===================================================================================== ACC 421 Week 3 Team Assignment P4-4, P18-2, P18-8 FOR MORE CLASSES VISIT www. acc421mart. com
Exercise 24-4
===================================================================================== ACC 421 Week 3 Team Assignment P4-4, P18-2, P18-8 FOR MORE CLASSES VISIT www. acc421mart. com
P4-4( Multiple- and Single-Step Income, Retained Earnings) The following account balances were included in the trial balance of Twain Corporation at June 30, 2014.
Using the multiple-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2014.
Using the single-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2014.
Problem 18- 2 Recognition of Profit on Long Term Contract
a.) Using the percentage of completion method, compute the estimated gross profit that would be recognized during each year of the construction period
b.) Using the Completed Contract Method, compute the estimated gross
profit that would be recognized during each year of the construction period
P18-8