Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dannys year end is 30 April each year. At 30 April 2017 costs of K415,625 had been incurred on a contract to construct a feeder

Dannys year end is 30 April each year. At 30 April 2017 costs of K415,625 had been incurred on a contract to construct a feeder road under the Road Development Agency. The value of work certified at the end of the period was K366,842. The contract price is K546,250 but it is anticipated that the final costs at 30 September 2017, when the contract is expected to end, will be K599,554.

Calculate the following:

  1. The anticipated future loss on the contract
  2. The revenue figure for the period to 30 April 2017.
  3. The cost of sales figure for the period to 30 April 2017.

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_2

Step: 3

blur-text-image_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

Comparative International Accounting

Authors: Christopher Nobes, R. H. Parker

6th Edition

0273646028, 978-0273646020

More Books

Students also viewed these Accounting questions

Question

How have psychologists and others confounded sex and gender?

Answered: 1 week ago