Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Jul 2017 My Price 4.00

O'Hara Company

O'Hara Company recognizes revenue on long-term construction contracts under IFRS. It cannot estimate progress toward completion accurately, and so uses the cost recovery method (also called the "zero profit method") to estimate revenue. O'Hara writes a contract to deliver an automated assemtly line to Eastley Motors. Eastley will pay $2,000,000 to O'Hara, and O'Hara estimates the line will cost $1,500,000 to construct. The job is estimated to take three years to complete. In the first year of its contract with Easley Motors, O'Hara incurs $1,000,000 of cost, which O'Hara believes will eventually be recovered in the contract. How much revenue will O'Hara recognize in the first year of the contract?

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Jul 2017 09:07 PM My Price 4.00

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