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Kaplan University AC 501 Unit 3
Homework Assignment NEW
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iversity/ac- 501 -unit- 3 -homework- assignment-ne
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d.com Exercise 7-5 (Recognition of Profit for
Long-Term Contracts) Andre Agassi Construction
Company began operations January 1, 2008. During
the year, Andre Agassi Construction entered into
a contract with Lindsey Davenport Corp. to
construct a manufacturing facility. At that time,
Agassi estimated that it would take 5 years to
complete the facility at a total cost of
4,500,000. The total contract price for
construction of the facility is 6,300,000.
During the year, Agassi incurred 1,185,800 in
construction costs related to the construction
project. The estimated cost to complete the
contract is 4,204,200. Lindsey Davenport Corp.
was billed and paid 30 of the contract price.
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Exercise 7-8 (Installment-Sales and Cost-Recovery
Methods) Kenny Harrison Corp., a capital goods
manufacturing business that started on January 4,
2008, and operates on a calendar-year basis, uses
the installment-sales method of profit
recognition in accounting for all its sales. The
following data were taken from the 2008 and 2009
records. Exercise 8-9 (Computing Bad Debts and
Preparing Journal Entries) The trial balance
before adjustment of Reba McIntyre Inc. shows
the following balances. Exercise 8-27 (Bank
Reconciliation and Adjusting Entries) Angela
Lansbury Company deposits all receipts and makes
all payments by check. The following information
is available from the cash records. Exercise 9-12
(Compute FIFO, LIFO, Average-Cost-Periodic)
Presented below is information related to
Blowfish radios for Hootie Company for the month
of July. Exercise 9-21 (Dollar-Value LIFO)
Presented below is information related to Dino
Radja Company.