FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bramble Construction Corp. uses the percentage-of-completion method. In 2023, Bramble began work on a contract for $2648000 which was completed in 2024. Data on the

image text in transcribed
Bramble Construction Corp. uses the percentage-of-completion method. In 2023, Bramble began work on a contract for $2648000 which was completed in 2024. Data on the costs are: For the calendar years 2023 and 2024, Bramble should recognize gross profit of 20232024 $0 $697029$1128500 $598000$530500 $697029$431471

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Management And Cost Accounting Student Manual Free Tracked Delivery

Management And Cost Accounting Student Manual Free Tracked Delivery

Authors: Colin Drury, Mike Tayles

1st Edition

9781473773622

More Books

Students also viewed these Accounting questions

Question

★★★★★
You used radio advertising and newspaper advertising to predict sales (stored in Standby). Using the results from that problem, a. determine whether there is a significant relationship between sales...

Answered: 1 week ago

Question

★★★★★
PIVOV Royal Industries has one product. Information about the production and sales of that product for past year follows Totae Selling price per unit 49 Direct material per unit 18 Direct labor per...

Answered: 1 week ago

Question

★★★★★
The grantor is the individual who con- tributes property to a trust. a. True b. False

Answered: 1 week ago

Question

★★★★★
Suppose 100 cars will be offered on the used-car market, 50 of them good cars, each worth $10,000 to a buyer, and 50 of them lemons, each worth $2,000. a. Compute a buyer's maximum willingness to pay...

Answered: 1 week ago

Question

★★★★★
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2020, by investing capital in the amount of 78,000 pounds. The subsidiary immediately borrowed 146,000 pounds...

Answered: 1 week ago

Question

★★★★★
W. O. Lucy and A. H. Zehmer had known each other for many years. For some time, Lucy had wanted to buy Zehmer's farm, but Zehmer had always said that he was not interested in selling. One night, Lucy...

Answered: 1 week ago

Question

★★★★★
Problem 2-6 (Algo) Accounting cycle [LO2-3, 2-4, 2-5, 2-6, 2-7, 2-8] The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:...

Answered: 1 week ago

Question

★★★★★
please help! 16. Troy purchased a deferred annuity for $100,000, naming himself and his wife as joint annuitants and his daughter, Trudy, as beneficiary. Ten years later, the contract had grown to...

Answered: 1 week ago

Question

★★★★★
On April 3rd 2013, information received by Australian journalist Gerard Ryle came out around the world about affshore banking(paradis Fiscaux) in April 2016 the "PanamaPaper" came out in the...

Answered: 1 week ago

Question

★★★★★
midsize mobile carrier keeps records of complaints received from its customers. Complaints for last month are listed in the following table. What percent of th mplaints are due to the categories Cong...

Answered: 1 week ago

Question

★★★★★
Accrual Accounting Evan Corporation provided consulting services for Kensington Company in year 1. Evan incurred costs of $60,000 associated with the consulting and billed Kensington $90,000. Evan...

Answered: 1 week ago

Question

★★★★★
Consider the redundancy scheme set out in Table 4.6. Make a list of the diffi culties that could be raised by employees, the problems that could be faced in practice and how you would sell the scheme...

Answered: 1 week ago

Question

★★★★★
Automatic telephone screening (case study 3.1) helps to reduce the exclusion of those over 50. Has it any other advantages for minority groups?

Answered: 1 week ago

Question

★★★★★
How objective is an interview? What makes is more objective? What makes it less objective? Should it be regarded as the fi rst part of a programme to socialise an applicant into the organisation? Or...

Answered: 1 week ago

Previous Question Next Question