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
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.

You might be interested in
The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP. . T
Anuta_ua [19.1K]

Answer:

$2,250,000

Explanation:

Preparation for the lower portion of the 2021 income statement

CALIFORNIA MICROTECH CORPORATION

Partial Income Statement

For the Year Ended December 31, 2021

Income from continuing operations before income taxes 7,800,000

Less Income tax expense 1,950,000

(25%*7,800,000)

Income from continuing operations 5,850,000

Discontinued operations:

Loss from operations of discontinued component (4,800,000)

Income tax benefit, 1,200,000

(25%*4,800,000)

Loss on discontinued operations (3,600,000)

Net income (5,850,000 - 3,600,000) $2,250,000

Therefore the Net income will be $2,250,000

8 0
3 years ago
héctor manages a plastics factory that manufactures pet chew toys. senior management has decided to change the company’s bonus s
alexgriva [62]

Calling a face-to-face meeting with the employees is the best way that Hector can announce about change of the bonus structure.

Face-to-face meeting is a type of meeting where the participant of discussion are all present physically therein.

The major advantage of the Face-to-face meeting is that its allows effective communication and feedback from or among the participants

Therefore, the correct answer is Option B because it is the best way by which Hector can announce about change of bonus structure.

The missing options includes <em>"Héctor should send each employee a personal note, Héctor should call a face-to-face meeting with the employees, Héctor should send a companywide e-mail, Héctor should post an announcement in the break room, near the coffee machine."</em>

<em />

<em />

Learn more about this here

<em>brainly.com/question/14617264</em>

6 0
2 years ago
The following information is for Redwood Inc. for the year ended December 31, 2016. Redwood had a cash and cash equivalents bala
Alchen [17]

Answer and Explanation:

The preparation of the cash flow statement using the direct method is presented below:  

                                         Redwood Inc.

                                     Cash flow statement

                        For the year ended December 31, 2016

Cash flow from operating activities

Cash Received from Customers $1,940

Interest on investments $220

Less: Interest on debt -$320

Less: Income tax -$84

Less: Purchase of inventory -$1,000

Less: Operating expenses -$520

Net cash provided by operating activities $236

Cash flow from investing activities  

Sale of land $120

Less: Purchase of equipment -$4,500

Net cash used by investing activities -$4,380

Cash flow from financing activities  

Sale of common stock $640

Issuance of debt securities $2,040

Less: Debt principal reduction -$1,540

Less: Dividends on common stock -$220

Net cash provided by financing activities $920

Decrease in cash -$3,224

Add: Beginning cash balance $5,600

Ending cash balance $2,376

The items which shows in a positive sign indicates the cash inflow and the items which shows in a negative sign indicates the cash outflow and the same is to be considered

5 0
3 years ago
When Clorox introduced bleach in a no-drip bottle, the firm was taking action consistent with its product being in the ____ stag
Nadusha1986 [10]

Answer:

maturity

Explanation:

7 0
2 years ago
Which of the following is an advantage of a sole proprietorship? A. It is easy to expand if it succeeds B. It faces few governme
Firdavs [7]

A sole proprietorship firm is a firm which can be opened by an individual and the the owner of the firm has an unlimited liability towards the firm that means the owner enjoys unlimited profit of the firm as well as the loss of the firm.

The advantage of the sole proprietor firm is that it can be set up very easily with low or very few government rules. So the correct answer is B.

7 0
3 years ago
Other questions:
  • You overhear a newly graduated RN telling one of your colleagues that leadership and management belong to the unit manager and n
    10·1 answer
  • Suppose that you enter into a short futures contract to sell July silver for $17.20 per ounce. The size of the contract is 5,000
    12·2 answers
  • As a sole proprietor, Jessica took out a loan to buy equipment for her in-home business. If Jessica's business does not make eno
    10·1 answer
  • A company paid Jen Rogers, its sole stockholder, a total of $25,000 in dividends during the current year. The entry needed to cl
    8·1 answer
  • Ten years ago, Jacobson Recovery purchased a wrecker for $285,000 to move disabled 18-wheelers. He anticipated a salvage value o
    5·1 answer
  • The most compelling and effective messages contain a variety of sentence patterns and avoid common sentence faults. You can crea
    14·1 answer
  • Equipment with a cost of $150,000 has an accumulated depreciation of $100,000. What is the historical cost of the equipment?
    5·1 answer
  • What makes you buy a candied vegetable or a candied fruit?
    13·1 answer
  • PROBLEM: The Chicago Cubs play their home games at Wrigley Field, located in the Lakeview neighborhood of Chicago. A recent New
    12·1 answer
  • You have researched your dream around-the-world vacation and determined that the total cost of the vacation will be $33,000. You
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!