Percentage-of-completion method: The percentage-of-completion method is the method which indicates the income and the expenses for longer term contracts and is recorded as and when the percentage of the work is completed. Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions only the revenue is recognized and accounted for. (a) To determine the amount of revenue to be recognized. Given information: All the related information is provided in the question document.

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Answer 1

Question

Chapter 18, Problem 35E

To determine

Percentage-of-completion method: The percentage-of-completion method is the method which indicates the income and the expenses for longer term contracts and is recorded as and when the percentage of the work is completed.

Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions only the revenue is recognized and accounted for.

(a)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

To determine

(b)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

To determine

(c)

To prepare: To prepare the complete set of journal entries for 2017.(Using the percentage-of-completion method).

Given information: All the related information is provided in the question document.

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Atlas Corp's sales last year were $365,000, and its year-end total assets were $410,000. The average firm in the industry has a total assets turnover ratio (TATO) of 2.6. The firm's new CFO believes the firm has excess assets that can be sold to bring the TATO down to the industry average without affecting sales. By how much must the assets be reduced to bring the TATO to the industry average, holding sales constant?

Answer 2

Question

Chapter 18, Problem 35E

To determine

Percentage-of-completion method: The percentage-of-completion method is the method which indicates the income and the expenses for longer term contracts and is recorded as and when the percentage of the work is completed.

Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions only the revenue is recognized and accounted for.

(a)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

To determine

(b)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

To determine

(c)

To prepare: To prepare the complete set of journal entries for 2017.(Using the percentage-of-completion method).

Given information: All the related information is provided in the question document.

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Answer 3

Question

Chapter 18, Problem 35E

To determine

Percentage-of-completion method: The percentage-of-completion method is the method which indicates the income and the expenses for longer term contracts and is recorded as and when the percentage of the work is completed.

Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions only the revenue is recognized and accounted for.

(a)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

To determine

(b)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

To determine

(c)

To prepare: To prepare the complete set of journal entries for 2017.(Using the percentage-of-completion method).

Given information: All the related information is provided in the question document.

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Answer 4

Question

Chapter 18, Problem 35E

To determine

Percentage-of-completion method: The percentage-of-completion method is the method which indicates the income and the expenses for longer term contracts and is recorded as and when the percentage of the work is completed.

Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions only the revenue is recognized and accounted for.

(a)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

To determine

(b)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

To determine

(c)

To prepare: To prepare the complete set of journal entries for 2017.(Using the percentage-of-completion method).

Given information: All the related information is provided in the question document.

Expert Solution & Answer

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Answer 5

Chapter 18, Problem 35E

To determine

Percentage-of-completion method: The percentage-of-completion method is the method which indicates the income and the expenses for longer term contracts and is recorded as and when the percentage of the work is completed.

Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions only the revenue is recognized and accounted for.

(a)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

To determine

(b)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

To determine

(c)

To prepare: To prepare the complete set of journal entries for 2017.(Using the percentage-of-completion method).

Given information: All the related information is provided in the question document.

Answer 6

Chapter 18, Problem 35E

To determine

Percentage-of-completion method: The percentage-of-completion method is the method which indicates the income and the expenses for longer term contracts and is recorded as and when the percentage of the work is completed.

Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions only the revenue is recognized and accounted for.

(a)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

Answer 7

Chapter 18, Problem 35E

To determine

Percentage-of-completion method: The percentage-of-completion method is the method which indicates the income and the expenses for longer term contracts and is recorded as and when the percentage of the work is completed.

Revenue recognition: GAAP (Generally accepted accounting principle) states that under specific conditions only the revenue is recognized and accounted for.

(a)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

Answer 8

To determine

(b)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

Answer 9

To determine

(b)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

Answer 10

To determine

(c)

To prepare: To prepare the complete set of journal entries for 2017.(Using the percentage-of-completion method).

Given information: All the related information is provided in the question document.

Answer 11

To determine

(c)

To prepare: To prepare the complete set of journal entries for 2017.(Using the percentage-of-completion method).

Given information: All the related information is provided in the question document.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 18 - Prob. 1Q Ch. 18 - Prob. 2Q Ch. 18 - Prob. 3Q Ch. 18 - Prob. 4Q Ch. 18 - Prob. 5Q Ch. 18 - Prob. 6Q Ch. 18 - Prob. 7Q Ch. 18 - Prob. 8Q Ch. 18 - Prob. 9Q Ch. 18 - Prob. 10Q

Concept explainers

(b)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

(c)

To prepare: To prepare the complete set of journal entries for 2017.(Using the percentage-of-completion method).

Given information: All the related information is provided in the question document.

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Chapter 18 Solutions

Concept explainers

(b) To determine the amount of revenue to be recognized. Given information: All the related information is provided in the question document.

(c) To prepare: To prepare the complete set of journal entries for 2017.(Using the percentage-of-completion method). Given information: All the related information is provided in the question document.

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Chapter 18 Solutions

(b)

To determine the amount of revenue to be recognized.

Given information: All the related information is provided in the question document.

(c)

To prepare: To prepare the complete set of journal entries for 2017.(Using the percentage-of-completion method).

Given information: All the related information is provided in the question document.