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
ella [17]
3 years ago
12

In 2021, Short Construction began construction work under a four-year contract. The contract price is $2,000,000. Short recogniz

es revenue over time according to percentage of completion method. The balance sheet shows the following accounts at the end of 2021: A/R of $40,000, Construction in Progress of $200,000, Less: Billings on Construction Contract of $170,000. The income statement shows Income on the contract of $30,000 at the end of 2021. What was the total estimated cost of the project at the end 2021?
Business
1 answer:
Masja [62]3 years ago
6 0

Answer:

The appropriated answer will be "$1,700,000".

Explanation:

Revenue understood by completion percentage = Design balance throughout progress = $200,000

The percentage completion throughout the whole year will be:

⇒  \frac{200,000}{2,000,000 }

⇒  10 \ percent

The cost incurred throughout the whole year will be:

⇒  Revenue \ recognized - Income \ on \ the \ contract

⇒  200,000 - 30,000

⇒  170,000 ($)

Now,

The total estimated cost of the project at the end the year 2021 will be:

⇒  \frac{170,000}{10 \ percent}

⇒  1,700,000 ($)

You might be interested in
During year five, estimated tax payments of$225,000 were paid and debited to prepaidtaxes. There were no differences betweenfina
irakobra [83]

Answer:

a. 710,000

Explanation:

Current assets are calculated as follows:

Cash: $185,000

Accounts receivable, net $725,000

Recall that a loyal customer is to make semi-annually payments of $100000 into to the tune of $400,000 accounts receivable. For the year five balance sheet, the reclassification of o/s receivable will therefore be $200000

Therefore Total current assets = $185,000+ $725,000 - $200000 = $710,000

In JB Company's December 31, year five Balance Sheet $710,000 should be reported as current assets.

7 0
3 years ago
A client is currently training in the Hypertrophy Phase of the OPT model. Which phase of the flexibility continuum would be the
joja [24]

Answer:

The correct answer is active.

Explanation:

Flexibility is the only physical capacity that does not evolve with age, but quite the opposite, since after two months of age the loss of this quality begins. Therefore, exercising it will be essential to avoid loss as much as possible.

Active flexibility: it is the maximum amplitude of a joint or movement that a person can reach without external help, which only happens through the voluntary contraction and distension of the muscles of the body.

8 0
3 years ago
Moorcroft Company’s budgeted sales and direct materials purchases are as follows:
Rama09 [41]

Answer:

a) Month        Sales

April           $300,000

May            $320,000

June           $370,000

Schedule of expected collections

For the month of June, 202x

Cash sales during June = $370,000 x 40% = $148,000

Collection from June's credit sales = $222,000 x 30% = $66,600

Collection from May's credit sales = $192,000 x 40% = $76,800

Collection from April's credit sales = $180,000 x 26% = $46,800

Total cash collections during June = $338,200

b) Month        DM purchases

April           $45,000

May            $54,000

June           $60,000

Schedule of expected cash payments for direct materials purchases

For the month of June, 202x

Cash purchases during June = $60,000 x 50% = $30,000

Cash payments for May's purchases = $27,000 x 40% = $10,800

Cash payments for April's purchases = $22,500 x 60% = $13,500

Total cash payments during June = $54,300

c) Month        Sales

April           $299,000

May            $337,000

June           $387,000

Schedule of expected collections

For the month of June, 202x

Cash sales during June = $370,000 x 40% = $148,000

Collection from June's credit sales = $222,000 x 30% = $66,600

Collection from May's credit sales = $192,000 x 50% = $96,000

Collection from April's credit sales = $180,000 x 18% = $32,400

Total cash collections during June = $343,000

It would be worth to pay the collector since the 2% reduction in uncollectible accounts is worth much more than the $1,000 that he/she earns.

d) Month        DM purchases

April           $45,000

May            $54,000

June           $60,000

Schedule of expected cash payments for direct materials purchases

For the month of June, 202x

Cash purchases during June = $60,000 x 40% = $24,000

Cash payments for May's purchases = $32,400 x 40% = $12,960

Cash payments for April's purchases = $27,000 x 60% = $16,200

Total cash payments during June = $53,160

7 0
3 years ago
A cylindrical can that has a capacity of 20 m3 will be made. The metal used to build the top costs $10 per square meter while th
Alchen [17]

The dimensions of the cylinder can be used to minimise cost of manufacture.

<h3>How to we find minimised cost?</h3>

Let's ignore the metal's thickness and assume that the material cost to manufacture is precisely proportionate to the surface area of a perfect cylinder.

A=2πr(r+h)

Given that V=1000=r2h and h=1000=r2, we can write

A=2πr(r+1000πr2)

A=2πr2+2000r−1

By setting the derivative to zero, we may determine the value of r that minimises A:

A′=4πr−2000r−2

0=4πr−2000r−2

2000r−2=4πr

2000=4πr3

r=500π−−−√3

r=5.419 + cm

h=1000πr2=10.838 + cm

The can with the smallest surface area has a volume of 1000 cm 3 and measures 5.419+ cm in radius and 10.838+ cm in height. The can has a surface area of 553.58 cm 2. Given a constant volume, the cylinder with diameter equal to height has the least surface area.

Can surface area (cm2) versus. radius (cm), where capacity = 1000cm 3.

Learn more about manufacturing here:

brainly.com/question/17111259

#SPJ4

8 0
1 year ago
Journalize the following transactions that occurred in for ​, assuming the perpetual inventory system is being used. No explanat
MariettaO [177]

Answer:

Journal Entries:

Sep. 3:

Debit Inventory $7,500

Credit Accounts Payable (Silton Wholesalers) $7,500

To record the purchase of merchandise on account.

Sep. 4:

Debit Freight on Inventory $50

Credit Cash Account $50

To record freight on purchase.

Sep. 4:

Debit Inventory $2,000

Credit Cash Account $2,000

To record the purchase of merchandise for cash.

Sep. 6:

Debit Accounts Payable (Silton Wholesalers) $1,100

Credit Inventory $1,100

To record the return of inventory.

Sep. 8:

Debit Accounts Receivable (Houston Company) $6,100

Credit Sales Revenue $6,100

To record the sale of merchandise on account.

Sep. 13:

Debit Accounts Payable (Tristan Wholesalers) $100

Credit Inventory $100

To record the allowance received.

Sep. 15:

Debit Accounts Receivable (Jex Company) $2,900

Credit Sales Revenue $2,900

To record the sale of merchandise on account.

Sep. 22:

Debit Accounts Payable (Tarin Wholesalers) $

Credit Cash $

For alleged goods purchased on September 9 (not in the records).

Sep. 23:

Debit Inventory $230

Debit Sales Revenue $270

Credit Accounts Receivable (Jex Company) $500

To record inventory returned and the corresponding profit on sales.

Sep. 29:

Debit Cash Account $

Credit Accounts Receivable (Smede) $

To record receipt from Smede (not in the records).

Sep. 30:

Debit Cash Account $2,400

Accounts Receivable (Jex Company) $2,400

To record receipt from Jex Company in full settlement.

Explanation:

Company B uses the journal entries to initially record business transactions as they occur on a daily basis.  They show the accounts to be debited and the ones to be credited.

5 0
3 years ago
Other questions:
  • The payroll register of Charbroil Company indicates $1,200 of social security tax withheld and $300 of Medicare tax withheld on
    15·1 answer
  • #21 A 0.30 kg softball has a velocity of 15 m/s at an angel of 35o below the horizontal just before making contact with the bat.
    10·1 answer
  • Because public goods are:
    14·1 answer
  • Ashley's Coffee Shop makes a blend that is a mixture of two types of coffee. Type A coffee costs Ashley $4.30 per pound, and typ
    14·1 answer
  • Guys I need HELP!!!<br> What is investing?
    7·1 answer
  • Emily Corporation sells two products: hurricane lamps and flashlights. Hurricane lamps account for 70 percent of the units sold,
    15·1 answer
  • All of the following securities are subject to reinvestment risk EXCEPT:(A)Municipal Bonds maturing in one year(B)Non-callable C
    12·1 answer
  • Messing company has an agreement with a third-party credit card company, which calls for cash to be received immediately upon de
    11·1 answer
  • Far Side Corporation is expected to pay the
    14·1 answer
  • You are relatively new to the company and have been asked to chair the next senior management meeting.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!