cS Company started work on three job sites during the current year. Any costs incurred are expected tobe recoverable. Data relating to the three jobs are given below:Estimated Coststo CompleteSiteContractCostBillings onCollections onPriceIncurredContractBillings5,000,0003,750,0005,000,0005,000,00027,000,0001,000,0004,000,000900,000900,00032,500,0001,000,0001,000,0001,500,0001,000,000If the company records revenue over time, how much must be shown as current asset in the balancesheet of MOC Construction Company as of December 31?A. 5,500,000B. 500,000C. 250,000D. 100,000

A company has to recognize revenue and expenses in the year they are earned and incurred,…

CS Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Site Contract Cost Estimated Costs Billings on Collections on Price Incurred Billings 5,000,000 900,000 to Complete Contract 5,000,000 7,000,000 1 3,750,000 5,000,000 4,000,000 1,000,000 2 1,000,000 900,000 3 2,500,000 1,000,000 1,500,000 1,000,000 If the company records revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,500,000 B. 500,000 C. 250,000 D. 100 000

CS Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Site Contract Cost Estimated Costs Billings on Collections on Price Incurred Billings 5,000,000 900,000 to Complete Contract 5,000,000 7,000,000 1 3,750,000 5,000,000 4,000,000 1,000,000 2 1,000,000 900,000 3 2,500,000 1,000,000 1,500,000 1,000,000 If the company records revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,500,000 B. 500,000 C. 250,000 D. 100 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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CS Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Billings on Contract Site Contract Cost Estimated Costs to Complete Collections on Price Incurred 3,750,000 1,000,000 Billings 5,000,000 900,000 1,000,000 1 5,000,000 5,000,000 900,000 2 7.000,000 2.500.000 4,000,000 3 1.000,000 1,000,000 1.500,000 1. If the company recoeds revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,500,000 B. S00,000 C 250,000 D. 100,000 2. If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 317 A. 5,100,000 8. S00,000 C 250,000 D. 100,000
Archangel Manufacturing calculated a predetermined overhead allocation rate at the beginning of the year based on direct labor costs. The production details for the year are given below: Total manufacturing overhead costs estimated at the beginning of the year Total direct labor costs estimated at the beginning of the year Total direct labor hours estimated at the beginning of the year Actual manufacturing overhead costs for the year Actual direct labor costs for the year Actual direct labor hours for the year 11,000 di 10,000 di Calculate the manufacturing overhead allocation rate for the year based on the above data (Round your final answer to two decimal places.) A. 28.00% B. 11.43% OC. 43.75% OD. 264.29%
Sarah Duterte Construction Firm started work on three job sites during the current year. The following data was gathered in relation to the three jobs sites construction: Est. Cost to Billings Complete Site Contract Cost Incurred on Collections Price Contract 500,000 400,000 365,000 100,000 100,000 500,000 100,000 A В 700,000 250,000 400,000 100,000 50,000 C Requirements: 1. If the outcome of all the projects can be estimated reliably, what amount of income should be reported for the current year? 2. If the outcome of all the projects can be estimated reliably, what would be the amount of Construction in Progress to be reported in the Statement of Financial Position for the current year?
The allocation base of the company is machine-hours and the estimated amount of theallocation base for the upcoming year is 43,000 machine-hours. In addition, the actual activityfor the year is 42,600 machine-hours. All of the manufacturing overhead is fixed and is P848,820per year. For simplicity, it is assumed that this is the estimated manufacturing overhead for theyear as well as the actual amount of manufacturing overhead for the year. Job F3, which required310 machine-hours, is one of the jobs worked on during the year. 2. Determine how much overhead would be applied to Job F3 if the predetermined overhead rateis based on estimated amount of the allocation base. _______________
The allocation base of the company is machine-hours and the estimated amount of theallocation base for the upcoming year is 43,000 machine-hours. In addition, the actual activityfor the year is 42,600 machine-hours. All of the manufacturing overhead is fixed and is P848,820per year. For simplicity, it is assumed that this is the estimated manufacturing overhead for theyear as well as the actual amount of manufacturing overhead for the year. Job F3, which required310 machine-hours, is one of the jobs worked on during the year. 1. Determine the predetermined overhead rate if the predetermined overhead rate is based on theestimated amount of the allocation base. _______________
The allocation base of the company is machine-hours and the estimated amount of theallocation base for the upcoming year is 43,000 machine-hours. In addition, the actual activityfor the year is 42,600 machine-hours. All of the manufacturing overhead is fixed and is P848,820per year. For simplicity, it is assumed that this is the estimated manufacturing overhead for theyear as well as the actual amount of manufacturing overhead for the year. Job F3, which required310 machine-hours, is one of the jobs worked on during the year. Determine the underapplied or overapplied overhead for the year if the predeterminedoverhead rate is based on the estimated amount of the allocation base. _______________
For the year ended December 31,2030, Jane Inc. incurred the following cost on Job Order 01 for manufacturing of 1,000 units: Original cost accumulation Direct Materials: 1,000,000 Direct Labor: 800,000 Factory Overhead: 200,000 Direct Cost of reworking 100 Units: Direct Materials: 200,000 Direct Labor: 400,000 1.What is the cost per unit of Job 01 if the rework cost were attributable to the exacting specification of Job order 01? 2. What is the cost per unit of Job 01 if the rework cost were attributable to internal failure?
Company XYZ applies overhead cost to jobs on the basis of direct labor cost. Job A, which was started and completed during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its job cost sheet. Job B, which is still in process at year-end, shows charges of $12,400 for direct materials and $10,000 for applied overhead. Direct labor cost of Job B at year-end is: Şelect one: a. $6,000 b. $13,000 c. None of the answers given d. $5,000 e. $22,400 tntal machine
Please help me by showing your solution in good accounting form. Thank you! MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Site Contract Price Cost Incurred Estimated Costs to Complete Billings on Contract Collections on Billings 1 5 000 000 3 750 000 - 5 000 000 5 000 000 2 7 000 000 1 000 000 4 000 000 900 000 900 000 3 2 500 000 1 000 000 1 000 000 1 500 000 1 000 000 If the company records revenue over time, how much must be shown as a current asset in the balance sheet of MOC Construction Company as of December 31?A. 5,500,000 C. 250,000B. 500,000 D. 100,000 If the company records revenue at a point in time, how much must be shown as a current asset in the balance sheet of MOC Construction Company as of December 31?A. 5,100,000 C. 250,000B. 500,000 D. 100,000
Company XYZ applies overhead cost to jobs on the basis of direct labor cost. Job A, which was started and completed during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its job cost sheet. Job B, which is still in process at year-end, shows charges of $12,400 for direct materials and $24,000 for applied overhead. Direct labor cost of Job B at year-end is: Select one: a. $12,000 b. None of the answers given c. $36,400 d. $11,000 e. $13,000
Company XYZ applies overhead cost to jobs on the basis of direct labor cost. Job A, which was started and completed during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its jeb cost sheet. Job B, which is still in process at year-end, shows charges of $12,400 for direct materials and $12,000 for applied overhead. Direct labor cost of Job B at year-end is: Select one: O a. $7,000 Ob. None of the answers given Oc. $24,400 O d. $6,000 O e. $13,000 Next page d Windows
Thornton Construction Company expects to build three new homes during a specific accounting period. The estimated direct materials and labor costs are as follows. Expected Costs Home 1 Home 2 Home 3 Direct labor $ 66,000 $ 100,000 $ 178,000 Direct materials 109,000 139,000 181,000 Assume Thornton needs to allocate two major overhead costs ($51,600 of employee fringe benefits and $30,030 of indirect materials costs) among the three jobs.RequiredChoose an appropriate cost driver for each of the overhead costs and determine the total cost of each house. (Round "Allocation rate" to 2 decimal places.)