(Computation of Net Income)
Presented below are changes in all the account balances of Jackson Furniture Co. during the current
year, except for retained earnings.
Accounts Receivable (net)
Denis Savard Inc.
Less Cash Resticted for Plant
Less Allowance for Doubtful Accounts
Receivables - Officer
Work in Pr
Recognition of Profit for Long Term Contracts
Andre Agassi Construction Company
Percentage of Completion Method
Percentage of Completion = Cost incurred to date / estimated total costs
1,185,800.00 / 4,204,200
Revenue to be recognized
EXERCISE 12 - 7
Sheryl Crow Equipment Company sold 500 Rollomatics during 2008 at $6,000 each.
During 2008, Crow spent $20,000 servicing the 2-year warranties that accompany the Rollomatic. All applicable transactions are on a cash basis.
1) Sales of 500