ACC 421 Week 4 CPA Practice For more course tutorials visit www . uophelp . com
a . Using the multiple-step form , prepare an income statement and a retained earnings statement for the year ended June 30 , 2014 .
b . 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 Presented below is summarized information for Johnston Co ., which sells merchandise on the installment basis . Instructions :
a . Compute the realized gross profit for each of the years 2014 , 2015 and 2016 .
b . Prepare all entries required in 2016 , applying the installmentsales method of accounting . ( Ignore interest charges .) c . ==============================================
ACC 421 Week 4 CPA Practice For more course tutorials visit www . uophelp . com