Revenue: % of Completion On March 15, 20x3, Mayer Company entered into a 4 year project for the total price of $9,000,000. You have the following information for the first two years of the service contract: In 20x3, Mayer incurred $1,200,000 of costs and believed it would need to incur an additional $6,300,000 to finish the project. In 20x4, Mayer incurred $2,700,000 of costs and believed it would need to incur an additional $4,100,000 to finish the project. What is the revenue that will be realized on this contract in 20x3 and 20x4?

Athena Co. started work on an P8M fixed-price construction contract in 20x1. Information on the contract is as follows:                                                               20x1             20x2             20x3 Costs incurred per year                    2,850,000     3,670,000     1,600,000 Estimated costs to complete            4,275,000     1,630,000            -   Requirement: Compute for the amounts recognized in profit or loss in 20x1, 20x2, 20x3, respectively.

How much profit is recognized on the contract in 20x3?

Tyro Construction Company has two projects, for which it reported, as of December 31, 20x5, thefollowing information: In thousand:                               Project A                Project B   Contract price                                 4,800                     860 20x4: Costs incurred                      3,400 Percent completed                           75% 20x5: Costs incurred                      1,250                       140 Percent completed                           25%                       15%   Using the percentage-of-completion (overtime) method of revenue recognition, gross profit on Project Ato be recognized in 20x4 would be:

Required information A project has a first cost of $670,000, a salvage value of 27% of the first cost after 3 years, and annual (GI-OE) of $275,000. Assume the company has a Te of 37%. Determine the approximate after-tax rate of return (ROR). The after-tax rate of return (ROR) is determined to be

The Market Company won a contract to build a shopping center at a price of $300 million.  The following schedule details the estimated and actual costs of construction each year as well as the total estimated cost.  What amount of revenue will be recognized in Yr. 1 using the percentage completion method? Yr 1 $40,000,000 Yr. 2 $60,000,000 Yr. 3 $70,000,000 Yr. 4 $30,000,000 Total $200,000,000   Select one: a. $60,000,000 b. $50,000,000 c. $0 d. $40,000,000 e. $300,000,000

ADIB has signed a Musharaka contract with ADIA ADIA provided 27 9% capital contribution in the project and agreed to the same profit-sharing percentage (279%). In addition, ADIB appointed ADIA as a professional manager on a fee-based arrangement to manage the project. Suppose that at the end of the first year project generates a loss of AED 18,786. What will be the loss share of ADIA?

In 20x1, ABC Co. was contracted to build a railroad. The contract price is equal to the total contract costs plus 25% thereof. However, if the project is completed within 4 years, ABC will receive an additional payment of 200,000. Information on the project is shown below: Costs incurred to date Estimated costs to complete 20x1 2,400,000 3,600,000 20x2 20x3 4,575,000 6,125,000 1,525,000 125,000 In 20x1 and 20x2, it was not highly profDIF25,000 that the project will be completed on time. However, in 20x3, ABC assessed that project will be completed earlier than originally expected and thus it is now highly probable that the incentive payment will be received. suspension with invalidation of grade, 3rd violation- suspension How much profit is recognized on the contract in 20x3? CMP 131

Compute for the net income for year 3

Current Attempt in Progress The final amounts were in for Bramble Corp's fixed-MOH costs. The total fixed-MOH costs consisted of $2,500 of insurance (all prepaid), $4,500 in accrued supervisor salaries, $4,600 of factory-related depreciation, and $1,600 in property taxes (paid in cash). Bramble's applied fixed-MOH costs amounted to $14,000 for the year. Further, both fixed-MOH variances were favorable, the price variance being $200 and the volume variance being $600. Record the following journal entries: (1) to recognize the actual fixed-MOH costs incurred, (2) the allocation of fixed-MOH to production, and (3) the final recognition of specific fixed-MOH variances (while closing out the control account). (Credit account titles are automatically indented when 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.) No. Account Titles and Explanation (1) (2) (3)…