Exercise 7-5 (Recognition of Profit for Long-Term Contracts) Andre Agassi Construction Company began operations January 1, 2008. During the year, Andre Agassi Construction entered into a contract with Lindsey Davenport Corp. to construct a manufacturing facility. At that time, Agassi estimated that it would take 5 years to complete the facility at a total cost of $4,500,000. The total contract price for construction of the facility is $6,300,000. During the year, Agassi incurred $1,185,800 in construction costs related to the construction project. The estimated cost to complete the contract is $4,204,200. Lindsey Davenport Corp. was billed and paid 30% of the contract price. Exercise 7-8 (Installment-Sales and Cost-Recovery Methods) Kenny Harrison Corp., a capital goods manufacturing business that started on January 4, 2008, and operates on a calendar-year basis, uses the installment-sales method of profit recognition in accounting for all its sales. The following data were taken from the 2008 and 2009 records. Exercise 8-9 (Computing Bad Debts and Preparing Journal Entries) The trial balance before adjustment of Reba McIntyre Inc. shows the following balances. Exercise 8-27 (Bank Reconciliation and Adjusting Entries) Angela Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. Exercise 9-12 (Compute FIFO, LIFO, Average-Cost-Periodic) Presented below is information related to Blowfish radios for Hootie Company for the month of July. Exercise 9-21 (Dollar-Value LIFO) Presented below is information related to Dino Radja Company.
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