Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 25, 2024

A company was contracted to build a tunnel on 1st Jan 2011 and prepared accounts on 31st December each year. Total contract revenue 200,000 Total

A company was contracted to build a tunnel on 1st Jan 2011 and prepared accounts on 31st

December each year.

Total contract revenue 200,000

Total contract costs 80,000

Actual contract costs incurred (Year 1) 50,000

Progress billings 60,000

Costs actually incurred 31,000

Showing full working, calculate the contract account (asset/liability) balance for the year.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Risk Assessment Made Easy Seeing What Others Miss

Authors: Charles Hall

1st Edition

0578961679, 978-0578961675

More Books

Students also viewed these Accounting questions

Question

★★★★★

1. What is the appeal of the VHost for a marketer? 2. What might be a concern for the marketer? 3. After visiting the site, as a consumer, what are your thoughts regarding the VHosts? 4. What...

Answered: 1 week ago

Question

★★★★★

Extend Example 17.2 to calculate CVA when default can happen in themiddle of each month. Assume that the default probability per month during the first year is 0.001667 and the default probability...

Answered: 1 week ago

Question

★★★★★

4. Give one good reason for, and one good reason against, efforts aimed at increasing selfesteem.

Answered: 1 week ago

Question

★★★★★

Ladora Construction Company began operations on January 1, 2019, when it acquired $30,000 cash from the issuance of common stock. During the year, Ladora purchased $6,000 of direct raw materials and...

Answered: 1 week ago

Question

★★★★★

Over the past several weeks you have assembled a small stock portfolio via the purchase of small amounts of different company stocks. You know that the point of a portfolio is to reduce your overall...

Answered: 1 week ago

Question

★★★★★

Selected financial data for Amberjack Corporation follows. Year 1 ($ thousands). 342,297 268, 276 (174,129) (61,247) Sales Cost of goods sold Net income Cash flow from operations Cash Marketable...

Answered: 1 week ago

Question

★★★★★

One of the differences in accounting for a process costing system compared to a job order system is that the amounts used to transfer goods from one department to the next comes from the cost of...

Answered: 1 week ago

Question

★★★★★

Cain Company reports net cash provided by operating activities of $33,000. It also reports the following information under "Adjustments to reconcile net income to net cash provided by operating...

Answered: 1 week ago

Question

★★★★★

The following data represent the monthly phone use, in minutes, of a customer enrolled in a fraud prevention program for the past 20 months. The phone company decides to use the upper fence as the...

Answered: 1 week ago

Question

★★★★★

To keep its customers happy, protect its financial performance, and protect its competitive advantage, a company must continually evaluate all the business processes in its value chain. Improving the...

Answered: 1 week ago

Question

★★★★★

15. MC.02.93 The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts payable $1,500 Fees earned $8,600 Accounts receivable 1,800 Insurance...

Answered: 1 week ago

Question

★★★★★

7. During the Spring Festival at the university, the bumper car stand has a problem with cars breaking down and needing repair. Mechanics can be hired to do this at a salary of $20 per hour, but they...

Answered: 1 week ago

Question

★★★★★

3. Do you think the idea of paying recruiters like Angelo per recruit might actually backfire, and if so how?

Answered: 1 week ago

Question

★★★★★

2. Do small companies need to develop a pay plan? Why or why not?pg 87

Answered: 1 week ago

Question

★★★★★

1. Compare and contrast six types of incentive plans. to all dismissed employees? Explain how you would go about minimizing your organizations unemployment insurance tax.pg 87

Answered: 1 week ago

Previous Question Next Question