= Open with Google Docs Q1. Al-Duqum Construction Company has a contract to construct a OMR 4,500,000 bridge at an estimated cost of OMR 4,000,000. The contract is to start in July 2020, and the bridge is to be completed in October 2022. The following data pertain to the construction period. Details Costs to date 2020 OMR 2,000,000 2021 OMR 2,916,000 2022 OMR 4,050,000 2,000,000 1, 134,000 Estimated costs to complete Progress billings during the year Cash collected during the year 2.400.000 1.200.000 900.000 750,000 1,750,000 2,000,000 Instructions: (a). Using the percentage-of-completion method for long-term contracts, compute the estimated gross revenue, gross profit that would be recognized during each year of the construction period Q2. Andaman Corporation has the following accounts included in its December 31, 2015, trial balance: Retained Earnings $120,000, Share Capital - Ordinary $750,000, Bonds Payable $100,000, Share Premium - Ordinary $200,000, Goodwill $55,000, Accumulated Other Comprehensive Income $ (150,000), and Non-Controlling Interest $80,000. Accounts Receivable $110,000, Finished Goods $290,000, Allowance for Doubtful Accounts $8,000, Patents $72,000, Prepaid Insurance $9,500, Accounts Payable $77,000, and Cash $30,000. Prepaid Lease $5,700, Held-for-Collection Securities $56,000, Unearned Service Revenue $17,000, Land Held for Investment $39,000, and Notes Receivable (long-term) $42,000. Required Prepare the current assets, non-current assets, current liability, non- current liability and the equity sections of the statement of financial position. Q3. The controller for Dhofar Co. is attempting to determine the amount of cash and cash equivalents to be reported on its April 30, 2020, statement of financial position. The following information is provided. (1). Commercial savings account of OMR 1, 200,000 and a commercial checking account balance of OMR 400,000 are held at First National Bank of Ibri. (2). Money market fund account held at Hilda Co. (a mutual fund organization) permits Dhofar to write checks on this balance, OMR 10,000,000. (3). Travel advances of OMR 180,000 for executive travel for the first quarter of next year (employee to reimburse through salary reduction) (4). A separate cash fund in the amount of OMR 1,500,000 is restricted for the retirement of long-term debt. (5). Petty cash fund of OMR 3,000. (6). An 1.O.U. from Marianne Koch, a company customer, in the amount of OMR 150,000. (7). A bank overdraft of OMR 110,000 has occurred at one of the banks the company uses to deposit its cash receipts. At the present time, the company has no deposits at this bank. (8). The company has two certificates of deposit, each totaling OMR 500,000. These CDs have a maturity of 120 days. (9). Dhofar has received a check that is dated January 12, 2020, in the amount of OMR 125,000. (10). Dhofar has agreed to maintain a cash balance of OMR 500,000 at all times at First National Bank of Ibri to ensure future credit availability. (11). Dhofar has purchased OMR 12,100,000 of commercial paper of Sergio Leone Co., which is due in 60 days. (12). Currency and coin on hand amounted to OMR 297,000. Instructions: Compute the amount of cash (and cash equivalents) to be reported on Dhofar Co.'s statement of financial position at April 30, 2020. Q1. Al-Duqum Construction Company has a contract to construct a OMR 4,500,000 bridge at an estimated cost of OMR 4,000,000. The contract is to start in July 2020, and the bridge is to be completed in October 2022. The following data pertain to the construction period. Details 2020 2021 2022 Costs to date OMR 2,000,000 OMR 2,916,000 OMR 4,050,000 Estimated costs to complete 2,000,000 1,134,000 Progress billings during the year 900,000 2,400,000 1,200,000 Cash collected during the year 750,000 1,750,000 2,000,000 Instructions: (a). Using the percentage-of-completion method for long-term contracts, compute the estimated gross revenue, gross profit that would be recognized during each year of the construction period. Q1. Al-Duqum Construction Company has a contract to construct a OMR 4,500,000 bridge at an estimated cost of OMR 4,000,000. The contract is to start in July 2020, and the bridge is to be completed in October 2022. The following data pertain to the construction period. Details 2020 2021 2022 Costs to date OMR 2,000,000 OMR 2,916,000 OMR 4,050,000 Estimated costs to complete 2,000,000 1,134,000 Progress billings during the year 900,000 2,400,000 1,200,000 Cash collected during the year 750,000 1,750,000 2,000,000 Instructions: (a). Using the percentage-of-completion method for long-term contracts, compute the estimated gross revenue, gross profit that would be recognized during each year of the construction period