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3 years ago

Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2017, are presented below:

Business

1 answer:

saw5 [17]3 years ago

5 0

Answer:

Explanation:

Bid price - $450,000

Contract cost 2016- $ 180,000

Contract cost in 2017 - $195,000

Gross profit = $75,000

Estimated cost to complete at 2016 - $200,000

Percentage completion in 2016 - 180000/380000* 100 =47 %

Revenue recognized in 2016 - 47% * 450,000 = 211,500

Gross profit = 211,500- 180,000 = 31,500

2017

Revenue recognized - 53% = $238,500

Cost $195,000

Gross profit $43,500

3)Completed contract method -

Income are recognized when contract is completed

2016 - No revenue generated / recorded

2017

Revenue - 450,000

Cost to date - 375,000

Gross profit - 75,000

4) When using the cost recovery method under IFRS , an equal amount of income and revenue is recognized in the early life time of the project

2016

Income - 180000

Cost- 180000

Gross profit - 0

2017

Income -450000

cost 375,000

Gross profit - $75,000

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It can be a significant challenge to keep the project team ___________ as the project nears completion.

kherson [118]

As a project nears is completion, it has been found that it becomes a significant challenge to get the project team to remain focused.

<h3>Why does focus reduce as a project nears completion?</h3>

There are several reasons why a project nearing completion would lead to a loss of focus and one of them fatigue from having worked on the project for a certain period of time.

Another reason is that the project team will be getting ready to move onto a new project as the current project comes to an end. As a result, they will focus less on the current project.

In conclusion, teams lose focus as their project nears completion.

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2 years ago

Assume that Zambia has a domestic investment of $1500 billion, private domestic savings of $3000 billion, and a government defic

nexus9112 [7]

Answer:

$1,500

Explanation:

Domestic investment = $1500 billion

Private domestic savings = $3000 billion

Government deficit = $2000 billion

Rise in government spending = $1000 billion

Now,

Trade deficit =

Domestic investment - Private domestic saving - Government savings

also,

Total Government deficits = $2,000 + $1000

= $3,000

and,

Government savings = - Government deficits

= - $3,000

Now we know government deficit is 3000 billion and if spending increases further 1000 billion, the government deficit will be 4000 billion

thus,

Trade deficit = $1,500 - $3,000 - (- $3,000)

= $1,500

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3 years ago

The process of recording a transaction in the journal is called a.journalizing b.posting c.ledgerizing d.summarizing

8090 [49]

Answer: Journalizing

Explanation:

Journalizing is the process of entering business transactions in accounting journals. The key records to be taken in journalizing is usually the: date of transaction, brief description of transaction, the record of amount credited/debited.

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3 years ago

g A company shows a balance in Salaries and Wages Payable of $50,000 at the end of the month. The next payroll amounting to $75,

GrogVix [38]

Answer and Explanation:

The journal entry is

Salaries and Wages Payable $50,000

Salaries and Wages Expense $25,000

To Cash $75,000

(Being cash paid is recorded)

Here salaries & wages payable and salaries & wages expense is debited as it decreased the liabilities & increased the expense while the cash is credited as it decreased the assets

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3 years ago

Bay City Construction, Inc., a contractor, asks Cool Electric, a subcontractor, to provide certain services. Nothing is said abo

Paraphin [41]

Answer:

C. an implied contract

Explanation:

Based on the scenario being described it can be said that the chief issue is most likely to be whether these parties had an implied contract. This type of contract refers to when two parties have an agreement but there is no written contract existing regarding this agreement, instead the law enforces the contract and makes sure that the details are fair to both parties.

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3 years ago