Refer to Gordo Yachts. Prepare all necessary entries for 2017 assuming the use of the percentage-of-completion method
What will be an ideal response?
Answer:
2017
Construction in Progress
775,000
Cash or A/P
775,000
Accounts Receivable
700,000
Billings on Construction
700,000
Cash
500,000
Accounts Receivable
500,000
Construction in Progress
250,000
Cost of Construction
750,000
Revenue
1,000,000
Business
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Public-private ventures are typical in the oil industry
Indicate whether the statement is true or false
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Zoe Dental Implements has gross property, plant and equipment totaling $1.4 million, depreciation expense this year of $200,000, and accumulated depreciation of $750,000. What is the book value of Zoe's property, plant and equipment?
A) $1.4 million B) $1.2 million C) $550,000 D) $650,000
Business