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

Question

1 Approved Answer

Flint Construction Corp. uses the percentage-of-completion method. In 2023 , Flint began work on a contract for $2587000 which was completed in 2024. Data on

image text in transcribed

Flint Construction Corp. uses the percentage-of-completion method. In 2023 , Flint began work on a contract for $2587000 which was completed in 2024. Data on the costs are: For the calendar years 2023 and 2024 , Flint should recognize gross profit of 20232024 $657032$1064500 $0$1064500 $657032$407468 $601000$463500

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

A Survey Of Financial And Managerial Accounting

A Survey Of Financial And Managerial Accounting

Authors: Roger H. Hermanson, Roland F. Salmonson, James D. Edwards

5th Edition

025606976X, 978-0256069761

More Books

Students also viewed these Accounting questions

Question

★★★★★
Let g : ( (0, () be nondecreasing in (0, () and symmetric about 0 (g(-x) = g(x)) x ( (), and let X be a r.v, such that (g(X) 0.

Answered: 1 week ago

Question

★★★★★
Charles has a universal life policy with cash values of $52,000. He is thinking of surrendering his policy, but he is dvised by one of his co-workers that he should check if there would be any tax...

Answered: 1 week ago

Question

★★★★★
In a group, develop a list of the characteristics of good and bad followers. Report your findings to the rest of the class.

Answered: 1 week ago

Question

★★★★★
P1-48B Using the accounting equation for transaction analysis Cosmo Timmins started a new business, Timmins Gymnastics, and completed the following transactions during December: Dec. 1 Cosmo...

Answered: 1 week ago

Question

★★★★★
[The following information applies to the questions displayed below.] Brodrick Company expects to produce 20,400 units for the year ending December 31. A flexible budget for 20,400 units of...

Answered: 1 week ago

Question

★★★★★
Suppose tuition at a community college is $5,000 per year. Going to community college has a benet, as workers with an associate's degree from a twoyear community college earn $20,000 per year....

Answered: 1 week ago

Question

★★★★★
Question: What is the role of the default keyword in Java interfaces? A) It allows methods in an interface to have a body, providing a default implementation that can be overridden by implementing...

Answered: 1 week ago

Question

★★★★★
Question: In Java, what does the synchronized keyword do when used with a method? A) It ensures that only one thread can execute the method at a time for a given instance of the class, preventing...

Answered: 1 week ago

Question

★★★★★
Question: What is the purpose of the volatile keyword in Java? A) It indicates that a variable's value will be modified by different threads and ensures visibility of changes to all threads. B) It...

Answered: 1 week ago

Question

★★★★★
Question: What does the transient keyword indicate when used with a variable in Java? A) It marks the variable to be skipped during serialization, meaning its value will not be saved or restored. B)...

Answered: 1 week ago

Question

★★★★★
Question: What is the primary purpose of using final with a variable in Java? A) To ensure that the variable cannot be changed once it is initialized, making it effectively read-only. B) To indicate...

Answered: 1 week ago

Question

★★★★★
Are there any questions that you want to ask?

Answered: 1 week ago

Question

★★★★★
2. A good source for seeing the subtle differences between legal and illegal job interview questions is at this job Web site: www.jobweb.com/Interview/help .aspx?id=1343&terms=illegal+questions. Use...

Answered: 1 week ago

Question

★★★★★
C Do you consider the material you post on various Web sites private? Do you think its ethical for employers to be looking at your postings?

Answered: 1 week ago

Previous Question Next Question