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Record the preceding transactions in MSK’s books assuming it recognizes revenue over time and uses costs incurred to measure the extent to which its performance obligation has been satisfied

MSK Construction Company contracted to construct a factory building for $525,000. Construction started during 20X1 and was completed in 20X2. Information relating to the contract follows:

                                                                                                           20X1                     20X2

Costs incurred during the year                                                  $290,000                $150,000 

Estimated additional cost to complete                                     145,000                     —

Billings during the year                                                                   260,000                  265,000 

Cash collections during the year                                                    240,000                   285,000 

Required:

  1. Record the preceding transactions in MSK’s books assuming it recognizes revenue over time and uses costs incurred to measure the extent to which its performance obligation has been satisfied.
  2. Record the preceding transactions in MSK’s books assuming it recognizes revenue at a point in time when control of the completed factory is transferred to the customer at the end of the project.

Prepare the entry to record the construction costs incurred. Hint: Use Cash, payables, materials, etc.

Prepare the entry to record the amounts billed to the customer.

Prepare the entry to record the cash receipts from the customer.

Prepare the entry to record the construction costs incurred. Hint: Use Cash, payables, materials, etc.

Prepare the entry to record the amounts billed to the customer.

Prepare the entry to record the cash receipts from the customer

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  • Record the preceding transactions in MSK’s books assuming it recognizes revenue over time and uses costs incurred to measure the extent to which its performance obligation has been satisfied

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    Manually record the transactions (given in the next page) through the general journal and general ledger, prepare balance day adjustments, closing entries, financial statements, and a worksheet

    Manually record the transactions (given in the next page) through the general journal and general ledger, prepare balance day adjustments, closing entries, financial statements, and a worksheet.

    Submission details:The file submitted needs to be in an excel format (.xls or .xlsx).
    In your assignment submission, you must include the following:

    • 10-column worksheet
    • properly classified income statement for the month ended 30 June 2019
    • properly classified balance sheet as at 30 June 2019
      Also note, the general journal entries, ledger accounts, and trial balances prepared to complete the assignment are NOT to be submitted with the assignment. These are workings. (Please attach in a separate excel worksheet)

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    transactions would affect U.S. exports, imports, and net exports

    1. Discussion Board

    Describe how the following transactions would affect U.S. exports, imports, and net exports: 

    1. Students in Prague flock to see the latest movie from Hollywood.
    2. Mrs. Jones in Philadelphia buys a new Volvo.
    3. The student bookstore at Oxford University in England sells a copy of a U.S. printed/authored textbook
    4. A Canadian citizen shops at a store in northern Vermont to avoid Canadian sales taxes.
    5. An American art professor spends the summer touring museums in Europe.

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    EDI facilitates electronic transactions.

    1.    Write a 175- to 265-word response to the following questions:

    o   Why is it important to ensure proper exchange of electronic data? What are the consequences if not followed properly? Provide examples. 

    2.    Write a 150- to 350-word response to the following questions:

    o   What do you believe are the two most significant components of the medical billing workflow?

    o   How do these components affect health care reimbursement?

    3.    Imagine you are the office manager at a small doctor’s office. As the office manager, you are in charge of educating new employees.

    o   Write a 700- to 1,050-word reference guide describing electronic data interchange (EDI).

    Your reference guide should:

    o    Define EDI.

    o    Explain how using EDI facilitates electronic transactions.

    o    Explain how HIPAA has changed how health care information is transmitted in EDI.

    o    Describe the relationship between Electronic Health Records, reimbursement, HIPAA, and EDI transactions.

    For only number 3. Cite a minimum of two outside sources according to APA guidelines. Format your assignment according to APA guidelines.

    Text book name- INFORMATION TECHNOLOGY HEALTH PROFESSIONS FOR THE LILLIAN BURKE, BARBARA WEILL- FIFTH EDITION

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    Record financial data that accurately captures business transactions according to accepted accounting principles