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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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Body language is necessary to read other people's true feelings and intentions. It helps you connect with them and build better relationships. In a meeting context, it helps to see the reactions of the participants: a facial expression can reveal a point of view before a word is spoken

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Madison Finance has a total of $20 million earmarked for homeowner loans and auto loans, where x is homeowner loans in millions
Deffense [45]

Answer:

Ans. Car loans must be $4,000,000 and Home loans $16,000,000 in order to use all the conditions in the problem. Return= $2,000,000

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Hi, well, you need to make sure to get as many car loans as the conditions of the problem allows you, since it returns 14%.

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3 years ago
In a certain economy, the components of planned spending are given by:
viktelen [127]

Answer:

B) 790-700r

Explanation:

Aggregate Expenditure is the expenditure by all the sectors of economy. By Households = Consumption (C), By Firms = Investment (I), By government = Govt spending (G) & tax leakages (T), By Rest world = Next Exports (NX).

Autonomous Expenditure is the level of expenditure in economy, which doesn't depend on level of Income = Y.

AE = C + I + G + NX

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790 - 700r + 0.8y

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3 years ago
Semi-fixed Cost will be
Phantasy [73]

Answer:

B. more than zero if no products were made and would then increase in direct proportion to output

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Semi-fixed Cost will be "more than zero if no products were made and would then increase in direct proportion to output."

This is because a semi-fixed cost also known as semi-variable cost or mixed cost is a combination of both a fixed factor and a variable factor.

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Which non-income factor for a potential job would influence a person who values easy access to entertainment and culture?
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Answer:

C

Explanation:

Do to the rEASON I FOUND ONLINE

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