BUSINESS COLLEGE

Sandlewood Construction Inc. recognizes revenue over time according to percentage of completion for its long-term construction contracts. In 2018, Sandlewood began work on a $10,000,000 construction contract, which was completed in 2019. The accounting records disclosed the following data at the end of 2018: Costs incurred $ 5,400,000 Estimated cost to complete 3,600,000 Progress billings 4,100,000 Cash collections 3,200,000 In addition to accounts receivable, what would appear in the 2018 balance sheet related to the construction accounts?

Answers

Answer 1
Answer:

Answer:

Current assets - $1,900,000

Explanation:

The computation of the construction account balance is shown below:

= Cost incurred + gross profit - progress billings

where,

Gross profit = Revenue - cost incurred

The revenue = (Cost incurred ÷ total cost) × completion cost

                     = ($5,400,000 ÷ $9,000,000) × $10,000,000

                     = $6,000,000

So, the gross profit equal to

= $6,000,000 -  $5,400,000

= $600,000

Now put these values to the above formula  

So, the value would equal to

= $5,400,000 + $600,000 -  $4,100,000

= $6,000,000 - $4,100,000

= $1,900,000 current assets

Related Questions

In the future, electrical power may come from quantum nucleonics, a form of nuclear power that produces no residual radiation. The ability to use this form of power will require equipment adaptations, but it will solve the world’s need for clean and efficient power. Companies that replace inefficient sources of power with quantum nucleonics only after they are required to by the Environmental Protection Agency are operating at a(n) _____ responsibility level. Group of answer choices
The leader of two postpartum women's support groups is interested in the depression levels of the women in her groups. She administers the Center for Epidemiologic Studies Depression Scale (CES-D) screening test to the members of her groups. The CES-D is a 20-question self-test that measures depressive feelings and behaviors durin the previous week. The mean depression level from the screening test for the 6 women in the first group is mu_1 = 16; the mean depression level for the 10 women in the second group is mu_2 = 12. Without calculating the weighted mean for the combined group, you know that the weighted mean is: Midway between 16 and 12 Closer to 16 than to 12 Closer to 12 than to 16 Compute the weighted mean. Enter your answer rounded to one decimal place. mu = The support group leader realizes that she should also screen for alcohol abuse, so she gives the women in her two groups the Michigan Alcohol Screening Test (MAST). The MAST is a 22-question self-test focusing on the use and abuse of alcohol. The first group has a mean score of mu_1 = 18. The second group has a mean score of mu_2 = 14. Compute the weighted mean. Enter your answer rounded to one decimal place. mu =
Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $37,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8% annual interest along with paying $2,500 in cash. July 8 Borrowed $54,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $54,000. __
Mary Catherine is a recent employee who initially requires 17 minutes to complete a job task. If she experiences a learning rate of 77%, how much time will it take her to complete the sixth task?
Divine Apparel has 2,600 shares of common stock outstanding. On October 1, the company declares a $0.25 per share dividend to stockholders of record on October 15. The dividend is paid on October 31. Record all transactions on the appropriate dates for cash dividends.

In the last few decades the car manufacturing sector has found it difficult to compete with foreign car imports. High labor costs is one of the main reasons economist site as the lack of competitiveness for the car manufacturing industry. If there was modest inflation, how could it possibly help the car manufacturing industry in the United States compete with foreign car manufacturers?a. The consumers of the cars have increased purchasing power.
b. Business loans would cost less for the U.S. car manufacturers.
c. It could allow real wages to downwardly adjust more easily.

Answers

Answer: c. It could allow real wages to downwardly adjust more easily.

Explanation:

When there is modest inflation, companies in the car manufacturing industry can simply decide not to increase nominal wages. This would lead to a fall in real wages as inflation would ensure that the nominal wages are less than they were worth before.

This decrease in real wages will allow the companies in the industry to reduce labor costs in real terms and become more competitive with the foreign manufacturers.

Pronghorn Corp has 8,300 shares of common stock outstanding. It declares a $3 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend.

Answers

Answer:

dividends  24,900

   dividen payable    24,900

to record declaration of dividends

dividend payable   24,900

   cash                                  24,900

to recored payment of dividends

Explanation:

amount of dividends:

8,300 shares x $3 per share = 24,900

dividends  24,900

   dividend payable    24,900

to record declaration of dividends

we post the dividends declared and we post the payable

dividend payable   24,900

   cash                                  24,900

to recored payment of dividends

we decrease the cash account and write-off the dividend payable

Which part or phrase in the passage describes a method of primary market research that Jeremy might choose?Jeremy works as a researcher for his employer. He will be conducting market research because his company plans to launch a new
product in the market. Jeremy hasn't decided on the type of research method that will help him accomplish the research task. He has
considered searching for available information in trade journals and newsletters. He also thinks that he could collect a group of
consumers and interview them personally to understand their opinions. He could also look for relevant data on business-related
websites. He has also considered referring to census reports and other publications that might help him with the research.

Answers

He also thinks that he could collect a group of consumers and interview them personally to understand their opinions.

This is the answer because in the primary market research you find people to do it for you and getting a group involves other people.

Answer:

The answer is B. I think.

Explanation:

Holmes Company produces a product that can be either sold as is or processed further. Holmes has already spent $96,000 to produce 1,375 units that can be sold now for $89,500 to another manufacturer. Alternatively, Holmes can process the units further at an incremental cost of $290 per unit. If Holmes processes further, the units can be sold for $440 each. Should Holmes sell the product now or process it further

Answers

Answer:

Yes

Explanation:

The computation is shown below:

Particulars         Sales As Is   Process further     Incremental Accounting

Sales            $89,500       $605,000               $515,500

                                             (1,375 units × $440)

Less:

Additional Process costs $398,750                $398,750

                                          (1,375 units × $290)

Total           $89,500       $206,250                $116,750

Based on the incremental income, Holmes should process it further.

Mark has invested $300 at age 16 into a money market account earning 6%. What will his investment be worth?

Answers

Answer:

Future Account Value = $ 161,327.31

Explanation:

Investment Amount (PV)

The starting amount you invest in the account or your current balance in an existing investment account

Future Account Value (FV)

The return amount you want to attain. Your target amount.

Number of Years (n)

Several years you will invest.

Interest Rate (R)

The annual interest rate you expect on your invested money

Compounding (m)

The periodic compounding of your investment account

Contributions (PMT)

The payment amount you will contribute to your investment account periodically

Frequency of Contributions (q)

The periodic timing of your contributions

The money lost by not working is called

Answers

it's called bankrupt
Other Questions
You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are measured in dollars, but the benefits of the vacation are psychological. How can you compare the benefits to the costs
The independent cases are listed below that includes all items relevant to operating activities: Case A Case B Case C Sales revenue $ 65,000 $ 55,000 $ 96,000 Cost of goods sold 35,000 26,000 65,000 Depreciation expense 10,000 2,000 26,000 Salaries and wages expense 5,000 13,000 8,000 Net income (loss) 15,000 14,000 (3,000) Accounts receivable increase (decrease) (1,000) 4,000 3,000 Inventory increase (decrease) 2,000 0 (3,000) Accounts payable increase (decrease) 0 2,500 (1,000) Salaries and wages payable increase (decrease) 1,500 (2,000) 1,000 Compute cash flows from operating activities using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Case A Case B Case C Cash Collected from Customers Cash Payments to Suppliers Cash Payments for Salaries and Wages Net Cash Provided by Operating Activities $ 0 $ 0 $ 0
What is the risk posture for each particular system as it contributes to the overall risk posture of the organization
Apple Valley Corporation uses a job cost system and has two production​ departments, A and B. Budgeted manufacturing costs for the year​ are: Department A Department B Direct materials ​$800,000 ​$120,000 Direct manufacturing labor ​$200,000 ​ $200,000 Manufacturing overhead ​$400,000 ​$500,000 The actual material and labor costs charged to Job​ #432 were as​ follows: Total Direct​ materials: ​$21,000 Direct​ labor: Department A $11,000 Department B ​ $7,000 ​$18,000Apple Valley applies manufacturing overhead costs to jobs on the basis of direct manufacturing labor cost using departmental rates determined at the beginning of the year.For Department A, the manufacturing overhead allocation rate is: _________For Department B, the manufacturing overhead allocation rate is: _________Manufacturing overhead costs allocated to Job #432 total: _________