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alexandr402 [8]
2 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]2 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

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Outsourcing of jobs works best for jobs that require problem solving and creativity. TRUE or FALSE.
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3 years ago
An employee earns $16 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. assume that the employee w
Tatiana [17]

Total pay for this week = $16*40 + $16*1.75*10 = $920

Prior Gross pay = 23,200

Total Gross pay = 920 +23,200 = $24,120

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7 0
2 years ago
ng 40\%; \$4.400 A company is considering the purchase of a new machine for $ 63,000 . Management predicts that the machine can
Rzqust [24]

Answer:

3 years and 8 months

Explanation:

The payback period is the length of time that it takes for the cashflow of a project to equal the initial investment of the project.

Initial investment = $ 63,000

Cash flow :

Sales                                                                        $ 17,500

Less Expenses                                                        ($6,500)

Add Depreciation ($ 63,000 ÷ 10)                           $6,300

Annual Cash flow                                                    $17,300

thus,

It takes 3 years and 8 months ($11,100/$17,300 x 12) for the cashflow of a project to equal the initial investment for the new machine.

8 0
3 years ago
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