Unbilled costs of construction. 13 (d) Prepaid a fire insurance policy this period to cover the next 12 months. Introduction To Financial Accounting (UGBA 102A) Book title Financial/Managerial Accounting; Author. Gross margin $ 85,000 $ 60,000 $ 25, 5. Chapter 3 Adjusting Accounts and Preparing Financial Statements QUESTIONS 1. DR Construction in progress $8,000, Since the project is incomplete, no revenue is recognized for the year Profit to recognize date 450, Our solutions are written by Chegg experts so you can be assured of the highest quality! ($54,720 x 1/2) $ 27, Copyright © 2020 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Sample/practice exam Fall 2008, questions. Our solutions are written by Chegg experts so you can be assured of the highest quality! Determining income under installment sales method Please sign in or register to post comments. Prepare the required journal … Access Financial Accounting 9th Edition Chapter 3 solutions now. a. Textbook solutions for Financial And Managerial Accounting 15th Edition WARREN and others in this series. Our solutions are written by Chegg experts so you can be assured of the highest quality! Requirement 1: Est. Percentage complete (18/24) 75% Calculations to determine interest income on installment sale contract: Cash selling price $556, Construction in progress Book solution "Financial/Managerial Accounting", Harrison - Chapter 3 and 4 . 2012 gross profit $ 150, E3-12. The Accrual Basis Of Accounting Recognizes Revenues When Cash Is Received From Customers, Regardless Of When The Goods Or Services Are Provided. Purchased inventory on account 2. 1,8 (b) Purchased on credits but did not use supplies this period. Access Fundamentals of Financial Accounting (Loose Leaf) 5th Edition Chapter 3 solutions now. Paid rent in cash – NE – 6. Received cash in payment for services + NE + 4. Accounting For Financial Analysis (ACCT 303), E3-2. The gross profit for the percentage-of-completion method is as follows: Contract price $3,000, 2. percentage for 2011 but are included in the estimated total project costs ($8,000. DR Construction expense, Construction revenue $525,000 $350,000 $175, True. CR Billings on contract. Chapter 3 Recording Accounting Transactions EXERCISES 1. Interest July 1, 2011, to December 31, 2011 3-6 SOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 3-1 (a) Prepaid Insurance—to recognize insurance expired during the period. 4. 2. Solution manual chapter 3 fap 1. DR Construction in progress DR Accounts receivable $9,000,000 (same) Alternate entry: Accounting For Financial Analysis (ACCT 303) Academic year. DR Construction in progress Estimated total gross margin $90. CR Cash $8,500. Revenue earned during the period: ($290,000/$435,000) x $525,000 = $350, Received a bill for expenses incurred NE + – 7. CR Unearned franchise fee revenue $300. Year 2011 Issued common stock for $10,000 + NE + 5. $24,000. DR Cash $60, Moderate 60–70 *6A* Prepare adjusting entries, ... 3-10 SOLUTIONS TO EXERCISES EXERCISE 3-1 1. 3-1 CHAPTER 3 Adjusting the Accounts ASSIGNMENT CLASSIFICATION TABLE ... 5A Journalize transactions and follow through accounting cycle to preparation of financial statements. Interest rate 12% as the project is not complete. Our solutions are written by Chegg experts so you can be assured of the highest quality! Assets Liabilities Stockholders’ Equity Purchased inventory on account + + NE 2. ... 300 Homework Assignment 1 Sample/practice exam Fall 2008, questions Sample/practice exam Fall 2008, questions ACCT303 Chapter 2 Homework Solutions ACCT303 Chapter 4 Homework Solutions ACCT303 Chapter 5 Homework Solutions.
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