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QUESTION 1 (25 MARKS) Contract No. 12476 commenced during year 2017 and has a fixed contract...
QUESTION 1 (25 MARKS) Contract No.12476 commenced during year 2017 and has a fixed contract price...
QUESTION 1 (25 MARKS) Contract No.12476 commenced during year 2017 and has a fixed contract price of RM900,000. During the year 2017, costs incurred for materials, wages and sub-contractors charges amounted to RM420,000. A plant costing RM78,000 was purchased during year 2017 specifically for contract No.12476. At the end of year 2017: i. The plant was valued at RM62,000. ii. Unused materials on site were valued at RM80,000. in. It is estimated that further costs recognise RM290,000 would be incurred...
(25 MARKS) Highland Construction entered into a contract to to Johor Bahru. The agreed contract price...
(25 MARKS) Highland Construction entered into a contract to to Johor Bahru. The agreed contract price was RM4 million, the position of the contract at the end of the years 2015, 2016, and 2017: into a contract to construct an express highway from Melaka RM4 million, the following table shows the 2015 RM'000 2017 RM'000 Variation to the contract price (increase) Cumulative costs incurred to date Estimated costs yet to be incurred Progress billings to date 2016 RM'000 400 1,800...
In February 2020, Crane Construction signed a contract and commenced construction on a parking garage. The t...
In February 2020, Crane Construction signed a contract and
commenced construction on a parking garage. The total contract
price was $89.8 million and was expected to be completed in July
2024 at a total estimated cost of $82.0 million. Payment by the
customer was to be made in several stages, based on significant
events and dates throughout the construction timeline. The customer
was to have control over the parking garage and was able to make
major changes to the project...
When the contract commenced in June 2019, plant and equipment, costing RM420,000, was sent to the site. This has been revalued at RM400,000 on 31 December 2019. The wages for the last week of December in 2019, RM5,360, was paid in January 2020. As at 31 D
Jaya Bhd. makes up its accounts to 31 December each year. The following details have been extracted in relation to the contract P. The contract price is RM3,100,000.When the contract commenced in June 2019, plant and equipment, costing RM420,000, was sent to the site. This has been revalued at RM400,000 on 31 December 2019. The wages for the last week of December in 2019, RM5,360, was paid in January 2020. As at 31 December 2019, the total cost incurred was RM211,060....
Situation I On January 1, 2017, Tamarisk, Inc. signed a fixed-price contract to have Builder Associates...
Situation I On January 1, 2017, Tamarisk, Inc. signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of $4,215,000. It was estimated that it would take 3 years to complete the project. Also on January 1, 2017, to finance the construction cost, Tamansk borrowed $4,215 000 Payable in 10 annual installments of $421 500 plus interest at the rate of 10% During 2017 Tamarisk made deposit and progress Payments totaling S1 580,625 under...
Situation I On January 1, 2017, Tamarisk, Inc signed a fixed-price contract to have Builder Associates...
Situation I On January 1, 2017, Tamarisk, Inc signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of $4,215,000. It was estimated that it would take 3 years to complete the project, Also on January 1, 2017, to finance the construction cost Tamarisk borrowed $4,215,000 payable in 10 annual stallments of $421,500, plus interest at the rate of 10%. Dunng 2017 Tar ansk made deposit and progress payments totaling $1,580,625 under the contract;...
Bob Ltd signs a contract on 1 April 2018 to build an office building. The construction...
Bob Ltd signs a contract on 1 April 2018 to build an office building. The construction is scheduled to commence 1 July 2018 and the estimated date of completion is 30 June 2021. The cost of the building is estimated to be $155m and the total contract price is fixed at $180m. The following data relates to the construction period: For the year ended 30 June 2019 2020 2021 $’000 $’000 $’000 Costs to date 46,500 108,500 155,000 Estimated Costs...
Question No. 3 (15 marks) Napanee Construction Company (NCC) has entered into a non-cancellable contract with...
Question No. 3 (15 marks) Napanee Construction Company (NCC) has entered into a non-cancellable contract with Raglan Company to construct a building for $2,100,000. NCC is a public company with a December 31 year-end. NCC has elected to use the Percentage-of-Completion method. The following data are available: 2018 2019 2020 Construction costs incurred to-date $ 400,000 $1,600,000 $1,900,000 Estimated costs to completion 1,400,000 450,000 0 Progress Billings to-date 320,000 1,128,000 652,000 Cash collected to date 300,000 1,050,000 750,000 Required: (Note:...
a) At 31 December 2017, Senyum Sdn Bhd had a deferred tax liability of RM38,000. At...
a) At 31 December 2017, Senyum Sdn Bhd had a deferred tax liability of RM38,000. At 31 December 2018, the deferred tax liability is RM45,000. The company's 2018 current tax payable is RM50,000. Required: i) Compute the tax expense for Senyum Sdn Bhd for the year 2018. (5 marks) (CLO1:PLO1:C3) ii) Briefly explain what deferred tax is. (2 marks) (CLO1:PLO1:C1) b) Murni Berhad recognised a deferred tax liability for the year ended 31 March 2017 which was related solely to...
The following extract from the income statement has been prepared for Kingstone plc for the year ended 30 June 2017 $0...
The following extract from the income statement has been prepared for Kingstone plc for the year ended 30 June 2017 $000 Revenue 23470 Cost of sales (11744) 11726 Gross profit Dividends received 1500 Gain on disposal of non-current asset Distribution costs 790 (4276) (3148) 6592 Administrative expenses Profit from operations On 1 May 2017 the directors issued $11250 000 8% debentures redeemable in 2022. The estimated tax liability for the year was $1564 000. Additional information The last two statements...
QUESTION 1 (25 MARKS) Contract No.12476 commenced during year 2017 and has a fixed contract price of RM900,000. During the year 2017, costs incurred for materials, wages and sub-contractors charges amounted to RM420,000. A plant costing RM78,000 was purchased during year 2017 specifically for contract No.12476. At the end of year 2017: i. The plant was valued at RM62,000. ii. Unused materials on site were valued at RM80,000. in. It is estimated that further costs recognise RM290,000 would be incurred...
(25 MARKS) Highland Construction entered into a contract to to Johor Bahru. The agreed contract price was RM4 million, the position of the contract at the end of the years 2015, 2016, and 2017: into a contract to construct an express highway from Melaka RM4 million, the following table shows the 2015 RM'000 2017 RM'000 Variation to the contract price (increase) Cumulative costs incurred to date Estimated costs yet to be incurred Progress billings to date 2016 RM'000 400 1,800...
In February 2020, Crane Construction signed a contract and
commenced construction on a parking garage. The total contract
price was $89.8 million and was expected to be completed in July
2024 at a total estimated cost of $82.0 million. Payment by the
customer was to be made in several stages, based on significant
events and dates throughout the construction timeline. The customer
was to have control over the parking garage and was able to make
major changes to the project...
Situation I On January 1, 2017, Tamarisk, Inc. signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of $4,215,000. It was estimated that it would take 3 years to complete the project. Also on January 1, 2017, to finance the construction cost, Tamansk borrowed $4,215 000 Payable in 10 annual installments of $421 500 plus interest at the rate of 10% During 2017 Tamarisk made deposit and progress Payments totaling S1 580,625 under...
Situation I On January 1, 2017, Tamarisk, Inc signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of $4,215,000. It was estimated that it would take 3 years to complete the project, Also on January 1, 2017, to finance the construction cost Tamarisk borrowed $4,215,000 payable in 10 annual stallments of $421,500, plus interest at the rate of 10%. Dunng 2017 Tar ansk made deposit and progress payments totaling $1,580,625 under the contract;...
a) At 31 December 2017, Senyum Sdn Bhd had a deferred tax liability of RM38,000. At 31 December 2018, the deferred tax liability is RM45,000. The company's 2018 current tax payable is RM50,000. Required: i) Compute the tax expense for Senyum Sdn Bhd for the year 2018. (5 marks) (CLO1:PLO1:C3) ii) Briefly explain what deferred tax is. (2 marks) (CLO1:PLO1:C1) b) Murni Berhad recognised a deferred tax liability for the year ended 31 March 2017 which was related solely to...
The following extract from the income statement has been prepared for Kingstone plc for the year ended 30 June 2017 $000 Revenue 23470 Cost of sales (11744) 11726 Gross profit Dividends received 1500 Gain on disposal of non-current asset Distribution costs 790 (4276) (3148) 6592 Administrative expenses Profit from operations On 1 May 2017 the directors issued $11250 000 8% debentures redeemable in 2022. The estimated tax liability for the year was $1564 000. Additional information The last two statements...
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