1. (TCO A) Platypus
Building Inc. won a bid for a new office building contract. Below is info from
the project accountant:
Total
Construction Fixed Price $8,000,000
Construction
Start Date March 3,
2012
Construction
Complete Date December 4,
2013
As
of Dec 31⦠2012 2013
Actual
cost incurred $2,500,000 $3,150,000
Estimated
remaining costs $3,750,000 $-
Billed
to customer $2,400,000 $5,300,000
Received
from customer $2,250,000 $5,400,000
Assuming Platypus
Building Inc. uses the completed contract method, what amount of gross profit
would be recognized in 2013?
1.
$2,000,000
2.
$2,350,000
3.
$1,650,000
4.
$940,000
2. (TCO A) Kerry Corp purchased a used bottling machine from Bob’s Bottling
Inc. on Jan 1, 2012 for $2,100,000. Bob accounted for the sale correctly under
the installment sales method. It had a book value of $1575000. Kerry paid with
$300000 cash and a note for $1800000 with an annual interest of 10%. Kerry
agreed to make equal annual payments of $600000. Kerry Corp made their first
payment on Jan 1, 2013 of $780000 which included interest of $180000 to date of
payment.
As
of Dec 31, 2013 Bob has deferred gross profit of ?
1.
$255,000
2.
$330,000
3.
$375,000
4. $300,0003. (TCO A) Blue
Suede Construction Corp used the percentage-of-completion method of revenue
recognition. They were contracted to build the new amphitheater for $800000.
Additional information was provided:
As
of Dec 31â¦. 2012
2013
Percentage
of completion 15% 40%
Estimated
total expected costs $550,000 $580,000
Gross
profit recognized (Cumulative) $50,000 $99,000
Contracted
costs incurred during 2013 were⦠(Points
: 5)
1.
$145,000
2. $149,500
3.
$151,000
4.
$232,0004. (TCO A) In
industries with high rates of return (such as a magazine distribution company)
an alternative method of revenue recognition would be
â¢
record sales net of an estimate of expected future returns
â¢
record sales in current period and returns in future periods as they occur
⢠do not record any sales until
expiration of all return privileges have passed
â¢
all of the above
We provide professional writing services to help you score straight A’s by submitting custom written assignments that mirror your guidelines.
Get result-oriented writing and never worry about grades anymore. We follow the highest quality standards to make sure that you get perfect assignments.
Our writers have experience in dealing with papers of every educational level. You can surely rely on the expertise of our qualified professionals.
Your deadline is our threshold for success and we take it very seriously. We make sure you receive your papers before your predefined time.
Someone from our customer support team is always here to respond to your questions. So, hit us up if you have got any ambiguity or concern.
Sit back and relax while we help you out with writing your papers. We have an ultimate policy for keeping your personal and order-related details a secret.
We assure you that your document will be thoroughly checked for plagiarism and grammatical errors as we use highly authentic and licit sources.
Still reluctant about placing an order? Our 100% Moneyback Guarantee backs you up on rare occasions where you aren’t satisfied with the writing.
You don’t have to wait for an update for hours; you can track the progress of your order any time you want. We share the status after each step.
Although you can leverage our expertise for any writing task, we have a knack for creating flawless papers for the following document types.
Although you can leverage our expertise for any writing task, we have a knack for creating flawless papers for the following document types.
From brainstorming your paper's outline to perfecting its grammar, we perform every step carefully to make your paper worthy of A grade.
Hire your preferred writer anytime. Simply specify if you want your preferred expert to write your paper and we’ll make that happen.
Get an elaborate and authentic grammar check report with your work to have the grammar goodness sealed in your document.
You can purchase this feature if you want our writers to sum up your paper in the form of a concise and well-articulated summary.
You don’t have to worry about plagiarism anymore. Get a plagiarism report to certify the uniqueness of your work.
Join us for the best experience while seeking writing assistance in your college life. A good grade is all you need to boost up your academic excellence and we are all about it.
We create perfect papers according to the guidelines.
We seamlessly edit out errors from your papers.
We thoroughly read your final draft to identify errors.
Work with ultimate peace of mind because we ensure that your academic work is our responsibility and your grades are a top concern for us!
Dedication. Quality. Commitment. Punctuality
Here is what we have achieved so far. These numbers are evidence that we go the extra mile to make your college journey successful.
We have the most intuitive and minimalistic process so that you can easily place an order. Just follow a few steps to unlock success.
We understand your guidelines first before delivering any writing service. You can discuss your writing needs and we will have them evaluated by our dedicated team.
We write your papers in a standardized way. We complete your work in such a way that it turns out to be a perfect description of your guidelines.
We promise you excellent grades and academic excellence that you always longed for. Our writers stay in touch with you via email.