What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 Revenue recognized in 2021 2$ b) Assuming the same facts as those above except that Hamilton uses the completed- contract method of accounting, what portion of the total contract price would be recognized as revenue in 2021? Revenue recognized in 2021: (c) Prepare a complete set of journal entries for 2020 (using the percentage-of-completion method). %24

What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 Revenue recognized in 2021 2$ b) Assuming the same facts as those above except that Hamilton uses the completed- contract method of accounting, what portion of the total contract price would be recognized as revenue in 2021? Revenue recognized in 2021: (c) Prepare a complete set of journal entries for 2020 (using the percentage-of-completion method). %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

4 In accounting for construction contracts using the percentage of completion method, the gross profit recognized during the year would be the estimated gross profit multiplied by the percentage of the costs incurred to date to the : Group of answer choices Total estimated cost Total contract price Total cost incurred to date Unbilled portion of the contract price
Answer part C only The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee…
Week Eleven Discussion Board-Chapter 10 125125 unread replies.126126 replies. Click on "Week Eleven Discussion Board ". Follow directions. They are as follows: (required) To start, click on "Week Eleven Discussion Board " and then click on "Reply". Take the time to answer the following question: To match revenues and expenses properly, should the expense for employee vacation pay be recorded in the period during which the vacation privilege is earned or during the period in which the vacation is taken? Explain. Discuss with your fellow classmates.
INVOICE issued date 05/05/2020 as below: You have received an invoice from one of our suppliers and you are required to prepare: (i) Double entry for the invoice you have received base on the account and supplier number provided. (ii) Base on tax point of view, specify each item whether it is Capital or Revenue expenditure.
Please help me to answer all of the required with computation Number 21 to 25. thank you
Intermediate Financial Reporting 2 Page 2 Question 2 ( Fiscella Landry Corp. (FLC) is a publicly accountable entity that operates a defined benefit plan for its employees. Information about the pension plan is as follows: Defined benefit obligation -December 31, 2019 Pension plan assets --December 31, 2019 $13,400,000 $ 9,500,000 Current service cost- 2020 Benefit payments to retirees Actual return on plan assets - 2020* Contributions to pension plan- 2020* $ 2,300,000 $ 1,200,000 $ 210,000 $ 2.500,000 2020 - Yield on high-quality corporate bonds Defined benefit obligation – December 31, 2020 (per actuary) * Each of these occurred (or was accrued) at December 31, 2020. 5% $18,840,000 On January 2, 2020, FLC made a change to the defined benefit plan formula. Because FLC made the change retrospectively with regard to services rendered by current employees, the defined benefit obligation increased by $3,600,000 on this date. In addition to the contributions listed above, FLC made a…
Dd.87.
Exercise 16-6 (Algo) Temporary difference; income tax payable given [LO16-3] In 2024, DFS Medical Supply collected rent revenue for 2025 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2024 amounted to $390,000 at December 31, 2024. DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of 25% and 2024 income tax payable of $940,000, prepare the journal entry to record income taxes for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet
What amount will be presented on the balance sheet for fiscal 2020? Fiscal 2019 Fiscal 2020 Fair value of pension plan assets Accrued pension obligation Contributions Benefits O A. $8,000,000 B. $3,000,000 deficit OC. $5,000,000 O D. $3,000,000 surplus $50,000,000 60,000,000 7,000,000 8,000,000 $45,000,000 42,000,000 10,000,000 8,000,000
3
Question 4 of 19 View Policies < Current Attempt in Progress The following information is related to the pension plan of Wildhorse, Inc. for 2021. Actual return on plan assets Amortization of net gain Amortization of prior service cost due to increase in benefits Expected return on plan assets Interest on projected benefit obligation Service cost Pension expense for 2021 is $3075000. O $2691000. O $2604000. O $3024000. $490000 210000 390000 541000 815000 2150000
answer in text form please (without image)