ACC 305 Week 2 Problem E5-10 Project Contracts

Apr 28th, 2015
Studypool Tutor
Price: $5 USD

Tutor description

ACC 305 Week 2 Problem E5-10 Project Contracts

Word Count: 194
Showing Page: 1/4
E5-10 Sanderson Construction1. Determine the amount of gross profit or loss to be recognized in each of the three years using the percentage- of-completion method.2. How much revenue will Sanderson report in its 2011 and 2012 income statements related to this contract using the percentage-of-completion method?3. Determine the amount of gross profit or loss to be recognized in each of the three years using the completed contract method.4. Determine the amount of revenue, cost, and gross profit or loss to be recognized in each of the three years under IFRS, assuming that using the percentage-of-completion method is not appropriate.5. Suppose the estimated costs to complete at the end of 2012 are $80 million instead of $60 million. Determine the amount of gross profit or loss to be recognized in 2012 using the percentage-of-completion method.Exercise 5-10Requirement 1($ in millions)201120122013Contract price$220$220$220Actual costs to date40120170Estimated costs to complete 120 60 - 0 -Total estimated costs 160180 170Estimated gross profit (actual in 2013)$ 60$ 40$ 50Gross profit (loss) recognition:2011: $40 = 25% x $6

Review from student

Studypool Student
" This tutor is great! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1827 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors