Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 17 2 pts Your Company reflects the following at 12/31/17: (This data is used to answer questions 17 - 20) Project Contract Value Cost

image text in transcribedimage text in transcribedimage text in transcribed

Question 17 2 pts Your Company reflects the following at 12/31/17: (This data is used to answer questions 17 - 20) Project Contract Value Cost Paid Cost Owed Total Est. Cost Billed to Date Accounts Receivable Cash received A $250,000 $25,000 $20,000 $180,000 $250,000 $25,000 $225,000 B 175,000 66,000 9,000 75,000 175,000 0 175,000 1,000,000 450,000 50,000 1,500,000 950,000 900,000 50,000 D 2,000,000 7,000 143,000 1,500,000 300,000 110,000 190,000 Question 18 2 pts What is the revenue recognized for project C on the percentage of completion method of accounting $333,000 $950,000 $1,805,000 $ 300,000 Question 19 2 pts What is the completed contract net income? $175,000 $105,000 $100,000 . $75,000 Question 17 2 pts Your Company reflects the following at 12/31/17: (This data is used to answer questions 17 - 20) Project Contract Value Cost Paid Cost Owed Total Est. Cost Billed to Date Accounts Receivable Cash received A $250,000 $25,000 $20,000 $180,000 $250,000 $25,000 $225,000 B 175,000 66,000 9,000 75,000 175,000 0 175,000 1,000,000 450,000 50,000 1,500,000 950,000 900,000 50,000 D 2,000,000 7,000 143,000 1,500,000 300,000 110,000 190,000 Question 18 2 pts What is the revenue recognized for project C on the percentage of completion method of accounting $333,000 $950,000 $1,805,000 $ 300,000 Question 19 2 pts What is the completed contract net income? $175,000 $105,000 $100,000 . $75,000

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

Count Down The Past, Present And Uncertain Future Of The Big Four Accounting Firms

Authors: Jim Peterson

2nd Edition

1787147010, 9781787147010

More Books

Students also viewed these Accounting questions

Question

Explain the pattern of trade union membership and union structure

Answered: 1 week ago