What is the gross profit or loss that should be recognized, Accounting Basics

+44 141 628 6080
[email protected]

What is the gross profit or loss that should be recognized

Hiser Builders, Inc. is using the completed-contract method for a $6,600,000 contract that will take two years to complete. Data at December 31, 2010, the end of the first year, are as follows:

Costs incurred to date $2,560,000

Estimated costs to complete 3,280,000

Billings to date 2,400,000

Collections to date 2,000,000

what is the gross profit or loss that should be recognized for 2010 ?

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the gross profit or loss that should be recognized

Reference No:- TGS073052

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : You are a medical representative of a company

You are a medical representative of a company that specializes in endoscopes. Write a letter to the new nurse manager of a multi-specialty office. The letter should describe the types of endoscopes you sell (Endoscope, Cystoscope, Nephroscope, Urethr

Q : How would you rewrite paragraph

How would you rewrite this paragraph?The Three Tissue Systems of a Plant The cells of a plant have three tissues: dermal, vascular, and ground. Each is throughout the plant. But they come in different places. We will explain all three from a young pl

Q : Absorption costing and variable costing income statements

Variable selling and administrative expenses were $1 per unit sold.Required: Prepare a new income statement for the year using variable costing. Comment on the differences between the absorption costing and the variable costing income statements.

Q : Stretching a viable alternative

If average creditors terms are 2%, 10:net30, what is the minimum number of days beyond the net date that accounts must be stretched to make stretching a viable alternative?

Q : What is the gross profit or loss that should be recognized

Hiser Builders, Inc. is using the completed-contract method for a $6,600,000 contract that will take two years to complete. Data at December 31, 2010, the end of the first year, are as follows:

Q : Lila abu-lughod writes, in her introduction to writing women

Lila Abu-Lughod writes, in her introduction to writing womens worlds, about the need to "write against culture," and promises to yse the stories she heard during her stay with the Awlad 'Ali bedouin to do just that.

Q : Will increase in private saving have large-small effect

If the elasticity of U.S. exports with respect to the real exchange rate is very low, will this increase in private saving have a large or small effect on the U.S. real exchange rate?

Q : The bean eaters, performing a literary analysis of the poem

Read the poem by Gwendolyn Brooks entitled "The Bean Eaters, performing a literary analysis of the poem.

Q : How much, if any, gain or loss does zhang recognize

Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values an

1935124

Questions
Asked

3,689

Active Tutors

1456901

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the gross profit or loss that should be recognized

Reference No:- TGS073052

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : You are a medical representative of a company

Q : How would you rewrite paragraph

Q : Absorption costing and variable costing income statements

Q : Stretching a viable alternative

Q : What is the gross profit or loss that should be recognized

Q : Lila abu-lughod writes, in her introduction to writing women

Q : Will increase in private saving have large-small effect

Q : The bean eaters, performing a literary analysis of the poem

Q : How much, if any, gain or loss does zhang recognize

What are the bodies first and second line of defence

Identify which defense mechanisms are at risk

Requirement that could affect your healthcare organization

Reviewing adverse events on a hospital unit

Conduct self-reflection on your performance in the field

Why patient with dementia is no longer able to make decision

How healthcare professionals responsible for utilization

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the gross profit or loss that should be recognized

Reference No:- TGS073052

Recent Questions Asked Accounting Basics

Q : You are a medical representative of a company

Q : How would you rewrite paragraph

Q : Absorption costing and variable costing income statements

Q : Stretching a viable alternative

Q : What is the gross profit or loss that should be recognized

Q : Lila abu-lughod writes, in her introduction to writing women

Q : Will increase in private saving have large-small effect

Q : The bean eaters, performing a literary analysis of the poem

Q : How much, if any, gain or loss does zhang recognize

Asked Questions