Solved: In 2005 simpson began work on a construction contract what, Accounting Basics

In 2005 simpson began work on a construction contract what

Question - The Simpson Construction Company uses the percentage-of-completion method of accounting for long-term construction contracts.

In 2005, Simpson began work on a construction contract. Information on this contract at the end of 2005 is as follows:

Cost incurred during the year $1,500,000

Estimated cost to complete 6,000,000

Gross profit recognized in 2005 250,000

What is the contract price (total revenue) on this contract?

Solution Preview :

Prepared by a verified Expert

Accounting Basics: In 2005 simpson began work on a construction contract what

Reference No:- TGS02686525

Now Priced at $25 (50% Discount)

Recommended (93%)

Rated (4.5/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Asked Questions

How client is at risk at developing an infection

Question: Which assessment finding indicates to the nurse that an older adult client is at risk at developing an infection?

Which cause of amenorrhea should the nurse suspect most

Beatrice is a 35-year-old client who has been experiencing lighter periods for the past few months and even missed a period of 1 month.

Patient reported a scaly, circumscribed, erythematous lesion

If the Chief Complaint (CC): The patient reported "a scaly, circumscribed, erythematous lesion on her trunk with a central clearing area".

Discuss potential diversity in group that you anticipate

Identify and discuss potential diversity in the group that you anticipate teaching. (Diversity can include multiculturalism, age, gender, ethnicity, socioeconom

Identify a specific health outcome or public health concern

Identify a specific health outcome or public health concern within a defined population, where health behaviour(s) plays an important role

What if auscultate crackles in the poster left lover lobe

While evaluating a 8 year old patient in your clinic for a sick visit, you auscultate crackles in the poster left lover lobe, have the patient cough

Struggle with providing proper hygiene for the patients

The facility may struggle with providing proper hygiene for the patients or residents, offer social interactions with others, and provide timely medical care.

Solution Preview :

Prepared by a verified Expert

Accounting Basics: In 2005 simpson began work on a construction contract what

Reference No:- TGS02686525

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Does your company or school have a current disaster

Q : Succinctly define and explain political philosophy

Q : Create a new c project called raceresults and a text file

Q : Describe the test environment including hardware

Q : In 2005 simpson began work on a construction contract what

Q : What is digital ubiquity why is it important for business

Q : On december 31 jose sa acquired carlos sa by issuing 200000

Q : What would be your monthly debt service payment to the bank

Q : Create a diagram showing the overall network youve designed