→ required: Fill in the following two tables:Percent of completionYear202220232024Total revenuesTotal costGross profitAccount receivablebalanceZero profit methodYear202220232024Total revenuesTotal costGross profit Starks firm wanted to construct a new parking lot and storage area and for that reasonthey signed a 5 Million contract with Lannister company limited. The work began duringMarch 2022 and the project was completed by the end of 2024. You have the followingnotes related to each year:Year 1: at the end of 2022 the estimated total cost for the contract was 4,000,000 inwhich one quarter incurred by the end of 2022. The company billed the contractor with30%(70% of billed amount was collected during the year)Year 2: at the end of 2023 total estimated cost increased by 30 % from last yearestimations and the company's cost to date were 3 Million. The company billed thecontractor with 70% in both years (year 1 and year2) (70% of billed amount wascollectedduring year 1 and year 2)Year 3: the company finished the contract with total cost of 5.4 Million. The remainingof unbilled revenues was billed during the last year and only 5% remained uncollected.

Percentage of Completion Method In this Method, as the contractor recognises only up to the stage of…

→ required: Fill in the following two tables: Percent of completion Year 2022 2023 2024 Total revenues Total cost Gross profit Account receivable balance Zero profit method Year 2022 2023 2024 Total revenues Total cost

→ required: Fill in the following two tables: Percent of completion Year 2022 2023 2024 Total revenues Total cost Gross profit Account receivable balance Zero profit method Year 2022 2023 2024 Total revenues Total cost

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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Hi! Can someone please help me understand this question? Thank you.
Haresh
Consider the return of investment as given in the following table: Year 2016 2017 2018 2019 2020 Amount (RM) 5000 5175 5394.94 5705.15 6047.46
What is the amount of the total paid-in capital? What makes up this amount?
T4.
(answer in text form please (without image), Note: .Every entry should have narration please)
Manno Corporation has the following information available concerning its postretirement benefit plan for 2017. Service cost $40,000 Interest cost 47,400 Actual and expected return on plan assets 26,900 Compute Manno’s 2017 postretirement expense.
Subject: acounting
Saved Help Save & Exit Submit U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2020. Check my work Plan assets $400,000 320,000 Projected benefit obligation U.S.M.s actuary determined that 2021 service cost is $60,000. Both the expected and actual rate of return on plan assets are 9%. The interest (discount) rate is 5%. U.S.M. contributed $120,000 to the pension fund at the end of 2021, and retirees were paid $44,000 from plan assets. (Enter your answers in thousands (I.e., 10,000 should be entered as 10).) Required: 1. What is the pension expense at the end of 2021? 2. What is the projected benefit obligation at the end of 2021? 3. What is the plan assets balance at the end of 2021? 4. What is the net pension asset or net pension liability at the end of 2021? 5. Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments. Complete this question by…
Plz answer fast without plagiarism please ?
2 ($ in thousands) Discount rate, 7% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, current year January 1, current year: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value)" Prior service cost- AOCI (current year amortization, $30) Net gain- AOCI (current year amortization, $12) There were no changes in actuarial assumptions. December 31, current year: Cash contributions to pension fund, December 31, current year Benefit payments to retirees, December 31, current year Required: 1. Determine pension expense for the current year. $ 500 3,250 2,950 3,350 420 520 435 460 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for the current year. Note: Amounts to be deducted should be indicated with a minus sign.…
Happy Woolly Inc. provides the following information about its postretirement benefit plan for the year 2019. (In Euros) Service cost €90,000 Contribution to the plan €56,000 Actual return on plan assets €2,000 Benefits paid € 40,000 Plan assets at January 1, 2019 €710,000 Defined postretirement benefit obligation at January 1, 2019 €760,000 Accumulated OCI (Loss) at January 1, 2019 100 (Dr-Loss) Discount (interest) rate 9% Required: Compute the postretirement benefit expense for 2019 and give your explanation!