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lys-0071 [83]
3 years ago
7

Ebali Corporation, a calendar year taxpayer utilizing the completed contract method of accounting, constructed a building for Sa

mson, Inc., under a long-term contract. The gross contract price was $2,300,000. Jebali finished construction in 2016 at a cost of $2,100,000. However, Samson insisted that Jebali redo the doorway; otherwise, the contract price would be reduced. The estimated cost of redoing the doorway is $80,000. In 2017, the dispute is settled and Jebali fixed the doorway at a cost of $65,000.
A) How much must Jebali include in gross income? What amount of deductions is Jebali allowed for 2016?
B) In 2017, how much must Jebali include in gross income? What amount of expenses can Jebali deduct in that year?
Business
1 answer:
Likurg_2 [28]3 years ago
3 0

Answer:

Explanation:

                                                   <u>2016      </u>                             2017

Contract price                   =     2300000                           2300000

Cost to date                       =    (2100000)                         (2160000)

Further estimated Cost    =     (80000)                                    0

Profit                                   =    120000                                140000

Stage of completion         =  2100/2180 = 96.33%                 100%

As at Profit and loss

Revenue    2300*96.33      =   2215596.33                           2300000

Profit           120*96.33        =   -115596.3303                          -140000

Cost of Sales                       =    2100000                                2160000    

For the period profit and loss

Revenue                              =     2215596                           84404

Cost of sales                       =    (2100000)                          60000                                

Profit                                    =     115596                                24404

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Assembling project team and assigning their responsibilities are done during which phase of a project management?.
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Assembling a project team and assigning their responsibilities are done during the project initiation phase of project management.

Project management is an important part of achieving an objective, and is relevant in all spheres, from businesses, to social work, to sports, and education. Projects have a definite time frame for completion and therefore a lifecycle. There are distinct phases in executing a project.

The first phase is the project initiation phase. Here, decisions on the need and significance of the project are taken. Feasibility, viability, and practicality are important. The project charter is drawn up, targets are set, and responsibilities are allocated.

To learn more about phases of project management: brainly.com/question/14522044

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An increase in the money supply might indicate that the Fed had
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You’re answer would be D love!
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3 years ago
Consider a town in which only two residents, Kevin and Maria, own wells that produce water safe for drinking. Kevin and Maria ca
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Answer:

Monopolist profit maximizing price

A: $3 per gallon , total output =270 Kelvins profit = $810(801/7/2 = $405

Maria's profit = $405

B. $2.5 per gallon . Kelvin's profit =$450 Maria's profit = 337.5

C = False. At the same quantity , fall in price brings fall in revenue

Cournot Nash equilibrium

Explanation:

In a monopolist market system , price are set higher than the marginal cost as the producer enjoy the dominance of the market through the production of a unique good.

At the price of $3 , change in demand =(270-225) =45 , change in revenue = ($810-$787.50)22.5 and marginal revenue = (45/22,5) = 0.5. That forms the maximizing price for a monopolist.

On the new arrangement , price drops to $2.5 , Maria's profit =(315-45/2)2.5 = $337.5 and Kelvin's = ($787.5-337.5) = $450

Cournot Nash equilibrium is business model that explains the competition among rival companies producing similar product on the level of output produced independently.

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3 years ago
Research shows that most managers have characteristics that fall into two or three decision-making styles, and that decision-mak
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Answer:

False

Explanation:

There are 3 main decision making styles that most of us have regarding our normal day to day activities that includes our work and our personal lives, e.g. families and individual decisions. They are consumer, business, and personal decision making styles.

But managers, and specially true leaders have it a little more complicated. The four main decision making styles that apply to leaders are:

  1. directive: type of autocratic leadership where the leader decides everything by himself/herself
  2. conceptual: look for different alternatives and analyze each one of them
  3. consultative: seek advice from colleagues and subordinates, but the leader makes the decision
  4. consensus: seek advice from others and decisions are made by the group

The second part of the question is true; this leadership styles vary across countries, occupations and job levels.

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which of the following items is qualitative?-cost of a new machine-depreciation of existing machine-book value of the existing m
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Answer: Statement D

Explanation: Qualitative characteristics are those characteristics the values of which cannot be calculated appropriately and the one that cannot be recorded in the books as they do not have any quantitative value.

In the given problem cost of machine at which it is purchased is its value, Depreciation is the value of original cost which has been used and amount at which the machine used can be sold is its value.

Hence among all the options Option D shows qualitative characteristics.

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