Magnum Construction contracted to construct a factory building for $545,000.The company started during 2012 and was completed in 2013.Information relating to the contract is as follows:
Required:
Record the preceding transactions in Magnum's books under completed-contract and the percentage of completion methods.Determine amounts that will be reported on the balance sheet at the end of 2012.
Definitions:
Stock Splits
An action by a company to divide its existing shares into multiple ones to boost the stock's liquidity, though the company's overall market value stays the same.
Earnings Per Share
A company's net profit divided by the number of its outstanding shares, indicating the amount of money each share would receive if all profits were distributed.
Share Repurchases
The act of a company buying back its own shares from the marketplace, which can increase the value of remaining shares.
Reverse Stock Split
A corporate action in which a company reduces the number of its outstanding shares to increase the market value per share, consolidating them at a specified ratio (e.g., 1 for 10).
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