Expert answer:Revenue Recognition problem

Expert answer:Need help with Revenue Recognition, Excel Worksheet
acct115l_revenuepercentcompleteproblem02__3_.xlsx

Unformatted Attachment Preview

King’s College
Fall 2017, ACCT115
Revenue Recognition Practice Problem 02 (Revenue and Gross Profit Recognized Over the Term of the Project)
Tuscany Boatbuilders was awarded a $16,700,000 contract to construct a luxury liner for Queen Cruiseliners Inc. Tuscany estimates
it will take 42 months to complete the contract. The company uses the percentage-of-completion cost-to-cost method to estimate
profits. Provided information includes the total contract value, actual costs incurred by year, and the estimated costs to complete the
project as determined at the end of each year. The student is asked to determine the amount of revenue and gross profit to be
recognized each year. The following worksheet is provided to faciliate the calculations. Complete all cells on the “Calculate” rows.
Use the round function for every calculation that includes multiplication or division (whole numbers for $ and 2 decimal places for %.)
2014
2015
2016
2017
Actual Costs Incurred Current Year
$
6,400,000 $
5,200,000 $
4,100,000 $
1,065,000
Actual Costs Incurred Project to Date
Estimated Costs to Complete
Provided/Entered.
Calculate.
$
8,700,000 $
4,600,000 $
1,500,000 $
–
Provided/Entered.
Total Estimated Costs at Completion
Calculate.
Percentage Completed, Cost to Cost Basis
Calculate.
Total Contract Value (Revenue)
$
16,700,000 $
16,700,000 $
16,700,000 $
16,700,000
Provided/Entered.
Revenue Earned to Date, Current Year
Calculate.
Revenue Recognized to Date, Prior Year
Calculate.
Revenue Recognized, Current Year
Calculate.
Gross Profit Earned to Date, Current Year
Calculate.
Gross Profit Earned to Date, Prior Year
Calculate.
Gross Profit Earned, Current Year
Calculate.
Percent of Total Project Revenue Recognized
Calculate.
20171123010442acct115l_revenuepercentcompleteproblem02__3_.xlsx
RevenuePercentComplete02
R. Schwanger
November 20, 2017
…
Purchase answer to see full
attachment

How it works

Paste your instructions in the instructions box. You can also attach an instructions file
Select the writer category, deadline, education level and review the instructions
Make a payment for the order to be assignment to a writer
Download the paper after the writer uploads it

Will the writer plagiarize my essay?

You will get a plagiarism-free paper and you can get an originality report upon request.

Is this service safe?

All the personal information is confidential and we have 100% safe payment methods. We also guarantee good grades

Continue to order Get a quote

Place your order

Type of paper

Academic level

Deadline

Pages (550 words)

Approximate price: $22

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.