Dr. Farhat, I deeply thank you for this videos you cannot imagine how far it's useful for me. would you please clarify how did you calculate billing of construction?
Hello, very nice to know the accounting method to do POC. Most businesses I've worked in don't bother to maintain construction in progress a/c separately. The revenue billing is considered the POC and cost taken to COGS is determined by the same % or that forms the basis for the revenue % billing. May I know the few companies that actually do practice this method for personal knowledge.
For the balance sheet part, according to the becker, CIP = cost + estimated earning, why do we not add earning of 66,667 for first year and cost of $200,000 for CIP in the question?
Dr. Farhat, words cannot express my gratitude! I need to try your course!
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This was really helpful. Thank you so much Dr. Farhat Sir
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Clear and concise. Nicely done!
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Dr. Farhat, I deeply thank you for this videos you cannot imagine how far it's useful for me.
would you please clarify how did you calculate billing of construction?
This video is a life saver!
Most welcome . Please take a look at my website for more resources: farhatlectures.com/
Hello, very nice to know the accounting method to do POC. Most businesses I've worked in don't bother to maintain construction in progress a/c separately. The revenue billing is considered the POC and cost taken to COGS is determined by the same % or that forms the basis for the revenue % billing. May I know the few companies that actually do practice this method for personal knowledge.
This is GAAP, so any company that’s publicly traded (issues stock) must use this method
Life saver 💌
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Thank you so much. I pretty appreciate your lecture. It's do much better tag Tim Gearty
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Great, man, thanks!
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What if actual costs ended up less than total estimated costs?
Thx Dr Farhat
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For the balance sheet part, according to the becker, CIP = cost + estimated earning, why do we not add earning of 66,667 for first year and cost of $200,000 for CIP in the question?
Thank you so much for your video. It's helpful
the 66,667 profit is included in the income statement entry.
Thank you!
Excuse me CIP in third year is 800K not 1000 K ..it represent the cost incurred
How to calculate progress billing during the year and cash collected during the year? thank you
Could you elaborate on how you got 1M for CIP? If I'm not mistaken, I thought it'd be 800k
you are so faster Sir please reduce The speed
👏🏾👏🏾👏🏾👏🏾 thank you