Construction Accounting And Financial Management (4th Edition)
4th Edition
ISBN: 9780135232873
Author: Steven J. Peterson MBA PE
Publisher: PEARSON
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Chapter 10, Problem 5P
A construction company has total revenues of $650,000, total construction costs of $509,000, and general
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Accordingly, 15% of rent, depreciation, and utility expenses pertain to the sales office while the rest pertains to the corporate office.
Questions:
How much is the net sales for the year?
How much is the cost of sales for the year?
How much is the gross profit for the year?
How much is the net income for the year?
Prepare a statement of comprehensive income.
Prepare a financial statement.
During the current year, Sokowski Manufacturing earned income of $459,332 from total sales of $6,906,995 and average capital assets of $11,489,420.
What is the asset turnover? Round to the nearest to the hundredth, two decimal places and submit the answer in a percentage.
Excess Construction Corp. has a $16 million contract to construct a building. The company estimates $10.4 million in costs to construct the building and an expected gross profit of $5.6 million. During the current year, the company incurred $3,120,000 of costs on the contract. Under the percentage-of-completion method, how much will Excess Construction Corp. report as revenue in the current year?
Chapter 10 Solutions
Construction Accounting And Financial Management (4th Edition)
Ch. 10 - What are some of the ways a company can increase...Ch. 10 - Prob. 2DQCh. 10 - Prob. 3DQCh. 10 - Prob. 4DQCh. 10 - A construction company has total revenues of...Ch. 10 - A construction company has total revenues of...Ch. 10 - A construction company has total revenues of...Ch. 10 - A construction company has total revenues of...Ch. 10 - Determine the break-even volume of work for a...Ch. 10 - Determine the break-even volume of work for a...
Ch. 10 - Determine the break-even volume of work for a...Ch. 10 - Determine the break-even volume of work for a...Ch. 10 - A construction company has a fixed overhead of...Ch. 10 - A construction company has a fixed overhead of...Ch. 10 - Determine the break-even contribution margin ratio...Ch. 10 - Determine the break-even contribution margin ratio...Ch. 10 - Determine the break-even contribution margin ratio...Ch. 10 - Determine the break-even contribution margin ratio...Ch. 10 - Determine the profit and overhead markup for a...Ch. 10 - Determine the profit and overhead markup for a...Ch. 10 - Prob. 21PCh. 10 - Prob. 22P
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- Calculate the net profit for a company given the following information: total revenue of $500,000, cost of goods sold of $200,000, operating expenses of $100,000, and taxes of $50,000.arrow_forwardDuring the past year, the company’s financial results reflected the following: Selling, general, and administrative expenses of 200,000 Net sales of 1,200,000 Interest expense of 100,000 Research & development expense of 50,000 Cost of goods sold of 800,000 Income tax expense of 17,500 Calculate gross profit $ for the year.arrow_forwardDuring the current year, Sokowski Manufacturing earned income of $459,595 from total sales of $6,290,139 and average capital assets of $10,730,071. What is the sales margin? Round to the nearest hundredth, two decimal places and submit the answer in a percentage.arrow_forward
- During the current year, Sokowski Manufacturing earned income of $422,100 from total sales of $6,300,000 and average capital assets of $11,900,000. What is the sales margin? If required, round your answer to one decimal place.arrow_forwardXYZ Corporation earned $500,000 in revenue for the year. The cost of goods sold was $200,000, and operating expenses amounted to $100,000. Calculate the gross profit and operating profit.arrow_forwardGem construction company was working on a contract and it uses the percentage-of- completion method and it was working on a contract for P3,700,000. Other details for the year as follows: Billings during the year=P1,650,000 Costs incurred during the year=P1,800,000 Estimated costs to complete as of December 31=P1,200,000 Collections during the year=P975,000 Find the reporting gross profit for the year.arrow_forward
- During the past year, the company’s financial results reflected the following: Selling, general, and administrative expenses of 200,000 Net sales of 1,200,000 Interest expense of 100,000 Research & development expense of 50,000 Cost of goods sold of 800,000 Income tax expense of 17,500 Calculate operating income $ for the year.arrow_forwardDuring the current year, Sokowski Manufacturing earned income of $350,000 from total sales of $5,500,000 and average capital assets of $12,000,000. A. Based on this information, calculate asset turnover. B. Using the sales margin from the previous exercise, what is the total ROI for the company during the current year?arrow_forwardDuring 2021, Wahid Co. generated revenues of $95,000. The company's expenses were as follows: cost of goods sold of $47,000, operating expenses of $16,000 and a loss on the sale of equipment of $5,000.Wahid's gross profit is: O a. $48,000. O b. $95,000. O c. $27,000. O d. $32,000.arrow_forward
- ABC Corporation has the following information for the year: Sales revenue: $500,000 Cost of goods sold: $300,000 Operating expenses: $100,000 Interest expense: $20,000 Income tax rate: 30% Calculate the company's net income for the year.arrow_forwardBradford Company had sales of $700,000 for a year. The total assets at the beginning of the year were $240,000, and the total assets at the end of the year were $280,000. The asset turnover ratio isarrow_forwardXYZ Company has the following information for the year: Sales revenue: $500,000 Cost of goods sold: $200,000 Operating expenses: $100,000 Other income: $10,000 Tax rate: 25% Calculate the company's operating income and net income for the year.arrow_forward
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