Percentage of completion method for Syl Co
Not what you're looking for?
See attached Excel file.
The following data relates to a construction job started by Syl Co. during 2011:
Total contract price 100,000
Actual costs during 2011 20,000
Estimated remaining costs 40,000
Billed to customer during 2011 30,000
Received from customer during 2011 10,000
Under the percentage-of-completion method, how much should Syl recognize as gross profit for 2011?
a. 26,667
b. 0
c. 13,333
d. 33,333.
Purchase this Solution
Solution Summary
The solution determines the percentage of completion method for Syl Co.
Education
- BA, Ain Shams University, Cairo Egypt
- MBA, California State University, Sacramento
Recent Feedback
- "ty i have more need help with"
- "ty i have jmore i need help with"
- "great help"
- "excellent help"
- "Very helpful and easy to understand."
Purchase this Solution
Free BrainMass Quizzes
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Motivation
This tests some key elements of major motivation theories.
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.
Basics of corporate finance
These questions will test you on your knowledge of finance.