estimation of benefit inside its valuable life because of mileage…

Q: What are the conditions for third normal form (3NF)?

A:

Q: What are blue sky laws?

A: Blue sky laws are state-level, anti-fraud regulations that require issuers of securities to be…

Q: Which of the following accounts increases with a credit? OA. Common Stock OB.Accounts Receivable…

A: DebitA debit is an accounting entry made on the account's left side. Debits are used in double-entry…

Q: Which famous mathematician is known for his work on "Binomial Theorem"? a) Al-Khwarizmi b) Omar…

A: Sir Isaac Newton is a renowned mathematician well recognized for his contributions to the "Binomial…

Q: Illustrate the Guidelines for Selecting a MARR?

A: It places a base gainfulness prerequisite on the discount rate, or MARR, which a venture or…

Q: What is the meaning of Frieght Inward and Frieght outward?

A: Freight-inward: Freight-inward is a transportation cost related with the acquisition of goods. In is…

Q: so where the 2nd ansawer

A: Relevant cost is the cost which alters under two alternatives. Variable cost hence are relevant and…

Q: What are the characteristics of a Covered Member?

A: Covered member is an individual on the attest engagement team. Covered member is an individual in a…

Q: What is a private placement?

A: A company needs funds(or money) to finance its operations. A company can either issue debt or equity…

Q: Explain the difference between murabaha and mudharaba?

A: Both murabaha and mudharaba are instruments of Islamic finance. There exists some differences…

Q: What does furlough mean?

A: Furlough: Furlough is a provisional leave of workers owing to particular requirements of a firm or…

Q: What is a cfar?

A: Cash Flow at Risk (CFAR):Cash Flow at Risk is a term which focuses on the risk of receivables and…

Q: Egyghh gyu

A: Hope it helps :)

Q: What are some examples/scenarios of derecognition?

A: Derecognition means to remove or eliminate a financial asset or liability from the company's Balance…

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.