Business, 04.05.2021 17:20 EhHannuh6865

The board of directors of Ogle Construction Company is meeting to choose between the completed-contract method and the percentage-of-completion method of accounting for long-term contracts in the company's financial statements. You have been engaged to assist Ogle's controller in the preparation of a presentation to be given at the board meeting. The controller provides you with the following information:1. Ogle commenced doing business on January 1, 2015.2. Construction activities for the year ended December 31, 2015, were as follows:ProjectTotal Contract PriceBillings Through 12/31/15Cash Collections Through 12/31/15A$ 500,000$ 340,000$ 310,000B720,000210,000210,000C475,0 00475,000390,000D200,000100,00065,0 00E450,000400,000400,000$2,345,000$ 1,525,000$1,375,000ProjectContract Costs Incurred Through 12/31/15Estimated Additional Costs to Complete ContractsA$ 424,000$101,000B195,000455,000C350, 000-0-D123,00097,000E320,00080,000$ 1,412,000$733,0003. Each contract is with a different customer.4. Any work remaining to be done on the contracts is expected to be completed in 2016.(a1) Prepare a schedule by project, computing the amount of income (or loss) before selling, general, and administrative expenses for the year ended December 31, 2015.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 05:40

Grant, inc., acquired 30% of south co.’s voting stock for $200,000 on january 2, year 1, and did not elect the fair value option. the price equaled the carrying amount and the fair value of the interest purchased in south’s net assets. grant’s 30% interest in south gave grant the ability to exercise significant influence over south’s operating and financial policies. during year 1, south earned $80,000 and paid dividends of $50,000. south reported earnings of $100,000 for the 6 months ended june 30, year 2, and $200,000 for the year ended december 31, year 2. on july 1, year 2, grant sold half of its stock in south for $150,000 cash. south paid dividends of $60,000 on october 1, year 2. before income taxes, what amount should grant include in its year 1 income statement as a result of the investment?

Answers: 1

Answer

Business, 22.06.2019 14:30

If a product goes up in price, and the demand for it drops, that product's demand is a. elastic b. inelastic c. stable d. fixed select the best answer from the choices provided

Answers: 1

Answer

Business, 22.06.2019 16:00

In a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so. what is another way to state this fact? (a) market supply is much more elastic in the long run than the short run. (b) in the long run, average total cost is minimized. (c) in the long run, price equals marginal cost. (d) market supply is much less elastic in the long run than the short run.

Answers: 1

Answer

Business, 23.06.2019 00:00

Which of the following statements is not correct? the stock of publicly owned companies must generally be registered with and reported to a regulatory agency such as the sec. when stock in a closely held corporation is offered to the public for the first time, the transaction is called "going public, or an ipo," and the market for such stock is called the new issue or ipo market. "going public" establishes a firm's true intrinsic value and ensures that a liquid market will always exist for the firm's shares. if you wanted to know what rate of return stocks have provided in the past, you could examine data on the dow jones industrial index, the s& p 500 index, or the nasdaq index.

Answers: 1

Answer

You know the right answer?

The board of directors of Ogle Construction Company is meeting to choose between the completed-contr...

Questions