Question: please provide the most easyest soliution During year 1. Meriwether Construction Company started a construction job with a contract price of $1.000.000 The job was

please provide the most easyest soliution

During year 1. Meriwether Construction Company started a construction job with a contract price of $1.000.000 The job was completed in Year 2 and the company Plan uses the percentage of completion method. The following information is available for your and Year 2 Sully Fan Year 1 Year 2 media L Cost incurred to date $ 500,000 $ 2400,000 Estimated cost to complete 1.500.000 0 er Resor Billings to date 300.000 1.800.000 Collections to date 100.000 1.000.000 anicati What amount of gross profit should Meriwether recognize for this job for Year 2? ble Red CA $250,000 B $1,000,000 C$350,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Abercrombie & Fitch sells casual apparel and personal care products for men, women, and children through retail stores located primarily in shopping malls. Its fiscal year ends January 31 of each...

During year 1, Meriwether Construction Company started a construction job with a contract price of $ 3,000,000. The job was completed in year 2 and the company uses the percentage of completion...

During year 1, Meriwether Construction Company started a construction job with a contract price of $3,000,000. The job was completed in year 2 and the company uses the percentage of completion...

1. Would you recommend this project? Why or why not? 2. Which method would you recommend (Percentage of completion or completed contract method? Why? 3. Was the project total cost over-estimated or...

Please help me I do not understand how to do the calculations for this question at all!!! please help 1. Would you recommend this project?Why or why not? 2. Which method would you recommend...

Percentage-of-completion and completed-contract methods. Recognition of Profit on Long-Term Contracts During 2017, Hearns Construction Company started a construction job with a contract price of...

please answer fast in 30 minutes. it's urgent During 2020, Pharoah Company started a construction job with a contract price of $1,344,000. The job was completed in 2022. The following information is...

Please help solve . this is all the information given Reg A and C Reg D CGM Sched Req D Inc Simt Req D Bal Sheet Prepare an income statement for Year 1. ADAMS CONSTRUCTION COMPANY Income Statement...

1- 3.Imar Construction company signed a contract to build new bridge at a contract price of $5,000,000 and total estimated cost of $4,000,000 the project will be completed within 4 years, the cost...

FULL SCREEN PRINTER VERSION Exercise 18-26 During 2015, Nilsen Company started a construction job with a contract price of C1,600,000. The job was completed in 2017. The following information is...

Allstate Insurance Company identified the 10 safest and 10 least-safe U.S. cities from among the 200 largest cities in the United States, based on the mean number of years drivers went between...

Joyce Biginskor manages the Assembly Department at Valance Autoparts, a parts supplier to large auto companies. Valance has recently adopted a balanced scorecard for the entire company. As a result,...

In this question, you will be asked to represent a word problem in mathematical terms. You will only have to enter your final answer into WebAssign, but you should keep hold of the paper that shows...

Linda underpaid her taxes for 2013 by $4000 due to negligence. A. Calculate Lindas accuracy related penalty for negligence. B. Assume that the underpayment of taxes by Linda was determined to be...

6 In the space the equation by+cz+d=0 represents a plane perpendicualr to the..plane 1) YOZ 2) ZOX 3) OY 4) z = k 1. If the plane 56x + 4y + 9z 2016 meets the coordinate axes in A,B,C then the...

Flounderrn Corporation uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $10 million and had an estimated useful life of eight years with no...

For the past several years, M. Adam has operated a part-time business from his home. As of April 1, 2020, Adam decided to move to rented quarters and to operate the business, which was to be known as...

Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The companies balance sheets as of December 31, 20X4, were as follows: Assets Cash. Accounts Receivable....

Tori and some other childeen experimented with balls to see which ones rolled. First using a piece of cardboard to use as a ramp, they angled it on a block to the floor to test the balls. Then Tori...

Is there a difference between managers and leaders?

What do you consider ethical and unethical behavior? Give examples.

Build your own LinkedIn profile. Be sure to include your professional experiences and education. Then, create a connection to 10 or more of your classmates and faculty.