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dexar [7]
3 years ago
11

In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. T

he road was completed in 2023. Information related to the contract is as follows:
2021 2022 2023
Cost incurred during the year $2,640,000 $2,300,000 $2,926,000
Estimated costs to complete as of year-end 6,160,000 2,660,000 0
Billings during the year 2,080,000 2,860,000 5,060,000
Cash collections during the year 1,840,000 2,800,000 5,360,000

Westgate recognizes revenue over time according to percentage of completion.

Required:
1. Calculate the amount of revenue and gross profit (loss) to be recognized In each of the three years.
2.b. In the Journal below, complete the necessary Journal entries for the year 2021.
2.c. In the Journal below, complete the necessary Journal entries for the year 2021.
3. Complete the Information required below to prepare a partial balance sheet for 2020 and 2021 showing any Items related to the contract.
4. Calculate the amount of revenue and gross profit (loss).
Business
1 answer:
strojnjashka [21]3 years ago
5 0

Answer:

I think no A

if wrong correct me plsssssss

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Connections between cargo vessels or trucks and transportation networks may eventually lead to the development of smart transpor
Sladkaya [172]

Answer:

B. The internet of things

Explanation:

The internet of things will someday make the scenario presented in the question become a possibility.

The internet of things is a system of interrelated computing devices, mechanical and digital device composed of unique identifiers that enables the transfer of data over a network without requiring human to human interaction or even human to computer interaction. Thus, like in this case, connections between cargo vessels and transport network without the human factor will be a possibility because of internet of things.

What the internet of things does is that it allows closed private internet connections to communicate with others while bringing those networks together. It refers to the billions of devices around the world that are connected to the internet.

8 0
4 years ago
g Novelli Corporation makes a product whose variable overhead standards are based on direct labor-hours. The quantity standard i
hram777 [196]

Answer:

Variable overhead efficiency variance= $110 favorable

Explanation:

Giving the following information:

The quantity standard is 1.4 hours per unit.

The variable overhead rate standard is $11.00 per hour.

The company produced 1,450 units using 2,020 direct labor-hours.

To calculate the variable overhead efficiency variance, we need to use the following formula:

Variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate

standard quantity= 1.4*1,450= 2,030

Variable overhead efficiency variance= (2,030 - 2,020)*11

Variable overhead efficiency variance= $110 favorable

5 0
3 years ago
Carlson Company uses a predetermined rate to apply overhead. At the beginning of the year, Carlson estimated its overhead costs
____ [38]

Answer:

The estimated rate based on labour hour==6

The  actual rate based on labour hour=6.08

The rate based on machine hour=24

The rate based on machine hour= 22.66

Explanation:

Given that Carlson estimated its overhead costs to be $240,000,direct labor hours at 40,000 and machine hours at 10,000 as well as the actual overhead costs incurred of  $249,280, actual direct labor hours of  41,000, and actual machine hours of 11,000.We can calculate the to apply .

The estimated rate based on labour hour=240000/40000=6

The  actual rate based on labour hour=249280/41000=6.08

The rate based on machine hour=240000/10000=24

The rate based on machine hour=249280/11000=22.66

4 0
3 years ago
When an individual invents a new product and patents it, a writer copyrights and publishes a book, or a company develops a symbo
horsena [70]

Answer:

A. Intangible assets

Explanation:

Intangible assets: They refers to assets that are not physical in nature. They are identifiable, non-monetary assets without physical substance such as brand recognition, intellectual property. Intellectual property includes patent right, copyright, and trademarks.

Intangible assets lice brand names are non physical in nature unlike tangible assets that are phsysical. Examples of tangible assets are building, vehicle, land, machineries and furnitures. They are assets that is expected to generate economic return in the future.

There are two classes of intangible assets

1. Identifiable intangible assets: These are intangible assets that can be separated from other assets such as copyright, trademarks and patent.

2. Unidentifiable intangible assets: They are assets that cannot be separated from other assets such as Goodwill.

5 0
4 years ago
Extensive collections of published works in electronic form are called
Solnce55 [7]
The correct <span>answer is Digital Library.

A digital library is a special collection of digital objects which can be in form of text, visual, audio or video material which has been organized, stored and retrievable in electronic formats. These materials for them to be stored in a public digital library, usually, have to be published as a requirement.</span>
4 0
3 years ago
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