On March 1, 2022, ABC Co. was contracted to construct a building for a customer at a total contract price of P16,500,000. The building was estimated to be completed in 2024. The following data were made available:                                                         2022             2023             2024 Contract costs incurred            P6,400,000    P5,200,000    P2,900,000 Estimated costs to complete      6,400,000       2,900,000                     - Progress billings each year         6,400,000       7,000,000       3,100,000 How much is the realized gross profit for 2023

Q: Presented are the income statements of Clyton and Garner heavy equipment manufacturing companies for…

A: Common size financial statement means where every item of income statement is shown in percentage by…

Q: Which of the following is not a factory overhead item?   Group of answer choices Factory utilities…

A: Factory overhead includes all the indirect manufacturing expenses such as indirect labor, indirect…

Q: 3. Discuss the objects of the cut off on the sales and collection cycle.

A: The cash collection cycle is the amount of days it measures the return accounts receivable. The…

Q: total increase in the capital

A: A partnership firm refers to a contract between two or more persons to form a business together and…

Q: Bizarre Company acquired 6,000 shares with P1 par value at P36 per share. During 2012, the entity…

A: When cost method is used to measure  treasury  shares.  Then treasury  shares  are to be measured…

Q: A firm earns $60 billion in profits and pays $45 billion in dividends for the year. The firm has 3…

A: Dividend per share for common stockhlders  = Total dividend to common stockhlders / No. of common…

Q: 3. What if the recession led Shalimar's top management to assume that in the next year 10 percent of…

A: Cash budget means the expected cash receipts and expected cash payment for the next year. Cash…

Q: ABC Company has two departments and uses a job-order costing system. ABC applies overhead in…

A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…

Q: Q1. Adjusted Trial Balance Cash Accounta recaivable Umce supphes.. Prepaid insurance Ofice equipment…

A: Closing Entries refers to Those entries which are made at the end of the period to closed the all…

Q: Manufacturers producing highly customized products would most likely use a(n):   Group of answer…

A: Introduction:- Different methods of costing systems used based on the industry operations. The…

Q: The GMA corporation shows the folowing data related to an item of Inventory Inventory, January 1 100…

A: Total cost of goods available = (100 x P50) + (300 x P54) + (90 x P60) = P26,600

Q: During 2012, Abysmal Company issued 50,000 convertible preference shares with P100 par value for…

A: No of convertible preference share issued = 50,000 shares (@ P110/share) Amount collected on above…

Q: Efféct of Stock Split Willey's Grill & Restaurant Corporation wholesales ovens and ranges to…

A: Stock split is a method of increasing the number of outstanding shares by decreasing the per-share…

Q: Question Content Area Based on the following data for the current year, what is the inventory…

A: The inventory turnover ratio can be calculated by dividing the cost of goods sold by the average…

Q: According to Ian Redpath and Bob Lickwar, what is the purpose of the IRS 1444 letter/notice?

A: Introduction Economic impact payments are Coronavirus aid, relief, it provides payments up to $1,200…

Q: Compute the book value of an asset with FC of ₱4 500 000 after 7th year if it has useful life of 13…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: Assume that Legoland needs to depreciate one of its Roller Coasters. The Roller Coaster was bought…

A: Impairment of assets means reducing the book value  of assets when carrying amount is more than…

Q: Cane Company manufactures two products called Alpha and Beta that sell for $130 and $90,…

A: Marginal Cost - It is the amount of change in the total cost when the quantity produced are…

Q: On December 25, 2019, Ms. Smith gives Charity Z 1,000 shares of stock that she bought originally for…

A: In the given question, Charity Z has received shares as donation in the course of its business.…

Q: Pure Self-Employment

A: The taxable total income of the individual taxpayer includes the income earned by the respective…

Q: MANAGEMENT DEPARTMENT, FACULTY PROBLEM On January 1 of the current year, Juan David opened the " J.D…

A: Since you have posted a question with multi sub-parts, we will solve first three sub-parts for you.…

Q: The following labor standards have been established for a particular product: Standard labor-hours…

A: Variances are calculated in order to find the difference between the standard set and the actual…

Q: Use the following information from the accounting records of Africa Traders to calculate the cost of…

A: Cost of sales is the amount of cost which is incurred in relation to sale of product. Given,…

Q: Zelda owns a 60 percent general interest in YZ Partnership. At the beginning of 2020, the adjusted…

A: Zelda's Share = 60% Income/ Loss is determined after taking consideration all the income and losses…

Q: A Kubota tractor acquired on January 8 at a cost of $36,000 has an estimated useful life of 10…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: Home Office collected 100,000 from Branch’s customers on account. Requirements: a. Prepare the…

A:

Q: Which of the following is an asset of the Fed? Federal Reserve notes bapk roca r voC

A: The bank's reserves are considered part of the assets and are listed as such in its accounts and in…

Q: A corporation has decided to use borrowed capital to finance a portion of an equipment purchase. The…

A: Amount Borrowed  40000 Rate of Interest 7% Period  2 year

Q: 26 S1: Consolidated financial statements are typically prepared when one company has controlling…

A: Statement 1 is true ... Consolidated financial statements are typically prepared when one company…

Q: McLaughlin Company issued common stock for proceeds of $558,000 during 2022. The company paid…

A: Cash flow from Financing activities includes the transactions relating to the loan/debt,…

Q: A company uses job-order costing and allocates overhead costs using direct labor hours as the cost…

A: Computation of total manufacturing costs is enumerated as below :

Q: What is the high-low method used to estimate? a. variable costs and production capacity b. total…

A: High low method is a method using which the variable cost per unit and Total fixed cost is…

Q: In January 2020, Brasi Corporation began intensive research on a product additive that the…

A: Research and development: These include all the activities that are undertaken by the business in…

Q: Using the Adjusted Trial Balance shown below, prepare an Income Statement Using the Adjusted Trial…

A: Retained earning means the amount left in business after paying all expenses and dividend to…

Q: Which of th

A: The forecast may also be done about the cash balance in hand the organization forecasts to keep and…

Q: Rochelle is a limited partner in Megawatt Partnership. For 2021, her schedule K-1 from the…

A: Income tax payable is an obligation for the tax payers to the government on the taxable income.…

Q: Presented below is information related to Ivan Calderon Corp. for the year 2020. Net sales…

A: Multi-step Income Statement is a financial statement that helps to determine the net income of the…

Q: This is your first month working as a bookkeeper and you notice a discrepancy when trying to…

A: The process of documenting vital company transactions in a recording system is known as bookkeeping.…

Q: On January 1, 2021, Bob purchased a 50 percent interest in ABC Partnership (ABC) from Tim by paying…

A: Partnership refers to a business entity incorporated by two or more partners in order to share the…

Q: If Pluto Company sold 3000 units at sales price of SR45. The variable cost per unit is SR25.…

A: Introduction: Contribution margin per unit: Deduction of all variable costs from the sales price…

Q: The declaration, record, and payment dates in connection with a cash dividend of $31,100 on a…

A: A CASH DIVIDEND IS THE DISTRIBUTION OF FUNDS OR MONEY PAID TO STOCKHOLDERS GENERALLY AS PART OF THE…

Q: Give and discuss at least 3 principles of international law.

A: International law (IL) refers to the conceptual guidelines, standards, rules as well as norms which…

Q: Please read the following scenario carefully for the next question: If, (a) the Retail Selling…

A: Markup refers to the amount by which the price of a product is increased either by the manufacturer,…

Q: In its first year (2021), Camco Incorporated generated a $92,000 net operating loss, and it made a…

A: The donation to local  charity  of $5000 in year 2021 will not be allowed as deduction  in year 2021…

Q: A firm earns $60 billion in profits and pays $45 billion in dividends for the year. The firm has 3…

A: Dividend Payment to common stockholders = Total dividend paid - Dividend Payment to Preferred…

Q: The company produces the same number of units every month, although the sales in units vary from…

A: Product cost under marginal costing is enumerated as below:

Q: 019. The debentures have a four-year term, and interest is payable annually in arrears at nominal…

A: Treatment of Debenture issued on discount Concept for accounting of issuance of debentures

Q: On March 1, 2022, ABC Co. was contracted to construct a building for a customer at a total contract…

A: solution: Under percentage of completion method of revenue recognition, revenue is recognized based…

Q: Please use the following information (pertaining to Dance Company) to answer the next two questions.…

A: Return on assets is a financial ratio that calculate the income earned with respect to the assets…

Q: Juliet Company is in the business for leasing new sophisticated equipment. As lessor, Juliet Company…

A: Following information are summarized for calculation of required information: Commencement of lease…

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.