Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 20 Feb 2018 My Price 7.00

Roko Co.

At December 31, 2007, Roko  Co. has two fixed price construction contracts in progress. Both contracts have monthly billings supported by certified sur- veys of work completed. The contracts are:

a.      The Ski Park contract, begun in 2006, is 80% complete, is progressing according to bid estimates, and is expected to be profitable.

b.     The Nassu Village contract, a project to construct 100 con- dominium units, was begun in 2007. Thirty-five units have been completed. Work on the remaining units is delayed by conflicting recommendations on how to over- come unexpected subsoil problems. While the total cost of the project is uncertain, a loss is not anticipated.

Required

1.      Identify the alternatives available to account for long-term construction contracts, and specify the criteria used to determine which method is applicable to a given contract.

2.      Identify the appropriate accounting method for each of Roko’s two contracts, and describe each contract’s effect on net income for 2007.

3.      Indicate how the accounts related to the Ski Park con- tract should be reported on the balance sheet at December 31, 2007.

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Feb 2018 06:02 PM My Price 7.00

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