Buy Solved ACCT 557 Week 1 Quiz

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Buy Solved ACCT 557 Week 1 Quiz

 

  1. Question (TCO A) Platypus Building Inc. won a bid for a new office building contract. Below is info from the project accountant:
    Total Construction Fixed Price                 $8,000,000
    Construction Start Date                            March 3, 2012
    Construction Complete Date                    December 4, 2013
    As of Dec 31…                             2012                            2013
    Actual cost incurred                      $2,500,000                 $3,150,000
    Estimated remaining costs            $3,750,000                   $-
    Billed to customer                        $2,400,000                   $5,300,000
    Received from customer               $2,250,000                 $5,400,000
    Assuming Platypus Building Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013?
  2. Question (TCO A) Kerry Corp purchased a used bottling machine from Bob’s Bottling Inc. on Jan 1, 2012, for $2100000.  Bob accounted for the sale correctly under the installment sales method.  It had a book value of $1575000.  Kerry paid with $300000 cash and a note for $1800000 with an annual interest of 10%.  Kerry agreed to make equal annual payments of $600000.  Kerry Corp made their first payment on Jan 1, 2013, of $780000 which included interest of $180000 to the date of payment. As of Dec 31, 2013, Bob has deferred gross profit of?
  3. Question (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:
  4. Question (TCO A) Revenue should NOT be recognized at the time of sale if…
  5. Question (TCO A) Windsor Construction Company uses the completed contract method of accounting. In 2014, Windsor began work on a two-year contract it had received which provided a contract price of $3,000,000. Other details follow for 2014:……………….What should be the gross profit recognized in 2014?

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