The Leto Construction Company began work on a $12,000 contract on 1/1/20. Planned completion was in 2022. The Percentage-of Completion method is used. Given the following: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $2,500 7,500 4,000 3,800 Select one: O a. $4,300 O b. $5,040 O c. $5,000 O d. $4,200 Oe. $4,800 December 31 2021 $4,200 6,300 5,100 5,000 The 12/31/21 balance of Construction in Progress is: 2022 $11,550 0 12,000 11,900

Q: Define special purpose entity (SPE)

A: A special purpose entity is a legally separate enterprise that bears liability to an organization.…

Q: Can you provide me the full answer for this quiestion

A: Formulas for different financial ratios are as follows.

Q: Define carried interest

A: Carried interest: It could be a portion of any profit that private equity and hedge reserves common…

Q: Define corporation

A: Corporation is a legal entity separate from its shareholders. Just like an individual, a corporation…

Q: A tort is a basis for a action O criminal O criminal or civil

A: Tort refers to the wrong doing which is in legal form, where the one person commits wrong against…

Q: THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company.…

A: T Accounts    1. Cash Account Particular Debit Particular Credit         To capital A/c…

Q: D. Compute the following cost: i Prime cost ii. Conversion cost iii. Inventoriable cost iv.…

A: Since it was asked to solve part D and E. D and E part has been solved.

Q: A. Define transfer pricing and elaborate on FOUR (4) of its purposes.

A: Transfer pricing is the price which is to be calculated if there is any transaction between related…

Q: Please answer sections d), e) and f)

A: Debt Management Ratios are financial metrics that provide insights into a company's ability to…

Q: Question 8

A: When net credit sales is divided with average accounts receivable it results in receivable turnover…

Q: Explain preemptive right

A: Answer: A pre-emptive right is a benefit that can be granted to other owners in a company that gives…

Q: New entrants of BDO unibank?

A: This question seems incomplete with a lot of missing information. I am trying my best to answer this…

Q: Explanation 1031 like-kind exchange

A:

Q: Define trademarks.

A:

Q: please help me with part E.

A: A question with multiple sub parts were asked by you earlier. One of the sub parts were not…

Q: two questions

A: Prepare an income statement.

Q: Define charter

A: Introduction: Charters are legalized documents that lawfully set up corporate companies. Only…

Q: was due inancial State nc. should report

A:

Q: Mutual agency is defined

A: In a partnership, two or more parties agree to operate and manage a business and share the profits…

Q: what is State indebtedness

A: Any obligations and liabilities for borrowed money created, issued, or incurred by the Purchased…

Q: Define collection policy

A: Introduction: A mutual responsibility between the operating departments, accounts receivables is to…

Q: Question 3.  Define what is Riba & describe two types of Riba with example for each

A: In Islam Riba is a term used to refer excess, increase, or addition to the price in case of lending,…

Q: Define S corporation

A: The S corporation is a tax election that legal business entities can choose to elect for taxes…

Q: What is covered by Regulation S–X?

A: Regulation S-X is a U.S. Securities and Exchange Commission rule that covers annual reports from…

Q: Explain consignment arrangement with example.

A: Goods in transit: Goods in transit can be described as the inventories which are shipped by the…

Q: 1- Give the journal entry for each transaction. 2- Post each transaction to T accounts.

A:

Q: Q.3.2 Discuss technical insolvency and explain how this is different from absolute insolvency.

A: When a person or an organization is unable to pay off its debts it is known as an insolvency. This…

Q: academe

A: The word academe derives from the word "academy" which represents the financial institutions but the…

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.