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fenix001 [56]
3 years ago
15

A construction company entered into a fixed-price contract to build an office building for $46 million. Construction costs incur

red during the first year were $12 million and estimated costs to complete at the end of the year were $28 million. The company recognizes revenue over time according to percentage of completion.
How much revenue will appear in the company’s income statement in the first year using the percentage-of-completion method? (Enter your answer in whole dollars.)



How much gross profit or loss will the company recognize in the first year using the percentage-of-completion method? (Enter your answer in whole dollars.)
Business
1 answer:
Alex777 [14]3 years ago
8 0

Answer:

Check the explanation

Explanation:

Using the percentage-of-completion method <em><u>(which is an accounting method or technique in which the earnings and expenses of contracts that are of long-term basis are documented as a percentage of the completed work during a particular period.)</u></em>

Total costs = Incurred costs + estimated costs to complete = $8 million + $12 million = $20 million

Revenue to recognize = $8m/$20m*$28m = $11.2 million

Gross Profit = Revenue recognized less costs incurred

= $11.2m - $8m = $3.2 million

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Adelberg Company has two products: A and B. The annual production and sales of Product A is 500 units and of Product B is 1,000
Goryan [66]

Answer:

Predetermined manufacturing overhead rate= $171.89 per direct labor hour

Explanation:

<u>To calculate the predetermined manufacturing overhead rate we need to use the following formula:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Total direct labor hours= (500*0.4) + (1,000*0.2)= 400 direct labor hours

Predetermined manufacturing overhead rate= 68,756 / 400

Predetermined manufacturing overhead rate= $171.89 per direct labor hour

7 0
3 years ago
Individuals with an internal locus of control believe that their actions will make a difference in their health.
andriy [413]
The answer is a, true. It is because a person with an internal locus of control has their own belief in terms of their health in a way that their behaviors and actions will be the ones responsible of having to know the status or what will likely happen to their health in which is also same in the given description above.
3 0
4 years ago
Your catering business sells luncheons and dinners. Luncheons are $1,000 each, and dinners are $2,000 each. You sold 300 meals i
Jet001 [13]

Answer:

140 luncheons, 160 dinners

Explanation:

7 0
3 years ago
NEED HELP ASAP
katovenus [111]

Pierre engaging in such actions is known as rationalizing.

When a person rationalizes a decision they:

  • <em>T</em><em>ry to prove that what they did isn't bad </em>
  • <em>C</em><em>ome up with some sort of reasoning to support their decision </em>

Pierre is clearly doing something wrong here by increasing expenses more than they are supposed to be. He however convinces himself that what he is doing is not bad because no one will notice.

He is therefore coming up with reasons to prove that what he is doing is not bad and we can conclude based on this fact that he is engaged in rationalizing his behavior.

<em>Find out more at brainly.com/question/14453354.</em>

7 0
2 years ago
"Our teams in different countries have learned a great deal, so I am putting together an international team to study and share t
RUDIKE [14]

Answer:

(C). Encourage team members to socialize online by sharing photos and videos. Reach out to people from cultures where proactively sharing ideas is not valued.

Explanation:

In putting together an international team of people from different cultures, <u>it is important to note that the various national cultures with which they have been interacting for some time will have shaped how they communicate</u> and view situations.

<em>Some cultures value group work, togetherness and sharing ideas over other cultures which prefer individualism.</em>

Therefore as the group leader or manager, it is important to recognize the cultural characteristics of each group member, and encourage them to socialize and share useful information with the group.

6 0
4 years ago
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