Indiana Co: Percentage-of-Completion Method 2011
Not what you're looking for?
Indiana Co. began a construction project in 2011 that will provide it $165 million when it is completed in 2013. During 2011, Indiana incurred $32 million of costs and estimates an additional $87 million of costs to complete the project. (Do not round your percentage calculated.)
Using the percentage-of-completion method, Indiana:
a. Recognized $78.00 million loss on the project in 2011.
b. Recognized no gross profit or loss on the project in 2011.
c. Recognized $32.00 million loss on the project in 2011.
d. Recognized $12.37 million gross profit on the project in 2011.
Purchase this Solution
Solution Summary
Your tutorial is attached in excel showing the steps to work a percentage of completion method on long term contracts.
Education
- BSc, University of Virginia
- MSc, University of Virginia
- PhD, Georgia State University
Recent Feedback
- "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
- "Thank, this is more clear to me now."
- "Awesome job! "
- "ty"
- "Great Analysis, thank you so much"
Purchase this Solution
Free BrainMass Quizzes
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
MS Word 2010-Tricky Features
These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.