On July 1, 2021, Wildflower Corp. contracted to build an office for Heart, Inc. for a total contract price of P1,950,000. Estimated cost to complete Billings during the year Costs incurred to date How much is the realized gross profit in 2021? 2021 P 1,350,000 300,000 150,000 2022 P 800,000 1,100,000 1,200,000

Q: Net income equal to revenues minus?

A: Once taxes and other tax withholding have been taken out of your paycheck, net income is the amount…

Q: Compare and contrast Measuring GDP using the Income Approach vs Measuring GDP using the Expenditure…

A: Gross Domestic Product is defined as the final value of the goods as well as services that used to…

Q: Define annual percentage rate (APR)

A: A rate at which a borrower is ready to pay and depositor is ready to receive the money is known as…

Q: What would cause the annual interest rate to be different from the annual effective rate or yield?

A: Effective Interest Rate: The fixed rate applied to carrying value of the bonds to calculate the…

Q: Write the various applications that call for annual-worth analysis techniques?

A: Annual worth analysis is the analysis which is done by the managers before taking capital budgeting…

Q: Wildhorse Inc. is considering modernizing its production facility by investing in new equipment and…

A: The profit made over an investment made by the investors is referred to as the rate of return. It is…

Q: The measurement basis most often used to report a long-term paya a commitment to pay money at a…

A: Accounting Principals -Accounting standards, such as GAAP and IFRS, provide a set of rules and…

Q: 3. What is the compensation expense in 2021?

A: Compensation Expense= Compensation Expense are Expenses made in exchange for services rendered…

Q: What is the net present value of an annuity?

A: Net present value is defined as the temporal variation in the present value of cash inflows and…

Q: What is growth rate?

A: A growth rate is the percentage increase in the cash flows of the company. A growth can be measured…

Q: am. 102.

A: APR stands for a) Annual Percentage Rate.

Q: Does the accrual accounting rate-of-return method consider income earned throughout a project's…

A: The accrual accounting rate-of-return(ARR) formula splits the average income of an asset by the…

Q: What does the annual effective yield represent?

A: Yield refers to the rate of return that is received by the owner of the security who has invested in…

Q: Write an equation for determining the value of the series of end-of-period payments?

A: Formula:

Q: How is the present value of a lump sum determined?

A: Definition:   Present value: It refers to the current value of the whole amount that will be…

Q: What is the Depreciation Allowance under Inflation?

A: Inside these laws of unique cost depreciation, the absolute estimation of the duty exclusions in…

Q: What should be multiplied to the quantity of final products of the current year if we want to…

A: National income at constant prices: If goods and services produced in a year are valued at fixed…

Q: Using the indirect method, prepare a statement of cash flow for 2020

A: The cash flow statement is helpful for the stakeholders as they can identify the organization's…

Q: What is the Annual Equivalence Analysis?

A: The criteria for annual equivalent analysis provides a basis for computing the value of an…

Q: Will some of the parties receive a preferred return? Will the preferred return be paid from annual…

A: The preferred return is a distribution of profit earned by the organization to their elite class of…

Q: What is Annual-payments option?

A: The annual payment option is the obligation to pay the amount to the receiver annual instead of the…

Q: What happens to the present value of some fixed dollar amount to be received in the future as time…

A: Present value of some fixed dollar amount  is obtained by discounting the future cash flows using an…

Q: How to identify net revenue for the current FY?

A: For identifying the revenue earned during the current year the accrual principle of accounting needs…

Q: What is the current market view on GBP/USD? (Will it appreciate and which depreciate? and why?)

A: The exchange rate are dependent on the the market factors and other factors which are point of…

Q: What can be understood from annual percentage rate (APR)?

A: Annual percentage rate (APR): The yearly rate charged for borrowing or picked up from speculation is…

Q: what is the return on investment in percent?

A: Solution:- Rate of return on investment means the percentage of return on the money invested. So,…

Q: What is the process of computing the required annual savings to cover the capital and operating…

A: Answer: NPV is a capital budgeting technique used as it is taken as PV (cash inflows) and PV (cash…

Q: How is the present value of an annuity determined?

A: Present value:   Present value is the value of future cash flow today. Present value is the…

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.