WW Guy Contractors began a contract to build a new student union on the UNF campus during Year 1 for $455,000. Information concerning the project follows: Percentage of work completed Costs incurred during the year Progress billings during the year Cash collected during the year Year 1 25% Year 2 35% $86,000 $124,000 80,000 180,000 65,000 170,000 Year 3 40% $ 90,000 190,000 215,000 At the end of Year 1, how much is the balance of the assets account Production-in- Progress if WW Guy uses the percentage of completion method? A. $ 11,000 B. $ 75,000 C. $ 86,000 D. $113,750

WW Guy Contractors began a contract to build a new student union on the UNF campus during Year 1 for $455,000. Information concerning the project follows: Percentage of work completed Costs incurred during the year Progress billings during the year Cash collected during the year Year 1 25% Year 2 35% $86,000 $124,000 80,000 180,000 65,000 170,000 Year 3 40% $ 90,000 190,000 215,000 At the end of Year 1, how much is the balance of the assets account Production-in- Progress if WW Guy uses the percentage of completion method? A. $ 11,000 B. $ 75,000 C. $ 86,000 D. $113,750

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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Please answer the following question Must choose from the following LIST OF ACCOUNTS: Accounts Payable Accounts Receivable Accumulated Amortization - Copvrights Accumulated Amortization - Customer Database Accumulated Amortization - Customer lists Accumulated Amortization - Development Costs Accumulated Amortization - Franchises Accumulated Amortization - Licences Accumulated Amortization - Patents Accumulated Amortization - Software Accumulated Amortization - Trademarks Accumulated Depreciation Accumulated Impairment Losses - Copyrights Accumulated Impairment Losses - Goodwill Accumulated Impairment Losses - Licences Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Trade Names Accumulated Impairment Losses - Trademark Administrative Expenses Advances to Employees Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Bank Loans Buildings Cash Common Shares Cost of Goods Sold Depreciation Expense Equipment Gain on Disposal…
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