Ask Experts Questions for FREE Help !
    Otis214's Avatar
    Otis214 Posts: 1, Reputation: 1
    New Member

    Sep 4, 2011, 05:06 PM
    Help Accounting, Gross Profit (Loss) Report
    I have to use the percentage of completion and the completion of work method

    You are a fresh accounting graduate. You have landed a job with a big 3 accounting firm. The first day at your job, your manager approaches you: "Hi Bill! Welcome aboard. Hope you like your new cubicle. Have you met everyone? By the way, you will be working with me from tomorrow on Long House Company. This is an important client. They have sent me some information on their projects. Can you provide a report that answers all of the questions listed below? By the way I need it by tomorrow morning at 8 a.m.!"
    Project Total Contract Price Billings Through 12/31/12 Cash Collections Through 12/31/12 Contract Costs Incurred Through 12/31/12 Estimated Additional Costs to Complete
    A $200,000 $100,000 $80,000 $120,000 $90,000
    B 250,000 50,000 45,000 40,000 180,000
    Prepare a schedule of gross profit (loss) to be reported.

Check out some similar questions!

Gross profit ratio help [ 0 Answers ]

Adams Corporation estimates that it lost $80,000 in inventory from a recent flood. The following information is available from the records of the company's periodic inventory system: beginning inventory, $238,000; purchases and net sales from the beginning of the year through the date of the flood,...

Gross profit [ 1 Answers ]

How to find the stupid gross profit from COGS and ending inventory?

Gross Profit [ 1 Answers ]

On September 1, Riva Co. assigns specific receivables totaling $750,000 to Pacific Bank as collateral on a $625,000, 12 percent note. Riva Co. will continue to collect the assigned accounts receivable. Pacific also assesses a 2 percent service charge on the total accounts receivable assigned. Riva...

Gross profit [ 1 Answers ]

Is gross profit is equal to net sales minus operating expenses?

View more questions Search

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.