+Use the following information for Problems #13-15:Percentage Completion Method: Done Right Company is doing contract work for Good Homes Company. Use the grid below tocomplete the required accounting information:201020112012Contract Price$2,025,000$2,025,000$2,025,000Estimated Total Cost of Project:$1,800,000$1,800,000$1,800,000Cost Incurred Current Year$450,000$858,000$492,000Estimated Cost to Complete$1,350,000$492,000Billings to Customer Current Yr.$405,000$1,080,000$540,000Cash Receipts from CustomerCurrent Yr.$337,500$787,500$900,000Cost Incurred to DateEstimated Cost to CompleteEstimated Total Contract CostEstimated Percent CompleteContract PriceRevenue RecognizableRevenue Recognized Prior YearRevenue Recognized CurrentlyCosts Incurred CurrentlyGross Profit Recognized13) The gross profit recognized for year 2010 is14) The gross profit recognized for year 2011 is15) The gross profit recognized for year 2012 is201020112012

Using the Percentage of Completion Method to recognize revenue from a long-term contract, we've…

Answered: + Use the following information for…

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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Required information An electric switch manufacturing company is trying to decide between three different assembly methods. Method A has an estimated first cost of $34,000, an annual operating cost (AOC) of $5,000, and a service life of 2 years. Method B will cost $77,000 to buy and will have an AOC of $4,000 over its 4-year service life. Method C costs $145,000 initially with an AOC of $6,500 over its 8-year life. Methods A and B will have no salvage value, but Method C will have equipment worth 13% of its first cost. Perform a present worth analysis to select the method at i= 14% per year. The present worth of method A is $ The present worth of method B is $ The present worth of method C is $ Method (Click to select) v is selected.
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Can i get a step by step please 4a2) A new watch project for the Omegga company has the following data. The estimated sales price of the new watch is $200 and the sales volume to be 1,000 units in year 1, 1,250 units in year 2, and 1,325 units in year 3. The project has a three-year life. Variable costs amount to $125 per unit and fixed costs are $135,000 per year. The project requires an initial investment of $178,000, which is depreciated straight-line to zero over the three-year project life. The actual market value of the initial investment at the end of year 3 is $52,000. Initial net working capital investment is $57,000 and NWC will maintain a level equal to 18% of sales each year thereafter. The tax rate is 35% and the required return on the project is 11%. Given the $57,000 initial investment in NWC, what change occurs for NWC during year 1? Explain.
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BnD Construction Co. successfully tendered for a 3-year contract to erect some warehouse facilities in Gros Islet. The following information has been provided. Contract price - $25 000 000 2021 2022 2023 Cost during year $ 4 000 000 $8 000 000 $8 100 000 Estimated cost to complete 16 000 000 8 050 000 0 Progress billings to date 4 500 000 11 500 000 25 000 000 Cash collected to date 4 200 000 11 000 000 25 000 000 i. Complete the following Workings Schedule. Do not enter negative values in the schedule. 2021 2022 2023 Cost to date $Answer 29 Question 3 $Answer 30 Question 3 $Answer 31 Question 3 Estimated cost to complete $Answer 32 Question 3 $Answer 33 Question 3 $Answer 34 Question 3 Total estimated cost $Answer 35 Question 3 $Answer 36 Question 3 $Answer 37 Question 3 Percentage complete (Round to nearest whole number) Answer 38 Question 3% Answer 39 Question 3%…
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An adjusting entry was made on year-end December 31 to accrue salary expense of $1,900. Assuming the company does not prepare reversing entries, which of the following entries would be prepared to record the $4,400 payment of salaries in January of the following year? Multiple Choice O O O O Account Title Salaries Payable Cash Account Title Salaries Payable Cash Account Title Salaries Payable Salaries Expense Cash Account Title Salaries Expense Cash Debit 1,900 Debit 4,400 Debit 1,900 2,500 Debit 4,400 Credit 1,900 Credit 4,400 Credit 4,400 Credit 4,400

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