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wariber [46]
3 years ago
14

An entity has two long-term construction contracts, one of which qualifies for revenue recognition while the performance obligat

ion is being met and the other which does not. For either of these two contracts, what account would be debited when preparing the journal entry to record billings?
a. qualifies does not qualify
b. cash billings
c. construction in progres construction in progress
d. construction receivable construction receivable
e. billings cash
Business
2 answers:
Morgarella [4.7K]3 years ago
6 0

Answer: construction receivable

Explanation:

Accounts receivable management involves improving the collection process for efficiency, identifying the reasons for nonpayment and being proactive in reminding clients about their overdue accounts.

Leto [7]3 years ago
4 0

Answer:

d. construction receivable construction receivable

Explanation:

Generally in accounting, accounts receivable refers to the balance of the amount of money owed by customers to an entity in respect goods delivered or services rendered. It is a component of the current asset in the balance sheet showing the balance of the amount of money for goods sold or service rendered on credit.

In the question, either of these two contracts would be debited construction receivable when preparing the journal entry to record billings because they are long-term construction contracts which have not been paid for by the . contractee.

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Objecting to an action on the grounds that once it's taken, it will lead to similar but less desirable actions until some atroci
Basile [38]

Answer:

Option B is correct one.

<u>Slippery Slope</u>

Explanation:

A slippery slope argument, in logic, critical thinking, political rhetoric, and case-law, is often viewed as a logical fallacy in which a party asserts that a relatively small first step leads to a chain of related events culminating in some significant effect. Objecting an action using the argument that once it has been taken, it will lead to similar but less desirable actions.

7 0
4 years ago
7. Prepaid expenses require what type of adjusting entry?
elena55 [62]

Answer:

accumulated is the answer I think

7 0
3 years ago
A firm expects to sell 25,000 units of its product at $11 per unit. Pretax income is predicted to be $60,000. If the variable co
Lady bird [3.3K]

Answer:

$90,000

Explanation:

Income = Contribution - Fixed Costs

hence,

Fixed Costs = Contribution - Income

therefore

Fixed Costs = (25,000 x $6) - $60,000

                    = $150,000 - $60,000

                    = $90,000

thus,

total fixed costs must be $90,000.

5 0
3 years ago
When president obama was elected, the u.s. economy was in trouble, and has slid into a recession. consumer spending was low and
scoundrel [369]

Answer: Keynesian Economic Theory

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6 0
3 years ago
Rocky Mountain Corporation makes two types of hiking boots—Xactive and Pathbreaker. Data concerning these two product lines appe
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Answer:

1a. Predetermined overhead rate = Estimated total manufacturing overhead / Estimated total direct labor-hours

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Predetermined overhead rate = $19.20 per DLH

1b.                     Computation of Unit Product Cost

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Direct material                                             $64.00    $50.20

Direct Labor                                                 $17.40     $12.20

Manufacturing overhead ((1.4, 1)*$19.20)   <u>$26.88</u>    <u>$19.20</u>

Unit product cost                                        <u>$108.28</u>  <u>$81.60</u>

8 0
3 years ago
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