Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Muscle Construction signs a contract to build a classroom addition for Smallville High School. The total price for the addition is $800,000, and the initial cost estimate was $650,000. The project is expected to take 18 months to complete. The project was begun in 2006 and finished in 2007. Muscle Construction uses a calendar year for reporting purposes. The following details are from 2006 and 2007: For 2006: Cost incurred: $350,000, Billings: $400,000, Collections: $390,000, Estimated cost to complete: $350,000. For 2007: Cost incurred: $280,000, Billings: $400,000, Collections: $350,000. find out the amount of gross profit Muscle Construction should recognize in 2007, using the completed-contract method.

a) $170,000

b) $157,250

c) $121,250

d) $120,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941523

Have any Question? 


Related Questions in Accounting Basics

Accounting discussion questionaccounts receivables please

Accounting Discussion Question Accounts Receivables" Please respond to the following: • Imagine that you are the treasurer of your organization, and the company is in need of cash; unfortunately, the company is unable to ...

Managerial accounting assignment task- group report

Managerial Accounting Assignment Task- Group Report: "Measuring Performance and Management Control Systems" - A study of Performance Measurement in Australian Public Companies. Outcomes- a) Analyse the roles of cost and ...

Essay objectivethe objective of this case study is to

Essay Objective: The objective of this case study is to understand Australian Conceptual Framework in accounting standard setting and in business practices. Discussions: You should select a company listed on the Australi ...

1 a share of common stock is not a derivative but an option

1. A share of common stock is not a derivative, but an option to buy the stock is a derivative because the value of the option is derived from the value of the stock. True False 2. Hedge funds are somewhat similar to mut ...

Questionsummative discussion boardreview and reflect on the

Question: Summative Discussion Board Review and reflect on the knowledge you have gained from this course. Based on your review and reflection, write at least 3 paragraphs on the following: What were the most compelling ...

Cablevision has been approached by the city of mirada to

CableVision has been approached by the City of Mirada to run its cable operations in 2016. After negotiating with key parties, CableVision has made the following agreements: - It will offer Mirada residents a basic set o ...

Problemon january 1 2015 west company acquired a tract of

Problem: On January 1, 2015, West Company acquired a tract of bond for P1,000,000. The entity paid P100,000 down and signed for two-year promissiory note for the balance plus 10% international compounded annually. The no ...

Assignment- fraud in the accounting information systemfor

Assignment- Fraud in the Accounting Information System For this assignment, research the Internet or Strayer databases to locate a firm that was involved in a fraud and / or embezzlement case. Explain how the firm's acco ...

Assignment ifrs and us gaap reportingon january 1 year 1

Assignment: IFRS and U.S. GAAP Reporting On January 1, Year 1, the Hoverman Corporation made amendments to its defined benefit pension plan, resulting in $150,000 of past service costs. The plan has 100 active employees ...

Nonfinancial performance measuresalpha university wishes to

Nonfinancial performance measures Alpha University wishes to monitor the efficiency and quality of its course registration process. a. Identify three input and three output measures for this process. b. Why would Alpha U ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate