MANAGERIAL ACCT FOR MANAGERS LL\AC
5th Edition
ISBN: 9781265872298
Author: Noreen
Publisher: MCG
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Chapter 11, Problem 1AE
1.
To determine
Introduction: The profit or loss arises from an investment with relation to the time and amount of financial resource invested is known as
To ascertain: Increase in ROI and residual income result in decrease in average operating assets.
2.
To determine
Introduction: The profit or loss arises from an investment with relation to the time and amount of financial resource invested is known as Return on Investment. It is generally expressed in term of percentage
To compute: The new ROI and residual income
Expert Solution & Answer
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Please solve this question general accounting
Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated cost of $1,736,000. The contract price
was $2,430,400. Costs of the contract for 2023, the first year, totaled $1,302,000.
If required, round any division to two decimal places and round your final answers to the nearest dollar.
a. What was the gross profit reported by the percentage of completion method for 2023?
521,508 X
b. After the contract was completed at the end of 2024 at a total cost of $1,822,800, what was the gross profit reported by the
percentage of completion method for 2024?
-1,215,908 X
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Under the percentage of completion method, a portion of the gross contract price is included in income during each period as the work progres
General accounting
Chapter 11 Solutions
MANAGERIAL ACCT FOR MANAGERS LL\AC
Ch. 11 - Prob. 11.1QCh. 11 - Prob. 11.2QCh. 11 - Prob. 11.3QCh. 11 - Prob. 11.4QCh. 11 - Prob. 11.5QCh. 11 - Prob. 11.6QCh. 11 - Prob. 11.7QCh. 11 - Prob. 11.8QCh. 11 - Prob. 11.9QCh. 11 - Prob. 11.10Q
Ch. 11 - Prob. 1AECh. 11 - Prob. 1TF15Ch. 11 - Prob. 11.1ECh. 11 - Prob. 11.2ECh. 11 - Prob. 11.3ECh. 11 - Prob. 11.5ECh. 11 - Prob. 11.6ECh. 11 - Prob. 11.8ECh. 11 - Prob. 11.9ECh. 11 - Prob. 11.10ECh. 11 - Prob. 11.11ECh. 11 - Prob. 11.12ECh. 11 - Prob. 11.13ECh. 11 - Prob. 11.14PCh. 11 - Prob. 11.15PCh. 11 - Prob. 11.17PCh. 11 - Prob. 11.18PCh. 11 - Prob. 11.19PCh. 11 - Prob. 11.20P
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