How much is the Gross Profit/Loss Realized in 2018?
Q: In Accrual-Basis Accounting how can you recognize your Revenues?
A: The accounting based on accrual method refers to recording of revenue and expenses when they are…
Q: CASE A Cite a real – life experiences where you were able to apply some of the basic accounting…
A: Accounting policies other rules and principles that are applied by preparing and presenting…
Q: What impact may the change of accounting standards have on the accounting profession and annual…
A: Accounting standards are those standards that are followed by all the companies to prepare…
Q: Show effects of the above transactions on the accounting equation using the following format.…
A: Assets = Liabilities + Equity
Q: How do you find gross profit in financial accounting?
A: Gross profit is the income earned by the company after deducting the cost of goods sold from the…
Q: Show the solution in good accounting form
A: Answer: Concept: Stock holders equity consists of value that shareholder hold in company. Common…
Q: basis. How much revenue will the company recognize in 20x6 under this arrangement?
A: Revenue recognition stipulates on how and when revenue has to be recognized. It is a concept or…
Q: Analyze the financial statements of the company to you in terms of: 1) Liquidity 2) Solvency 3)…
A: Ratio Analysis The purpose of preparing the ratio analysis is to know the strength and weakness of…
Q: How can his revenue and expenses match? Discuss in a group several ways that Edward's accountants…
A: How revenue and expenses match Edwards foster wil book the expense in the period in which…
Q: how much should Hanz carry its investment in Eve?
A: According to IAS -28 Equity method is used for accounting of investment in subsidiaries and Joint…
Q: I am providing you with a response to a question I asked. The individual did not explain throughly…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: What is the most important knowledge you were able to generate from taking Financial Accounting and…
A: Answer: Financial accounting and reporting is the area which deals on recording of transactions as…
Q: May someone please show me the accounting equation and financial position for this? Thank you in…
A: Accounting equation of the business says that total assets in the business must always equal to…
Q: Hello, I need some assistance with the financial statements, specifically the basic income…
A: Financial statements of the business means statements that are prepared at the end of the period in…
Q: 1) In accounting, what do we call this type of situation? 2) Detail the impact to the financial…
A:
Q: COUNTING
A: In the given case it is reasonably certains that the lessee exercise the purchase option then amount…
Q: What was the economic profit or loss of Julian’s online clothing store in 2019? E. Evaluate the…
A: Economic Profit is the Profit earned by any Person after subtracting the actual costs incurred to…
Q: In what way financial reporting affects you as a student, and as a future professional?
A: While you'll already grasp that monetary news is very important (mainly as a result of it’s a legal…
Q: Why shall accounting students need to study accounting theory? Choose one of accounting theories you…
A: Accounting theory means those theories which are used to study and in the application of accounts…
Q: good
A: Partnership: It is the agreement between two individuals to share business profitsÂ
Q: Accounting questions! how to prepare SOFP and income statement? thank you!
A: Financial statements are the records of the economic activities performed by the business to earn…
Q: RUE OR FALSE? The cumulative effect of change in accounting policy is shown in the income statemen
A: Solution Concept Accounting policy refers to the principles that is used in the presentation and…
Q: I need help calculating the retained earnings and steps on how to do so please
A: Retained earnings refer to the amount of profit that the company held with them and retained from…
Q: Question: Besides earning a profit, what other objectives might a business have? How can Accounting…
A: We know that the primary objective of business is to ear profit but besides profit there are some…
Q: What are the importance of Accounting in our life? How Accounting affects the modern life and Is…
A: Answer: In todays world everything is defined in numbers. Accounting is not just a subject but it is…
Q: HOMEWORK Please tell me if the following are found Assets, Liabilities, Equity, Revenue, or Expense…
A: Type of accounts:
Q: Note: who asked us to solve the question told us that the solution to this question is according to…
A: A pro forma income statement is a projected income statement. Pro forma in this context means…
Q: How reported accounting numbers can affect an individual's perceptions and actions.
A: Financial reporting means releasing the financial reports of the company to its shareholders and in…
Q: I have questions about the Income Statement. Aside from the obvious what is recorded in the Income…
A: Step1:In the income statement, there are four types of accounts have recorded. These accounts are…
Q: At year-end, what amount should be reported as total noncurrent liabilities?
A: Liabilities are the amount of money which the business or the company owes to the creditors and as…
Q: Provincial Imports, Inc. for Next Year (Judgmental Method) for example how can I find account…
A: Performa income statement and balance sheet are prepared to have an idea about next year’s…
Q: 1. What is the adjusted net income for 2017? 2. What is the net effect of the errors in the 2018…
A: Net income means the amount of profit earned after deducting all expenses from the revenue of the…
Q: When do accountants consider revenue to be realized?What basic question about recording revenue in…
A:
Q: Q2 If AA uses accrual basis accounting, what would be its net income?
A: Accrual based accounting concept says that all incomes earned during the particular period should be…
Q: I have completed a journal and a Ledger and now I need to know how to determine the excess of…
A: Income statement: It is a financial statement that calculates the net income generated by the…
Q: . Dividend
A: Cummulative Pref. Shares 's dividends are accumulated if…
Q: What impact will creative accounting have on the accounting profession and annual statements?
A: Accounting refers to the process of systematic recording, analysis, and verifying of all the…
Q: ng fo
A: Calculation of total revenue to be recognized by JANE on December 31, 20x6: Cash paid by each…
Q: 20. The following details were extracted from the records of Mari Jose Cor. As of December 31, 2020.…
A: This statement shows income earned and expenses incurred during a particular time period. Net result…
Q: which is the effect of the following transaction on the basic accounting equation? Bought equitment…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…
Q: 1. Develop a basic "accounting equation" (Assets= Liability + Owner's Equity) for the year 2018 &…
A: Total Assets = Liabilities + Owner's Equity
Please help me by showing your solution in good accounting form. Thank you!
How much is the Gross
Step by step
Solved in 2 steps with 1 images
- Triple Take Construction Co, began construction of a project in 2017 for a contract price of P9,600,000. The project is to be completed in 4 years or in the year 2021. The following are the details regarding the construction project. 2018 4,500,000 5,500,000 4,320,000 3,240,000 2019 7,520,000 1,880,000 7,680,000 5,760,000 2017 Costs Incurred to Date Estimated Costs to Complete Progress Billings to Date Cash Collection for the Year 2,160,000 6,840,000 | 2,304,000 1,728,000 How much is the gross profit/loss realized in 2018?8. How much is the Gross Profit/Loss Realized in 2018? * Triple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. The project is to be completed in 4 years or in the year 2021. The following are the details regarding the construction project 2017 2018 2019 Costs inenered to dnte Estimsted cost to complete Progess Billings to dnte Cash Collectiona for the year 2160,000 4,500,000 7,520,000 6840,000 5,500,000 1,690, 000 2,304,000 4,320,000 7,680,000 1,728.000 3,240,000 5,760,000 9. How much is the Gross Profit/Loss Realized in 2019? * Xurpas Homes entered into a construction agreement in 2018 for the construction of condominium buildings. The original contract price was P20,000,000 but a change order was issued in 2019 that increases the price by P2,000,000. The percentage of completion method is used by the company in recognizing revenue. The following are information regarding the company. 2018 10,200,000 10,200,000 9,800,000 8,760,000…The total contract price of the project is P 1,200,000. This was constructed as follows: Year Cost for the year Completion as of the year 2016 P 432,000 60% 2017 P 184,250 85% 2018 P 103,750 100% The net income to be reported in 2018 under percentage of completion is –
- Deen Construction began a construction project in 2018. The contract price was $1,250,000, and theestimated costs were $1,000,000. Data for each year of the contract are as follows:2018 2019 2020Costs incurred during the year $250,000 $600,000 $190,000Estimated costs to complete 750,000 212,500 -0-Partial billings 375,000 500,000 375,000Collections 187,500 469,000 593,500Instructions:1. Assuming Deen the percentage of completion method:(a) Prepare a schedule that computes the gross profit for 2018 - 2020(b) Determine the net amount for construction in progress inventory should be reported on the2018 balance sheet.(c) Prepare all the necessary journal entries for 20192. Compute the amount of gross profit to be recognized each year, assuming the completed contractmethod is used.ABC Construction Company began work on a contract in 2022 and completed the contract in 2023. The total contact price was P8,500,000. Information related to the construction project are as follows: 2022 2023 Costs incurred during the year P1,200,000 P6,250,000 Estimated costs to complete 4,800,000 - Progress billings during the year 1,450,000 7,050,000 Collections during the year 800,000 6,000,000 How much is the gross profit to be recognized in 2023?ABC Construction Company began work on a contract in 2022 and completed the contract in 2023. The total contact price was P8,500,000. Information related to the construction project are as follows: 2022 2023 Costs incurred during the year P1,200,000 P6,250,000 Estimated costs to complete 4,800,000 Progress billings during the year 1,450,000 7,050,000 Collections during the year 800,000 6,000,000 How much is the receivable balance as of December 31, 2023?
- SMC entered into a long-term construction contract for 3 years. Contract price agreed was P4,150,000. The outcome of the contract was estimated reliably. The following data were ascertained for the contract: December 31, 2017 December 31, 2018Percentage of completion 30% 82.5%Estimated cost to complete 1,960,000 840,000 What is the construction cost of sales for year 2018?A. 3,960,000 C. 3,233,750B. 3,120,000 D. 4,478,750In 2024, Cupid Construction Company (CCC) began work on a two-year fixed price contract project. CCC recognizes revenue over time according to percentage of completion for this contract, and provides the following information (dollars in millions): Accounts receivable, 12/31/2024 (from construction progress billings) $ 37.5 Actual construction costs incurred in 2024 $ 135 Cash collected on project during 2024 $ 105 Construction in progress, 12/31/2024 $ 207 Estimated percentage of completion during 2024 60% What were the construction billings by CCC during 2024?In 2024, Cupid Construction Company (CCC) began work on a two-year fixed price contract project. CCC recognizes revenue over time according to percentage of completion for this contract, and provides the following information (dollars in millions): Accounts receivable, 12/31/2024 (from construction progress billings) $ 37.5 Actual construction costs incurred in 2024 $ 135 Cash collected on project during 2024 $ 105 Construction in progress, 12/31/2024 $ 207 Estimated percentage of completion during 2024 60% What are CCC's estimated remaining construction costs on the project at the end of 2024?
- How much is the Gross Profit/Loss Realized in 2018? Celestial Holdings Co. began constructing a condominium on January 1, 2017 for a contract price of P1,250,000. The entity has assured collection of its contract and the costs can be reliably estimated. For the year ended December 31, 2018, Celestial billed its client an additional 60% of the contract price. Data relating to the construction are as follows: 2017 2018 2019 Construction in Progress Estimated Cost to Complete 300,000 Cost Incurred 250,000 600,000 112,500 Excess of CIP over PB 25,000 (125,000)GinebraCorporation recognizes construction revenue and cost using the percentage of completion method. During 2021, a single long-term project was begun which continued through 2021. Information on the project follows: 2021. 2022 Partial billing on contract 1,000,000. 4,200,000 Accounts receivable 1,000,000 3,000,000 Construction cost 1,050,000 1,920,000 Construction in progress 1,220,000 3,640,000 What is the gross profit recognized from this long-term construction contract in year 2021 and 2022, respectively? 2021 2022 A.220,000. 2,280,000 B.170,000. 500,000 C.220,000. 1,000,000 D.170,000. 1,280,000How much is the Gross Profit/Loss Realized in 2018? PAPASA Co. has consistently used the percentage of completion to account for its construction projects. On January 31, 2017, the company began work on a P4,500,000 construction contract. At the inception date, the estimated cost of the construction was P3,375,000. The following relates to the project Gross Profit- 2017 450,000 Cost incurred to date- 2018 2,700,000 Estimated cost to complete- 2018 900,000 Progress billings 2018 3,500,000