Accounting homework

You are a fresh accounting graduate. You have landed a job with a big 3 accounting firm. The first day at your job, your manager approaches you: “Hi Bill! Welcome aboard. Hope you like your new cubicle. Have you met everyone? By the way, you will be working with me from tomorrow on Long House Company. This is an important client. They have sent me some information on their projects. Can you provide a report that answers all of the questions listed below? By the way I need it by tomorrow morning at 8 a.m.!”

A

B

50,000

C180,000180,000

0

D100,000

5,00080,00020,000

E

120,000

100,00010,000

 

460,000

Project	Total Contract Price	Billings Through 12/31/12	Cash Collections Through 12/31/12 Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper	Contract Costs Incurred Through 12/31/12	Estimated Additional Costs to Complete
$200,000	$		100,000	$	80,000	$	1	20,000	$90,000
2	50,000	4	5,000	40,000			180,000
150,000	120,000
	10,000
140,000	110,000
870,000		460,000	390,000	300,000

• Prepare a schedule of gross profit (loss) to be reported.
• Prepare the entries for projects A and B only.