During 2020, Concord Company started a construction job with a contract price of $1,580,000. The job was completed in 2022. The following information is available.
2020 2021 2022
Costs incurred to date $430,000 $766,500 $1,067,000
Estimated costs to complete 570,000 328,500 –0–
Billings to date 297,000 900,000 1,580,000
Collections to date 272,000 817,000 1,411,000
1. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.
Gross profit recognized in 2017 225,700
Gross profit recognized in 2018 175,140
Gross profit recognized in 2019 149,160
2. Prepare all necessary journal entries for 2018.

Answers

Answer 1

Answer:

1. 2020 $249,400

2021 $90,100

2022 $422,900

2. Dr Construction in process$336,500

Materials,cash, payables etc $336,500

Dr Accounts receivable $603,000

Cr Billings on construction in process $603,000

Dr Cash $545,000

Cr Accounts receivable $547,000

Dr Construction in process ($336,500

Dr Construction expenses $90,100

Cr Revenue from long term contracts $426,600

Explanation:

1. Computation for the amount of gross profit to be recognised each year, using percentage of completion method.

2020 2021 2022

Contract price $1,580,000 $1,580,000 $1,580,000

Less: Estimated cost to date ($430,000) ($766,500) ($1,067,000)

Estimated cost to complete (570,000) (328,500) 0

Estimated total costs ($1,000,000) ($1,095,000) ($1,067,000)

Estimated gross profit $580,000 $485,000 $513,000

($1,580,000-$1,000,000=$580,000)

($1,580,000-$1,095,000=$485,000)

($1,580,000-$1,067,000=$513,000)

Percentage completed 43% 70% 100%

($430,000/1,000,000=43%)

($766,500/$1,095,000=70%)

($1,067,000/$1,067,000=100%)

Revenue recognised in prior year - $249,400 $90,100

(43%*$580,000=$249,400)

($339,500-$249,400=$90,100)

Total revenue recognised $249,400 $339,500 $513,000

(70%*$485,000=$339,500)

Gross profit recognised $249,400 $90,100 $422,900

($513,000-$99,100=$422,900)

Therefore Gross profit recognized are :

Gross profit recognized in 2020 $249,400

Gross profit recognized in 2021 $90,100

Gross profit recognized in 2022 $422,900

2. Preparation of all necessary journal entries for 2020,2021,2022

Dr Construction in process($766,500-430,000) $336,500

Materials,cash, payables etc $336,500

(To record cost of construction)

Dr Accounts receivable(900,000-297,000) $603,000

Cr Billings on construction in process $603,000

(To record process Billings)

Dr Cash(817,000-272,000) $545,000

Cr Accounts receivable $547,000

(To record collections)

Dr Construction in process ($766,500-430,000) $336,500

Dr Construction expenses $90,100

Cr Revenue from long term contracts $426,600

($336,500+$90,100)

(To recognise revenue and gross profit)


Related Questions

Describe one specific change you would suggest for the Wells Fargo pay plan in one paragraph. E.x. add a different performance outcome or get more specific on how one of their new performance outcomes could be enacted or consider how to improve internal whistleblowing. Also explain how your change will help assure the performance outcome actually desired in another paragraph.

Describe one specific change you would suggest for the Wells Fargo pay plan in one paragraph. E.x. add

Answers

Making a report inside of an organization is known as internal whistleblowing. firms frequently set up channels for whistleblowers to report misbehavior so that staff members and other interested parties may speak up.

What is Wells Fargo pay plan and internal whistleblowing?

Employees who have received ethics training can recognize and resolve ethical issues. Employees occasionally make choices or bring about consequences that might be seen as good or terrible, right or wrong. Eliminating unethical behavior is the aim of ethics training.

When comparing CD interest rates, it's crucial to take into account the CD's terms and conditions, any fees or penalties for early withdrawal, in addition to the interest rate. It's always a good idea to do extensive research on your alternatives and speak with a financial advisor to ascertain whether investing in a CD is the best solution for your requirements.

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PLS HELP ASAP

Owners equity includes (______), which is the amount of profits that your business has been able to save over the past few years.

Answers

Retained earning
Explanation:
A company's profits are distributed to shareholders as dividends, retained in the business for reinvestment, or both. Therefore, retained earning are profits that were not distributed to shareholders. They are funds that belong to owners but withheld for use in the business.
Retained earnings form part of a company's capital. It is money that shareholders have contributed to the business by not sharing in profits.

A local corporation is sponsoring a scholarship competition in your high school. Part of the evaluation is based on a personal presentation before the committee. You will create three slides for a presentation about who you are and why you should be considered for the scholarship. Write bullet points for the information that you would include.

Answers

Answer:

Slide 1: Introduction

- Start with a catchy sentence that captures the committee's attention and introduces yourself briefly.

- Explain why you are excited about applying for the scholarship and what it means to you.

- Mention your academic background, major, and interests.

Slide 2: Main body

- Provide examples of your achievements, skills, and experiences that show your preparedness and potential for the scholarship.

- Highlight how your values align with the organization's mission and goals.

- Explain how the scholarship will help you pursue your academic and career aspirations.

Slide 3: Conclusion

- Summarize your main points and remind the committee of your strengths and uniqueness.

- Express your gratitude for the opportunity and your enthusiasm for joining the organization.

- End with a call to action or a question that invites further discussion.

Q2. Describe three roles of the Government in a Planned or Command Econom
What are some of its function? ​

Answers

Answer:

Three roles of government in a planned economy:

*Planning economic activity: in a planned or command economy, the government actually plans the economy, in the sense that it determines the amount of goods and services to be produced an distributed over a period of time. In the Soviet Union for example, this period of time was of 5 years.

*Owning businesses: in planned or command economies, most or all firms are public, since private property usually does not exist in this type of economices. These firms tend to have a high degree of government control, where directly in the form of government ownership, or indirectly.

*Setting prices: a key characteristic of a planned economy is that prices are set beforehand. They are not left for the market to decide.

if china has china business is china china or just china
who will wim trump or bid en³³³³³³³³³³³³³³³³³³³³³³³³∉∉∉∉∉∉∉∉∉∉∉

Answers

Answer:bid

Explanation:

Answer:

biden is a china puppet aka he is being controlled by china

Explanation:

when u make a website is it supposed to have a credit card number?

Answers

Answer:

yes it does! always.

Explanation:

it will always have one

Yes Always Hope this helps

How will unemployment trends impact a person's professional career choice?

Answers

Answer:they can make them not want to work anymore

Explanation:

Which of the following is true?
A. None of the above is true.
B. Free trade areas and customs unions do not conflict with either the most- favoured-nation or national treatment principles of the GATT. C .Free trade areas and customs unions are a violation of the most-favoured-nation principle, but were permitted by the contracting parties to the GATT so long as they created trade.
D. Free trade areas and customs unions are a violation of the national treatment principle, but were permitted by the contracting parties to the GATT so long as they created trade.​

Answers

Answer:

C.

Explanation:

In the context of the General Agreement on Tariffs and Trade (GATT), free trade areas and customs unions were seen as exceptions to the most-favored-nation (MFN) principle, which states that countries should not discriminate between their trading partners. Free trade areas and customs unions involve preferential treatment among member countries, which goes against the MFN principle.

However, the contracting parties to the GATT allowed for the creation of free trade areas and customs unions as long as they promoted trade and economic integration among member countries. These exceptions were made in recognition of the potential benefits that such arrangements could bring.

Therefore, option C accurately describes the stance on free trade areas and customs unions in relation to the GATT.

Fickel Company has two manufacturing departments—Assembly and Testing & Packaging. The predetermined overhead rates in Assembly and Testing & Packaging are $19.00 per direct labor-hour and $15.00 per direct labor-hour, respectively. The company’s direct labor wage rate is $21.00 per hour. The following information pertains to Job N-60: Assembly Testing & Packaging Direct materials $ 375 $ 39 Direct labor $ 168 $ 84 Required: 1. What is the total manufacturing cost assigned to Job N-60? (Do not round intermediate calculations.) 2. If Job N-60 consists of 10 units, what is the unit product cost for this job?

Answers

The total manufacturing cost assigned to Job N-60 is $ 696. If Job N-60 consists of 10 units, the unit product cost for this job is $111.00.

How to find the manufacturing costs ?

Direct materials (Assembly + Testing & Packaging) = $375 + $39

= $414

Direct labor (Assembly + Testing & Packaging) = $168 + $84

= $252

Overhead applied (Assembly + Testing & Packaging) = $19 * 168 + $15 * 84 = $316 + $126

= $442

Total manufacturing cost = $414 + $252 + $442

= $1110

Unit product cost = Total manufacturing cost / Number of units

= $1110 / 10

= $111.00

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what advice is given by tom peters in the article customer first? analyse and summarize.​

Answers

Answer:

which article?

Explanation:

ASSIGNMENT TEMPLATE
Identify one economic trend that is influencing Charles and Ebony's budget. Then, in your
own words, explain how it is connected with what you see happening in their
expenditures. (Your response should be 4-5 sentences.)
Remember, if you use any information or ideas from the webtext, be sure to add a citation
(and include quotation marks around any exact wording).

Answers

One economic trend influencing Charles and Ebony's budget, especially their inability to afford goods and services, is inflation or rising costs.

What is an economic trend?

An economic trend is a pattern of economic activities, which are usually formed and interpreted by economists from some sets of data.

Inflation is defined as the general increase in the prices of basic goods and services, like transportation, health care, food, and housing.

Inflation digs holes in the purchasing power of individuals, businesses, and governmental bodies in an economic system.

Thus, one economic trend influencing Charles and Ebony's budget, especially their inability to afford goods and services, is inflation or rising costs.

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A researcher has determined that a two-factor model is appropriate to determine the return on a stock. The factors are the percentage change in GNP and an interest rate. GNP is expected to grow by 3.5 percent and the interest rate is expected to. be 2.9 percent. A stock has a beta of 1.3 on the percentage change in GNP and a beta. of .47 on the interest rate. If the expected rate of return on the stock is 10.2 percent, what is the revised expected return on the stock if GNP actually grows by 3.2 percent and the interest rate is 2.7 percent?

Answers

The revised expected return on the stock is 9.21%.

To calculate the revised expected return on the stock, we need to first calculate the expected return based on the given factors, and then adjust it for the actual values of the factors.

Using the two-factor model, the expected return on the stock can be calculated as

Expected return = risk-free rate + beta GNP × (expected GNP growth) + beta Interest Rate × (expected interest rate)

Given the data in the question, we have

risk-free rate = 2.9%

betaGNP = 1.3

expected GNP growth = 3.5%

beta Interest Rate = 0.47

expected interest rate = 2.9%

Substituting these values into the formula, we get

Expected return = 2.9% + 1.3×(3.5%) + 0.47×(2.9%) = 9.69%

So the expected return on the stock based on the given factors is 9.69%.

To adjust this for the actual values of the factors, we need to calculate the contribution of each factor to the overall return, and then adjust it based on the actual values.

Contribution of GNP factor = betaGNP×(actual GNP growth - expected GNP growth)

Contribution of interest rate factor = betaInterestRate×(actual interest rate - expected interest rate)

Substituting the actual values of the factors, we get

Contribution of GNP factor = 1.3×(3.2% - 3.5%) = -0.39%

Contribution of interest rate factor = 0.47×(2.7% - 2.9%) = -0.09%

So the total adjustment to the expected return is -0.39% - 0.09% = -0.48%.

Therefore, the revised expected return on the stock is

Revised expected return = Expected return + Total adjustment

= 9.69% - 0.48% = 9.21%

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in the short run, which of the following firms should attempt to produce where average costs are at a minimum in order to maximize profits or minimize losses?

a. perfectly competitive firm
b. a monopolistically competitive firm
c. an oligopoly
d. a monopoly
e. none of the above

Answers

Answer: A perfectly competitive firm

Explanation:

True or False? The placement of a product within a store, or online, can determine the sales performance of that product.

Answers

F

Product Placement. a form of advertising in which name brand goods are placed in sports & entertainment programs. embedded marketing.

Answer:

true

Explanation:

A new app was released providing consumers with digital coupons for products the consumer indicates they frequently purchase. The app gives different users coupons with different values and shares purchasing as well as demographic information with the product manufacturer. Under what circumstances would the information sharing with product manufacturers be ethical?

Answers

The circumstances that the information would be sharing with product manufacturers be ethical when new app was released providing consumers with digital coupons for products the consumer indicates they frequently purchase is if the app's terms of service indicated who they would be sharing information with and what information would be shared.

What is ethics?

Ethics can be described as the moral principles  which is been set so as to able to govern a person's behaviour  as well as to be able to conduct  an activity.

It should be noted that every organization that want to be successful must have the ethics which is the guiding principle that will guide their member of the organization as well as the way they carry out their function in the organization.

In conclusion, in dealing with the app as described in the question then the ethics require that  app's terms of service must be followed.

Therefore, the first option is correct.

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Check the missing options:

if the app's terms of service indicated that different users would receive different discount values This scenario is never ethical. if the app ensured that their targeting was not discriminatory based on race, ethnicity, gender, age, or disability if the app's terms of service indicated who they would be sharing information with and what information would be shared

How soon following an event that reduces the taxpayer's withholding allowances must the taxpayer submit a new W-4 Form to his or her employer?

Answers

Answer:

he will not get any thing because he did not did anything benefit sir company

An employee must submit a fresh Form W-4 by February 15 of the next year claiming exempt status in order to remain exempt from withholding in the following year. If this date falls on a Saturday, Sunday, or legal holiday, it is moved to the following business day.

What is  Form W-4 ?

An employee in the United States must submit a Form W-4 to the Internal Revenue Service in order to inform their employer of their tax condition. The W-4 form indicates to the employer how much federal income tax should be deducted from an employee's paycheck.

An employee must complete Form W4, titled "Employee's Withholding Certificate," in order to tell the employer how much to deduct from your income.

Your employer needs the information on the W-4 form to decide how much tax withholding to make on your paychecks. This will guarantee that you pay your federal income tax obligations to the IRS on time.

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What Human Resource Policy changes do you think will have to become permanent as a result of the pandemic and why?

Answers

As businesses shifted to remote working and managed employees who worked from different locations, the pandemic marked a new chapter in organizational life and enhanced the necessity of human resources management.

Since the world has adapted to the so-called "new normal," organizations must now adhere to new working policies and adopt the standards that guarantee workers' safety and well-being whilst maintaining the organization's effectiveness.

What is human resource policy?

Human resource policies serve as ongoing guidelines for the method of personnel management that an organization intends to use.

They serve as specific instructions to HR managers on a variety of employment-related topics and outline the organization's intentions regarding various facets of human resource management, including hiring, promoting, compensating, training, and making selections, among other things.

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A manufacturing company has total liabilities of $52,000 and total stockholders' equity of $75,000. What is the debt-to-equity ratio?

Answers

Answer:

0.693

Explanation:

Debt to equity ratio= Total liability/ Shareholder equity

=$52,000/$75,000= 0.693

Projects that are negatively correlated
(a) reduce the standard deviation of returns for the firm.
(b) increase the possible losses of the firm.
(c) are generally in the same industry.
(d) none of these options are correct.

Answers

Answer:

reduce the standard deviation of returns for the firm.

Explanation:

Projects that are negatively correlated

reduce the standard deviation of returns for the firm.

the wildlife department has been feeding special food to rainbow trout finger lings in a pond. A sample of weight of 40 trout revealed that the mean weight is 402.7 grams and the standard deviation 8.8 grams .
what is estimated mean wight of population? what is 99% confidence interval?,what degree of confidence is being used? interparet the result

Answers

We estimate the mean weight of the population to be 402.7 grams, with a 99% confidence interval of (398.77, 406.63) grams. The degree of confidence used is 99%.

To estimate the mean weight of the population of rainbow trout fingerlings, we can use the sample mean as an estimate. In this case, the sample mean weight is 402.7 grams.

Since the sample is a good representation of the population, we can consider this as our estimate for the population mean weight.

To determine the 99% confidence interval, we need to calculate the margin of error. The margin of error is given by multiplying the critical value (z*) with the standard deviation of the sample mean.

For a 99% confidence level, the critical value is 2.576 (obtained from a standard normal distribution table).

The margin of error is then calculated as 2.576 * (8.8 / sqrt(40)), which equals 3.932 grams. Therefore, the 99% confidence interval for the mean weight of the population is 402.7 ± 3.932, or approximately (398.77, 406.63) grams.

The degree of confidence used is 99%, meaning that if we repeated the sampling process multiple times, approximately 99% of the resulting confidence intervals would contain the true population mean weight.

In conclusion, we estimate the mean weight of the population to be 402.7 grams, with a 99% confidence interval of (398.77, 406.63) grams. This means we are 99% confident that the true population mean weight falls within this range.

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As it realates to computers/software; Why is it important to become a creator and not just a user?

Answers

Answer:

The answer is d

Explanation:

your welcome

Data warehouses may contain many _____, subsets of a data warehouse that each deal with a single area of data.

Answers

Considering the nature of data analysis, Data warehouses may contain many data marts, subsets of a data warehouse that each deal with a single area of data.

What is Data Mart?

A data mart is generally known to be part of data warehouses. It is used for quick analysis of business segments.

A data mart concentrates on a specific chain of business or department.

One of the advantages of a data mart is to ensure that little or no time is wasted while looking through a whole data warehouse.

Hence, in this case, it is concluded that the correct answer is Data Mart.

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Solutions for lack of accurate and timely information?
Solutions for information overload?

Answers

Information overload is a rising issue for organisations all over the world, and improving employee experience is a top concern for the majority of them. The problem is that, despite the fact that information overload is a well-known issue, it appears that most firms have yet to find effective methods to address it, which is rather concerning.

Information overload in the workplace refers to the large volume of irrelevant information that circulates among employees. In today's job, it is difficult to prevent information overload. Most businesses, from start-ups to huge corporations, are experiencing information overload.

It is also critical to deliver correct and timely information. People and organizations will make poor judgements in the absence of accurate, reliable, and timely information.

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Select the true statements involving the binomial distribution: Group of answer choices
A. Every trial has only two possible outcomes, success or failure.
B.The number of trials is fixed.
C.Each trial is independent from the others
D.Probability of success remains the same for each trial
E.Asking a person's age will result in a binomial distribution

Answers

About the binomial distributions, the correct statements are (A), (B), and (D) respectively.

What is binomial distribution?

When each trial has the same probability of achieving a given value, the number of trials or observations is summarized using the binomial distribution.

The likelihood of observing a specific number of successful outcomes in a specific number of trials is determined by the binomial distribution.

There are only two outcomes that can occur in a trial: success or failure.

Every trial runs separately from the others.

For each trial, the probability of success stays the same.

Continuous data that have a symmetric distribution and a distinctive "bell" form are described by the normal distribution.

For instance, there are only two outcomes that can result from tossing a coin: heads or tails, and passing or failing a test.

Either success or failure is represented by a binomial distribution.

Therefore, about the binomial distributions, the correct statements are (A), (B), and (D) respectively.

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Finding out how a product or service will do in a certain market is an example of this use of market research: identify if communications are effective identify if customer needs are being met identify threats and investigate the competition identify value lark this and retum Save and Exit Next​

Answers

Answer:

identify value

Explanation:

Finding out how a product or service will do in a certain market is an example of this "IDENTIFY VALUE" market research. This will help the producers understand and know what the consumers want and the degree of value they placed on their products.

identify if communications are effective is used determine who the consumers are and the type of media preferred.

identify if consumer needs are being met is used to determine what customers like or dislike about a product or service.

identify threats and investigate the competition is used to determine changes in consumer preferences and competition

Cardinal Company is considering a five-year project that would require a $2,915,000 investment in equipment with a useful life of five years and no salvage value. The company’s discount rate is 16%. The project would provide net operating income in each of five years as follows:



Sales $ 2,863,000
Variable expenses 1,014,000
Contribution margin 1,849,000
Fixed expenses:
Advertising, salaries, and other fixed out-of-pocket costs $ 781,000
Depreciation 583,000
Total fixed expenses 1,364,000
Net operating income $ 485,000

15. Assume a postaudit showed that all estimates (including total sales) were exactly correct except for the variable expense ratio, which actually turned out to be 45%. What was the project’s actual simple rate of return? (Round your answer to 2 decimal places.)

Answers

Answer:

The initial investment is $2,915,000. The annual net operating income is $485,000. The project's simple rate of return is the annual net operating income divided by the initial investment.

The variable expense ratio is 45%, which means that the variable expenses are $2,863,000 x 45% = $1,288,350.

The contribution margin is $2,863,000 - $1,288,350 = $1,574,650.

The fixed expenses are $781,000 + $583,000 = $1,364,000.

The net operating income is $1,574,650 - $1,364,000 = $210,650.

The simple rate of return is $210,650 / $2,915,000 = 7.22%.

Therefore, the project's actual simple rate of return is 7.22%.

A small machine shop manufactures drill bits used in the petroleum industry. The manager estimates that the total daily cost (in dollars) of producing X bits is the cost function

C(X) = 1600 + 0.23X2
where X is the number of bits produced and $1600 is the daily fixed cost and $0.23X is the variable cost per unit. The manager has set a production goal to produce the number of bits per day which will keep the average cost per bit as low as possible.

Find the minimum average cost per unit.

Answers

Answer:

.46 there you go

Explanation:

. Define corporate-level strategy. What are the different levels of diversification firms
can pursue by using different corporate-level strategies?

Answers

Answer:

Tipos de diversificación empresarial

Explanation:

°Inversión propia. Constituye la fórmula de diversificación más seguida, puesto que supone echar mano de los recursos propios a la hora de intentar conquistar nuevos espacios productivos y clientes.

°Adquisición total o parcial de una empresa.

°Diversificación relacionada.

°Diversificación no relacionada.

Domain and Range Digital Escape! puzzle 3

Answers

A function/graph/relation's domain and range are defined as follows:

Domain: a collection of input values.Range: a collection of output values.

What are a function's domain and range?

The domain of a function is the set that contains all of the function/relation's potential input values; hence, it is made up of x values.

The range of a function is the set that contains all of the function/relation's potential output values; hence, it is made up of y values.

Because the problem is incomplete, the notions of domain and range are given and then applied to derive the domain and range.

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Full Question:

Although part of your question is missing, you might be referring to this full question:


Please define the terms

domain and range.

Peterson began saving $10 per week that she deposited every month in her money market account, earning 4.25% and compounding monthly. If she continues this practice, how much will she have after 10 years

Answers

The amount that Peterson will have after 10 years is $5,968.29.

Future Value Formula

The future value of Petersoon's investment can be computed using the future value formula below:

FV = PV(1+r)^{n}

FV = future value

PV = present value

r = annual interest rate

{n} = number of periods interest held

The future value can also be determined using an online finance calculator as follows:

Data and Calculations:

Savings per week = $10

Deposit per month = $40 ($10 x 4)

Interest rate = 4.25% compounded monthly

Period of investment = 10 years

N (# of periods) = 120 (12 x 10 years)

I/Y (Interest per year) = 4.25%

PV (Present Value) = $0

PMT (Monthly Deposit) = $40

Results:

Future Value (FV) = $5,968.29

Sum of all periodic payments = $4,800.00

Total Interest = $1,168.29

Thus, the amount that Peterson will have after 10 years is $5,968.29.

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