Answer:
Recognized $12.47 million gross profit on the project in 2018.
Explanation:
Total Contract price $160
Total cost incurred during the year 2018 $39
Additional cost <u>$83</u>
Total cost <u>$122</u>
Total profit <u>$38</u>
% cost during the year = (39/122*100) = 31.9672131147541% = 31.97%
Revenue recognized on 2018 = 39*31.97% = $12.4683 = $12.47
There are several purposes of drawing a budget in a business, such as :
- As a tool for making decisions
- It could be used to monitor your current business activity performance
- You can predict the flow of revenue and expenditure in the future
Hope this helps
Answer:
C.completeness
Explanation:
Occurrence means transactions and events that have been recorded or disclosed have occurred and relate to the entity.Existence means whether or not accounts balances and related disclosures related Assets, liabilities and equity interests exist in the financial statements.
Completeness means there are no unrecorded transactions, events and disclosures and all transactions that have occurred has been included in the general ledger/financial statements
Valuation or allocation means that assets, liabilities and equity interests are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded and related disclosures have been appropriately measured and described.
In this question, interest on sample of paid notes have been traced to the general ledger account, to check that whether the interest on the selected sample has been included in the general ledger and financial statements.Thus the answer shall be C.completeness
Answer:
c. $44.44
Explanation:
For computing the maximum allowable deduction for amortization of organizational expenditures, first, we have to determine the per month deduction which is shown below:
= Organization expenditure incurred ÷ number of months
= $800 ÷ 180 months
= $4.44
Now for 10 months, it would be
= $4.44 × 10 months
= $44.44
The 10 months is calculated from March 1 to December 31. As we assume the books are closed on December 31
Answer:
15.6%
Explanation:
Investment = $3200
Net savings = $500
Investment returns in % = Net savings/Investment × 100
= 500/3200 × 100
= 0.15625 × 100
= 15.6%
