The percentage completed for each year.

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Answer 1

Question

Chapter 8, Problem 8.6P

a.

To determine

The percentage completed for each year.

b.

To determine

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

c.

To determine

To prepare: Journal entry to record the contract.

d.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

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Problem 3-2B Preparing adjusting and subsequent journal entries P1 P2 P3 P4 Natsu Company's annual accounting period ends on October 31. The following information concerns the adjusting entries that need to be recorded as of that date. Entries can draw from the following partial chart of accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Building; Accumulated Depreciation- Building; Salaries Payable; Unearned Revenue; Rent Revenue; Salaries Expense; Office Supplies Expense; Insurance Expense; and Depreciation Expense-Building. a. b. c. d. e. f. The Office Supplies account started the fiscal year with a $600 balance. During the fiscal year, the company purchased supplies for $4,570, which was added to the Office Supplies account. The supplies available at October 31 totaled $800. The Prepaid Insurance account had a $12,000 debit balance at October 31 before adjusting for the costs of any expired coverage for the fiscal year. An analysis of prepaid insurance shows…

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Answer 2

Question

Chapter 8, Problem 8.6P

a.

To determine

The percentage completed for each year.

b.

To determine

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

c.

To determine

To prepare: Journal entry to record the contract.

d.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 8.6P

a.

To determine

The percentage completed for each year.

b.

To determine

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

c.

To determine

To prepare: Journal entry to record the contract.

d.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.6P

a.

To determine

The percentage completed for each year.

b.

To determine

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

c.

To determine

To prepare: Journal entry to record the contract.

d.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.6P

a.

To determine

The percentage completed for each year.

b.

To determine

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

c.

To determine

To prepare: Journal entry to record the contract.

d.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

Answer 6

Chapter 8, Problem 8.6P

a.

To determine

The percentage completed for each year.

Answer 7

Chapter 8, Problem 8.6P

a.

To determine

The percentage completed for each year.

Answer 8

b.

To determine

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

Answer 9

b.

To determine

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

Answer 10

c.

To determine

To prepare: Journal entry to record the contract.

Answer 11

c.

To determine

To prepare: Journal entry to record the contract.

Answer 12

d.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

Answer 13

d.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

Answer 14

e.

To determine

Net assets or liability for each year.

Answer 15

e.

To determine

Net assets or liability for each year.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 8 - What are the primary issues involved in revenue...Ch. 8 - What is the fundamental principle underlying the...Ch. 8 - What is the fundamental principle underlying the...Ch. 8 - Prob. 8.4Q Ch. 8 - Prob. 8.5Q Ch. 8 - How is a performance obligation defined?Ch. 8 - What are the two criteria to define a good or...Ch. 8 - Prob. 8.8Q Ch. 8 - What principles regarding timing and measurement...Ch. 8 - Prob. 8.10Q

The percentage completed for each year.

The percentage completed for each year.

The gross profit and revenue to be recognized each year. Given Information: Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively. Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.

To prepare: Journal entry to record the contract.

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

Net assets or liability for each year.

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Chapter 8 Solutions

The gross profit and revenue to be recognized each year.

Given Information:

Revenue for year 2015, 2016 and 2017 is $1,200,000, $300,000 and $500,000 respectively.

Actual cost incurred for 2015, 2016 and 2017 is $900,000, $300,000 and $600,000 respectively.