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ACCT 557 Quiz 1

ACCT 557 Quiz 1<br><br><br>Purchase here<br><br><br>http://chosecourses.com/ACCT 557/acct-557-quiz-1<br><br><br>Product Description<br><br>1. (TCO A) Platypus Building Inc. won a bid for a new office building contract. Below is info from the project accountant: <br><br>Total Construction Fixed Price $9,000,000 <br>Construction Start Date March 3, 2012 <br>Construction Complete Date December 4, 2013 <br><br>As of Dec 31… 2012 2013<br>Actual cost incurred $3,300,000 $3,560,000 <br>Estimated remaining costs $3,300,000 $- <br>Billed to customer $2,800,000 $6,200,000 <br>Received from customer $2,500,000 $6,200,000 <br><br>Assuming Platypus Building Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013? <br>2. (TCO A) Kerry Corp purchased a used bottling machine from Bob's Bottling Inc. on Jan 1, 2012 for $450000. Bob accounted for the sale correctly under the installment sales method. It had a book value of $225000. Kerry paid with $75000 cash and a note for $375000 with an annual interest of 10%. Kerry agreed to make equal annual payments of $125000. Kerry Corp made their first payment on Jan 1, 2013 of $162500 which included interest of $37500 to date of payment. <br><br>As of Dec 31, 2013 Bob has deferred gross profit of? <br>3. (TCO A) Blue Suede Construction Corp used the percentage-of-completion method of revenue recognition. They were contracted to build the new amphitheater for $4500000. Additional information was provided: <br><br>As of Dec 31…. 2012 2013<br>Percentage of completion 35% 60%<br>Estimated total expected costs $3,750,000 $3,900,000 <br>Gross profit recognized (Cumulative) $225,000 $300,000 <br><br>Contracted costs incurred during 2013 were… <br>4. (TCO A) Revenue is NOT recognized at the time of sale when… <br><br><br>

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ACCT 557 Quiz 1

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  1. ACCT 557 Intermediate Accounting III Purchase here https://sellfy.com/p/mtxu/ or http://chosecourses.com/index.php?route=product/product&path=237&product_id=1625 Product Description Week 1 HomeworkWeek 1 Quiz Week 2 Homework, Chapter 19 Week 2 Quiz Week 3 Homework Week 3 Quiz (03 Sets) Week 4 Homework Week 4 Quiz (02 Sets) Week 5 Homework, Chapter 22 Week 5 Quiz (02 sets) Week 6 Homework Week 6 Quiz Week 7 Homework, Chapter 24 Week 7 Quiz Week 8 Final Exam

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