in The Leto Construction Company began work on a $12,000 contract on 1/1/19. Planned completion was...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
in The Leto Construction Company began work on a $12,000 contract on 1/1/19. Planned completion was in 2021. The Percentage of Completion method is used. Given the following: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2019 $2,500 7,500 4,000 3,800 Select one: O a $(150) Ob $150 OC $450 O d. $(450) December 31 2020 $4,200 6,300 5,100 5,000 The Gross Profit or (loss) recognized in 2021 is: 2021 $11,500 0 12.000 11,900 in The Leto Construction Company began work on a $12,000 contract on 1/1/19. Planned completion was in 2021. The Percentage of Completion method is used. Given the following: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2019 $2,500 7,500 4,000 3,800 Select one: O a $(150) Ob $150 OC $450 O d. $(450) December 31 2020 $4,200 6,300 5,100 5,000 The Gross Profit or (loss) recognized in 2021 is: 2021 $11,500 0 12.000 11,900
Expert Answer:
Answer rating: 100% (QA)
Answer 100 Explanation 2019 2022 2021 Cost incurred to date A 2500 4200 11500 Estimated cost ... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
Students also viewed these accounting questions
-
Shaq Fu Construction Company began work on a $420,000 construction contract in 2008. During 2008, Shaq Fu incurred costs of $288,000, billed its customer for $215,000, and collected $175,000. At...
-
Bank Construction Company began work on a new building project on Jan 1,2010. The project is to be completed by December 31,2012, for a fixed price of 108 million. The following are the actual cost...
-
Beck Construction Company began work on a new building project on January 1, 2015. The project is to be completed by December 31, 2017, for a fixed price of $120 million. The following are the actual...
-
Which of these is NOT one of the validity conditions for a t-test for the slope of a regression line? A. We should have a large sample size, typically n 20. B. The scatterplot of the sample data...
-
1. Ignore the problem. Jacobss contributions to new product development are too valuable to risk losing him, and the problems over the past 10 years have always worked themselves out anyway. No sense...
-
Archer Electronics Companys actual sales and purchases for April and May are shown here, along with forecasted sales and purchases for June through September. The company makes 20 percent of its...
-
1. In 1944, W. E. Collins conveyed land to the Church of God of Prophecy. The deed said: "This deed is made with the full understanding that should the property fail to be used for the Church of God,...
-
(Multiple-step and Single-step) Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The...
-
The following information relates to production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced Standard quantity and...
-
Find a parabola y = ax2 + bx + c that passes through the point (1, 4) and whose tangent lines at x = -1 and x = 5 have slopes 6 and - 2, respectively.
-
A city with 4% unemployment and no inflation is considering building a new stadium for its professional football team. The team currently plays in an old stadium owned by the city. If a new stadium...
-
Terry and Terri did not know a lot about each other before they got married so they did not find out that one of them has poor credit. The interest rate will be higher because of a low credit score....
-
We've previously looked at the advantage of responsiveness (minimizes risk of losing sales) and its corresponding disadvantage of increased cost. Assume that you are managing a retail store. Would...
-
Mullins Real Estate received a check for $30,000 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full...
-
A proct has the following ter toda Year Cash Flow (3) 600 O a. 16.02% O b. 15.28% O c. 14.58% O d. 14.79% O e. 14.22% O f. 15.66% O g. 15.46% Oh. 14.89% 450 300 Hint CF, is not given. First, you need...
-
"Conceptualizing Leadership Questionnaire" in Northouse, The Leadership Analysis Include the following: Comprehension: Share the findings of the questionnaire. Application: Of the six dimensions in...
-
Give at least three behaviors of an individual who is experiencing grief in a healthy fashion and three behaviors characteristic of an individual who is experiencing grief in an unhealthy fashion. By...
-
One Way Cellular accountants have assembled the following data for the year ended September 30, 2014: Prepare the operating activities section using the indirect method for One Way Cellulars...
-
Does the adoption of a new accounting principle for events or transactions occurring for the first time represent a change in accounting principle?
-
Taxes EyeBeam Corporation reports the following pretax accounting (and taxable) income items during 2016: Income from continuing operations $ 90,000* Loss from operations of a discontinued division...
-
Retained Earnings Statement Olivia Company began 2016 with a Retained Earnings account balance of $180,000. During 2016, the following 8 events occurred and were properly recorded by the company: 1....
-
Question: Craigslist, Inc., runs a Web site for classified ads, including ads for the sale and rental of houses and apartments. Some of the posted ads were discriminatory (although not consistent),...
-
Question: Cruise.com operated a Web site selling cruise vacations. It sent unsolicited e-mail advertisements-dubbed "E-deals"-to prospective customers. Eleven of these "E-deals" went to...
-
Question: Jerry Falwell was a nationally known Baptist minister. You can read about him on falwell.com. You can read about his views on homosexuality at fallwell.com-a site critical of his views....
Study smarter with the SolutionInn App