Answer:
The correct option is C. Recognize $9 million Gross Profit in 2016.
Explanation:
IFRS-15 states that a 4-step approach should be followed when the performance obligation is satisfied over a period of Time. In-this case, the performance obligation will be satisfied within three years from 2016 to 2018.
4-step Approach:
1) First of all you have to calculate the over gain/loss of the project, and the result will decide the entries to be made. In this case, the contract price is $150m and the total costs (Costs incurred + Expected Costs) are $120m. This gives us a Profit of $30m.
2) In the second step, we have to determine the progress of the contract, It means that how much work have we done so far. There are two methods to calculate the progress: Input Method and the Output Method. Based on the data available, we will go for Input Method. To calculate progress under this method, simply divide the costs incurred by the total costs and multiply the result with 100 to get the percentage. 30% is the progress of the contract.
3) Revenue (150 * 30%) = $45m
COS (120 * 30%) = $36m
Gross Profit = $9m
* 120 is the Total Cost.
4) The last step involves determining Contract Assets and Liabilities. I won't go in to the detail because this step is not concerned with your question. You are open to ask questions regarding this step if you need.
Thanks.
I guess the correct answer is processes.
Regardless of how departments and functions are individually managed, they are always linked together through processes.
A Python library is a collection of modules and packages.
A Python library contains bundles of code that can be used repeatedly in different programs. Through this Python Programming becomes simpler and convenient for the programmer. As we don't need to write the same code again and again for different programs.
As Python is developed under an OSI-approved open source license which makes it freely usable and distributable, even for commercial use.
Python is an open source programming language that was made to be easy to read and powerful. In Python, a program called an interpreter runs Python code on almost any kind of computer.
Hence, the answer was given and explained above.
To learn more about Python here:
brainly.com/question/15872044
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Answer:
c. leave the production possibilities unchanged and increase their consumption possibilities.
Explanation:
Economies benefit from trade as each will produce goods with comparative advantage and trade in the foreing market Making increase their consumption possibilities as will sale good at better prices and purchase other imported goods with a lower opportunity cost. Overall economies will benefit from trade most of the times.
Answer:
See below
Explanation:
Given the above details, post closing ending balance of retained earnings would be calculated by
= Debit balance in the retained earning + credit in the retained earnings - Credit balance in the retained earnings
= $308,800 + $99,000 - $347,400
= $60,400