Derrick Adkins Construction Company began operations in 2008. Construction activity for the first year is shown below.
Question:
Instructions
Derrick Adkins Construction Company uses the completed-contract method. Determine the amount of income or loss to be reported for each of the three projects in2008.
Transcribed Image Text:
Cash Collections through 12/31/08 Contract Costs Incurred through 12/31/08 $450,000 126,000 330,000 $906,000 Estimated Additional Costs to Complete $140,000 504,000 roct Pice 980,00 $340000 Total Contract Billings through 12/31/08 $ 560,000 360,000 $340,000 670,000 500,000 2 220,000 500,000 210,000 440,000 $80,000 $1,730,000 $1,080,000 $990,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
DERRICK ADKINS CONSTRUCTION COMPANY Partial Income Statement Year Ended December 3...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
Question Posted:
Students also viewed these Accounting questions
-
Berstler Construction Company began operations in 2012. Construction activity for the first year is shown below. All contracts are with different customers, and any work remaining at December 31,...
-
Bearing Construction Company began operations in 2014. Construction activity for the first year is shown below. All contracts are with different customers, and any work remaining at December 31,...
-
The Osborn Construction Company began operations January 2, 2007. During the year, Osborn entered into a contract with Redbeard Razor Corporation to construct a manufacturing facility. At that time,...
-
Corning-Howell reported taxable income in 2013 of $120 million. At December 31, 2013, the reported amount of some assets and liabilities in the financial statements differed from their tax bases as...
-
Callaway Golf believes in tying executives' compensation to the company's performance as measured by accounting numbers. Suppose, in a recent year, Callaway had agreed to pay its executive officers...
-
Gail and her husband have a son when her husband dies unexpectedly on January 1, 2022. Gail asks you, her tax professional, how her husbands death affects her taxes. Determine Gails income tax each...
-
What three factors change air density?
-
Stoll Co.s long-term available-for-sale portfolio at December 31, 2014, consists of the following. Stoll enters into the following long-term investment transactions during year 2015. Jan. 29 Sold...
-
Although anxiety is self-limiting, the nurse can help to reduce anxiety by: (Select all that apply.) 1. providing a safety net for the patient. 2. teaching relaxation exercises. 3. helping the...
-
you will have to conduct some legal research and draft a Memorandum as though you were presenting information to an attorney for whom you work. Please make certain you read the instructions...
-
Andre Agassi Construction Company began operations January 1, 2008. During the year, Andre Agassi Construction entered into a contract with Lindsey Davenport Corp. to construct a manufacturing...
-
Austin Corporation appropriately uses the installment-sales method of accounting to recognize income in its financial statements. The following information is available for 2008 and 2009....
-
Propose two ways of drawing the electron dot formula for Mg.
-
Why should I pay 3 dollars per tutor if I have paid the hero subscription?
-
How does the interplay between semiotics and cultural hegemony influence the reception and interpretation of media artworks ?
-
The materiality calculation for Apollo Shoes seems appropriate, utilizing adjusted net income as the basis, adhering to a 5% threshold. This aligns with standard practices for profit-oriented...
-
Discuss some of the accounting policy decisions and management decisions made by Office Equipment. Which of these should be cause for concern? Why?
-
On January 1, 2021 the Parent buys 80% of the Subsidiary for $1 million, $400,000 of Goodwill was generated in the transaction, there were no other bump-ups of assets or liabilities, the fair market...
-
Examine the network schedule with its activities, their durations, and initial cost plus extra cost for acceleration in the table. Draw its network diagram, determine the critical path, perform a...
-
Sundial Technologies produces and sells customized network systems in New Brunswick. The company offers a 60-day, all software and labor-and an extra 90-day, parts-only- warranty on all of its...
-
a. What is the largest number that uses each of the seven Roman numerals exactly once? b. What is the smallest number that uses each of the seven Roman numerals exactly once?
-
Direct Method A friend of yours was looking at a schedule for the calculation of cash generated from operating activities prepared under the direct method and asked why depreciation expense is...
-
Lyle McGee had been the chief accountant at L & B Corporation for well over 20 years. He routinely omitted noncash investing and financing activities from the statement of cash flows, even when they...
-
Financial statements for Peachfield Corporation as well as additional information relevant to cash flows during the period follow. Additional information: 1. Office equipment was sold during the year...
-
You hear that there is a rumor accusing you of causing a coworker's dismissal. How should you respond? Report the gossipers to your supervisor. Start spreading a counter - rumor with the correct...
-
Who or what did Edwards Deming blame for the problems in American mantelfacturing?
-
O'Neill contrasts the Kantian and utilitarian views about the nature and extent of our moral obligations to famine victims. What is the element ( s ) of these views do you find especially attractive...
Study smarter with the SolutionInn App