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vfiekz [6]
3 years ago
7

Long Construction Company uses the percentage-of-completion method of accounting for long-term construction contracts. During 20

21, Long began work on a $400 million fixed-fee construction contract, which was completed in 2024. Cost incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions):
Cost Incurred

Estimated Costs to Complete as of December 31

2021

$60

$240

2022

$84

$176

For the year 2022, Long should have recognized gross profit on this contract of:

a.$20 million.

b.$18 million.

c.$16 million.

d.$14 million.
Business
1 answer:
LUCKY_DIMON [66]3 years ago
8 0

Answer:

$400 million less ($176+$84)=$14 million

Explanation:

the percentage of completion method of accounting is more like of income statement because it is used to assess the companys performance and financial position

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shusha [124]

The correct option is A) debit Petty Cash, credit Cash.

A petty cash fund of $500 is established on October 1. The entry to record the transaction is "debit Petty Cash, credit cash."

<h3>What is petty cash fund?</h3>

The petty cash fund would be a small sum of company money that is frequently kept on hand (for example, in a secured drawer or box) to cover unimportant or trivial expenses like office supplies or worker reimbursements.

Some key features of petty cash fund are-

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  • Each department could possess its own petty cash pool in larger corporations.
  • A petty cash fund could be utilized to pay for office supplies, greeting cards for clients, flowers, catered lunches for staff members, and employee expense reimbursement.
  • The key benefits of using petty cash are its speed, convenience, and simplicity.
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The correct question is -

A petty cash fund of $500 is established on October 1. The entry to record the transaction is

A) debit petty cash, credit cash.

B) debit cash, credit petty cash.

C) debit Petty cash expense, credit cash.

D) debit retained earnings, credit petty cash.

4 0
1 year ago
When should you forward instead of replying to an email
dolphi86 [110]

Answer:

C. When the recipient was not included on the original email.

Explanation:

This is the correct option because forwarding allows the new recipient to see the email that was sent if they were not originally included.

~theLocoCoco

5 0
2 years ago
Which of the following will probably happen to a product when demand is low?
9966 [12]

Answer:

Answer = B

Explanation:

If nit many people want a product the seller would lower the price to make it seem like a bargain or make it more affordable

3 0
1 year ago
The cost of making a shirt is half of what the shirt normally sells for. today, however, the shirt is on a 15% discount from its
Stolb23 [73]
Let the cost of the shirt be y and the price by the which the shirt is sold is 2y.

Now, let's calculate how much does 15% represent from the price of the shirt:
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Therefore, the shirt is sold for : 2y - 0.3y = 1.7y

This means that at 15% discount, the shirt is sold at 1.7 of its original cost.
7 0
2 years ago
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victus00 [196]

Answer:

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