Solidrock Construction contracted to build a ship over a two-ycar period, The contract price was P21.000 000 with an estimated total cost of P18 400.000 The following cost data relating to the construction period. Costs Incurred Estimated Cost Cash Year in Year to Complete Billines P11,000,000 Collected P7.500,000 2019 P9.000.000 P11.000.000 2020 9.500.000 4,000,000 8,000,000 2.000,000 9,000.000 2021 4,500.000 Prepare the necessary journal entries for 2010, and 2011 assuming Solidrock uses the percentage-of-completion method.

Q: Explain the differences between a PPO and an HMO.

A: The question is based on the concept of different types of health insurance policy and their…

Q: Define the term Approval of payment requests?

A: The payment is an amount of money paid by the customer to the seller in exchange of goods and…

Q: Provide examples of how finacial statments are useful and or how they are used?

A: Financial statements refer to such statements which report the profitability and the financial…

Q: Define assets and types of assets.

A: Assets: An asset is a resource controlled by the enterprise as a result of past events and from…

Q: What is the general ledger

A: Lets understand the basics,General ledger is used in double entry accounting system in order to…

Q: Distinguish between assets and liabilities.

A: Step 1 Assets can be defined as the resources owned by the organization which is capable of…

Q: The document which sets out basic rules for how a compay is to run?

A: Every company operating as a limited liabilities corporation, partnership firm, or public company…

Q: Describe direct and indirect mehods of reporting.

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Q: Name the major transaction cycles

A: In simple terms, the transaction cycle categorizes the basic business processes. It helps in…

Q: Explain accounting domain with example

A: Accounting domain is the wide range of accounting including its all branches like financial…

Q: Define receivables and explain issues related to their recognition.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Define receivables and understand issues related to their recognition.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Describe the process of transaction analysis.

A: Process of Transaction analysis: The process of transaction analysis involves the selection of…

Q: Discuss transaction cycles.

A: A transaction cycle is an interlocking set of the  business deals. Utmost of these deals can be…

Q: Identify and describe the different billing schemes.

A: Billing schemes are those techniques in which fraudulent invoices are submitted for fictitious goods…

Q: Define operating activities.

A: Explain the meaning of operating activities:Statement of cash flows: This statement reports all the…

Q: Define the term operating activities.

A: Operating activities are the functions of a business directly related to providing its goods and/or…

Q: Briefly explain the relationship between assets, liabilities, and revenue.

A: Assets is the tangible or Intangible factor in the business, which can be valued in terms of money…

Q: What are fictitious assets?

A: Fictitious assets: Asset formed by an accounting entry (and included under assets in the balance…