Exercise 18A-29 (Part Level Submission)Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2014, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,376,000. Other details follow:Costs incurred during the yearEstimated costs to complete, as of December 31Billings during the yearCollections during the year iTotal contract price(a)Your answer is incorrect. Try again.What portion of the total contract price would be recognized as revenue in 2014? In 2015?20142015SHOW LIST OF ACCOUNTS2014$691,2001,036,800453,600378,000LINK TO TEXT2015$1,539,000-0-1,814,4001,620,00023760002376000By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor.

When revenue is earned and realized, or realizable, it is recognized. Accordingly, revenue should be…

Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2014, 2014 2015 $691,200 $1,539,000 1,036,800 -0- 453,600 1,814,400 378,000 1,620,000 Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year

Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2014, 2014 2015 $691,200 $1,539,000 1,036,800 -0- 453,600 1,814,400 378,000 1,620,000 Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sah
Calculate Swifty's gross profit percentage and percentage markup on cost for each fiscal year. (Round answers to 2 decimal places, eg. 52.75.) Percentage gross profit Percentage markup on cost Fiscal 2023 35.74 % 3.43 % Fiscal 2022 36.13 % 5.67 %
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous YearSales $4,000,000 $3,600,000Cost of goods sold 2,280,000 1,872,000Selling expenses 600,000 648,000Administrative expenses 520,000 360,000Income tax expense 240,000 216,000a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage.b. Comment on the significant changes disclosed by the comparative income statement.
Cost of Goods Sold, Profit Margin, and Net Income for a Manufacturing Company The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured $4,490,000 Selling expenses 530,000 Administrative expenses 340,000 Sales 6,600,000 Finished goods inventory, January 1 880,000 Finished goods inventory, January 31 775,000 a. For the month ended January 31, determine Bandera Manufacturing’s cost of goods sold. Bandera Manufacturing CompanyCost of Goods SoldJanuary 31 $- Select - - Select - $- Select - - Select - $- Select - b. For the month ended January 31, determine Bandera Manufacturing’s gross profit. Bandera Manufacturing CompanyGross ProfitJanuary 31 $- Select - - Select - $- Select - c. For the month ended January 31, determine Bandera Manufacturing’s net income. Bandera Manufacturing CompanyNet IncomeJanuary 31…
The income statement comparison for Forklift Material Handling shows the income statement for the current and prior year. FORKLIFT MATERIAL HANDLINGIncome statement Comparison Current Year Prior Year (Amounts in thousands) Sales $33,700 $24,750 Cost of goods sold 21,905 16,830 Gross profit $11,795 $7,920 Expenses: Wages $8,775 $6,189 Utilities 700 300 Repairs 169 325 Selling 505 300 Total Expenses $10,149 $7,114 Operating income ? ? Operating income % ? ? Total assets (investment base) $4,400 $1,400 Return on investment ? ? Residual income (8% cost of capital) ? ? A. Determine the operating income (loss) (dollars) for each year. If required round final answers to two decimal places. Current Year Prior Year Operating income (loss) $fill in the blank 1 $fill in the blank 2 B. Determine the operating income (loss) (percentage) for each year. If required round final answers to two…
None
The following information is given to you from which you are required to prepare a Statement of Cost and Sales for the period ended on 30th June 2023:Consumable material: KOpening stock 20,000Purchases 122,000Closing stock 10,000Direct wages 36,000Direct Expenses 24,000Factory overheads 50 % of direct wagesOffice and administration overheads 20% of works costSelling and distribution expenses K3 per unit soldUnits of finished goods:In hand at the beginning of the period (Value K12,500) 500Units produced during the period 12,000In hand at the end of the period 1,500Profit on selling price 20% There is no work-in-progress either at the beginning or at the end of the period.
Dineshbhai
Income Statement Lederman Manufacturing Corporation sold 21,000 units of product for $42 each during 2016. During the year, 7,000 shares of common stock were outstanding. Lederman Manufacturing CorporationSchedule of Cost of Goods Manufactured and SoldFor the Year Ended December 31,2016 Direct material: Beginning materials inventory $35,000 Cost of materials purchased 175,000 Cost of material available 210,000 Less: Ending materials Inventory 21,000 Total materials used 189,000 Less: Indirect material used 16,800 Direct materials used $172,200 Direct labor 207,200 Manufacturing overhead Indirect material 16,800 Indirect labor 51,800 Factory supplies used 14,000 Factory depreciation 91,000 Factory repairs and maintenance 29,400 Total manufacturing overhead 203,000 Total manufacturing costs for the year 582,400 Add: Beginning work in process inventory 42,000 Total cost of work in process during the…
Using the information provided, what is the length of the production cycle for the firm? Allied Industries, Inc. Selected Income Statement Items, 2017 Cash Sales $1,500,000 Credit Sales $7,500,000 Total Sales $9,000,000 COGS $6,000,000 Allied Industries, Inc. Selected Balance Sheet Accounts 12/31/201712/31/2016Change Accounts Receivable $270,000 $240,000 $30,000 Inventory $125,000 $100,000 $25,000 Accounts Payable $110,000 $90,000 $20,000
Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill’s data are expressed in dollars. The electronics industry averages are expressed in percentages. TannenhillCompany ElectronicsIndustryAverage Sales $800,000 100 % Cost of goods sold 512,000 70 Gross profit $288,000 30 % Selling expenses $176,000 17 % Administrative expenses 64,000 7 Total operating expenses $240,000 24 % Operating income $48,000 6 % Other revenue 16,000 2 $64,000 8 % Other expense 8,000 1 Income before income tax $56,000 7 % Income tax expense 24,000 5 Net income $32,000 2 % a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers.