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debit cost of salescredit cash / bank
No. Gross billing is the number of units sold multiplied by the cost of that item/s. Net reciepts are the gross billing plus returns, thereby potentially reducing the gross total.
No, billings in excess of costs are a current liability.
general journal
Debit cost of salesCredit cash / bank
Cost in Excess of Billing is an Asset Account that means the contract is under-billed. Actual billings are less than Revenue Earned.
It does cost to take a course in learning how to do the medical billing and coding. When you have finished the education, there is an additional fee to take the test to become certified.
I am not an accountant; but I work with Billings in excess of costs. Billings in excess of cost is a product of estimating allocated cost and direct cost of a construction contract. This is used in Percentage of Completion basis of financial statement preperation. Billings in excess is liability; Cost in excess of Billings is an asset. An example: Total Contract: $1,000,000. Estimated Cost is $900,000; Estimated Profit is $100,000. You start working the job, at year end you have the following Contract $1,000,000; Total Estimated cost: $900,000; Actual Cost to Date: $450,000; Billings to Date are $600,000; so: 450/900=50% X $1,000,000= $500,000 Earned to date; $500,000 Earned to date - $600,000 Billings to date = $100,000 Billings in Excess of Cost. If you only had $400,000 in Billings to date it would be: $500,000 - $400,000= $100,000 Cost is excess of Billling . Actual Cost to Date / Estimated Cost X Contract Amount = Earned to Date - Billed to Date = (if negative number = Billings in Excess of Costs) (if positive number = Cost in Excess of Billings) Billings in Excess of Costs is a balance sheet liability Cost in Excess of Billings is a balance sheet asset
Cost reimbursement
debit cost of salescredit cash / bank
No. Gross billing is the number of units sold multiplied by the cost of that item/s. Net reciepts are the gross billing plus returns, thereby potentially reducing the gross total.
No, billings in excess of costs are a current liability.
general journal
my excess baggage is 25 kg. how im going to pay
debit services costcredit cash
Debit cost of salesCredit cash / bank
The last cost I heard was in excess of 420 million per aircraft.