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Help calculate completion of % contract
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C limited is a firm of building contractors, the information provided relates to their uncompleted contracts on 31 December 2010. Contract A B C D Date contract commenced 1/1/2010 1/2/2010 1/1/2010 1/10/2010 Expected completion date 30/4/2011 30/3/2011 31/1/2011 31/3/2012 Cost of work to Dec...
Completed-contract vs percentage-of-completion method for accounting
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Two accounting students were discussing the alternative methods of accounting for long-term construction contracts. The discussion focused on which method was most like the typical revenue recognition method of recognizing revenue at point of product delivery. Bill argued that the completed...
Percentage of completion and completed contract method
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Instructions: The Cloudy Sky Construction Company specializes in large construction projects. In year 1, it entered into a 3 year construction project to build a slow curing bridge foundation at a total price of $6,375,000. At the conclusion of the project, the following information was...
Lien on a home we were going to purchased through deed for contract
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We put a down payment on a home to purchase through deed for contract and the people backed out of it.We went to court over it twice and won both times and had to put a lien on the house because they spent the money.We had their checking account garnished for one payment before they closed that.I...
Compute income for percentage-of-completion &completed contract method
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I am trying to find the income that should be recognized each year using the percentage-of-completion method and the completed contract method for 2006,2007,2008,cost incurred durning the year 2006 $8,00 2007 $16,600 2008 $15,900 Estimated costs to complete 2006 $32,00 2007 $16.400 2008 $0... View more questions Search
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