COMPREHENSIVE EXAMINATION E

COMPREHENSIVE EXAMINATION E Last document update:   ago

Approximate Problem Topic Time E-I Long-Term Contracts. 15 min. E-II Installment Sales Method. 20 min. E-III Deferred Income Taxes. 25 min. E-IV Pensions. 15 min. E-V Leases. 25 min. 100 min. Problem E-I — Long-Term Contracts. Edwards Company contracted on 4/1/12 to construct a building for $2,300,000. The project was completed in 2014. Additional data follow: 2012 2013 2014 Costs incurred to date $ 560,000 $1,350,000 $1,900,000 Estimated cost...

COMPREHENSIVE EXAMINATION E Last document update:   ago

Problem E-I — Long-Term Contracts. Edwards Company contracted on 4/1/12 to construct a building for $2,300,000. The project was completed in 2014. Additional data follow: 2012 2013 2014 Costs incurred to date $ 560,000 $1,350,000 $1,900,000 Estimated cost to complete 1,040,000 450,000 — Billings to date 500,000 1,800,000 2,300,000 Collections to date 400,000 1,300,000 2,200,000 Instructions (a) Calculate the income recognized by Edwards under the percentage-of-comp...