1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
alexandr402 [8]
3 years ago
9

In 2014, Steinrotter Construction Corp. began construction work under a 3-year contract. The contract price was $1,800,000. Stei

nrotter uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2014, are shown below.Balance Sheet Accounts receivable $32,400 Construction in process 117,000 Less: Billings 110,700 Costs and recognized profit in excess of billings 6,300 Income Statement Income (before tax) on the contract recognized in 2014 $35,100 How much cash was collected in 2014 on this contract?
Business
1 answer:
nataly862011 [7]3 years ago
7 0

Answer:

$78,300

Explanation:

The computation of the cash collected is shown below:

Cash collection = Billings cost - account receivable

= $110,700 - $32,400

= $78,300

Since we have to compute the cash collected so we deduct the account receivable from the billings so that the accurate amount could arrive

Therefore, all the other information which is mentioned is not relevant. Hence, ignored it

You might be interested in
13, a company has recently outsourced its payroll process to a third-party service provider. an audit team was scheduled to audi
MrRissso [65]
<span>As the outsourcing decision is not in the audit term therefore the audit team is not needed to take it into consideration. Audit team is required to work for those matters which are in the term for which it is hired. Notes can be mentioned that outsourcing is used in the next term.</span>
5 0
3 years ago
Your friend is looking for investors in a risky business venture. To convince you to participate, she is offering you a 17% rate
telo118 [61]

Answer:

B - $13,556.82

Explanation:

Amount to be invested is equal to the present value of future inflows

Present value = future value/(1+Interest rate)^Number of years

The actual amount at the end of the first year should be $3000 if there is an answer in the options

The amount at the end of the second year is $4000

The amount at the end of the third, fourth and fifth year is $5000

Hence, amount to be invested = 3000/(1.17) + 4000/(1.17)^2 + 5000/(1.17)^3 + 5000/(1.17)^4 + 5000/(1.17)^5

= $13,556.82

Hence, the answer is $13,556.82

4 0
3 years ago
Read 2 more answers
With iOS, its particularly important for an app to minimize the persistent storage placed in the app's home directory. This is b
dexar [7]

Answer:In iOS, typically, apps store their data in a folder named Documents , that is saved in a location next to where the app itself is installed (†). It is important to note that you do not need a jailbroken phone to access this folder.

Explanation:

6 0
2 years ago
The natural rate of unemployment will help determine
kotykmax [81]
<span>The point of the long-run aggregate supply curve.

I hope this helps!
</span>
4 0
3 years ago
Read 2 more answers
Which one sounds better?<br> Basic Betty OR Basic Betsey
Arlecino [84]

Answer:

Basic Betty

Explanation:

Sounds more normal

6 0
3 years ago
Read 2 more answers
Other questions:
  • Certain brand names, such as Kleenex and Rollerblade, fear they could become _________, because they are so commonly identified
    9·1 answer
  • Investors require an 8% rate of return on Mather Company’s stock (i.e., rs 5 8%). a. What is its value if the previous dividend
    7·1 answer
  • The entries for the debit account titles in the "Account Title" column are written
    10·1 answer
  • Jeffery and Cassie, who are married with modified AGI of $90,000, are sending their son to his first year of college. Their tota
    5·1 answer
  • The following income statement and information about changes in noncash current assets and current liabilities are reported. SON
    6·1 answer
  • A male client 30 years of age is postoperative day 2 following a nephrectomy. Which statement by the client indicates a readines
    10·1 answer
  • Choose the correct statement. A. Unemployment is a serious personal problem but not a serious social economic problem. It is onl
    15·1 answer
  • Relevant Range and Fixed and Variable Costs Vogel Inc. manufactures memory chips for electronic toys within a relevant range of
    5·1 answer
  • When the United States sends money to Japan to help earthquake survivors, in which account is this transaction recorded
    6·1 answer
  • What is marketing management?why is it important?​
    5·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!