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
Mice21 [21]
4 years ago
10

Seasons Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion

method. The contract calls for progress billings and payments of $1,550,000 each quarter. The total contract price is $18,600,000 and Seasons estimates total costs of $17,750,000. Seasons estimates that the building will take 3 years to complete, and commences construction on January 2, 2018. 18). Seasons Construction completes the remaining 25% of the building construction on December 31, 2020, as scheduled. At that time the total costs of construction are $18,750,000.
What is the total amount of Revenue from Long-Term Contracts and Construction Expenses that Seasons will recognize for the year ended December 31, 2020?


Revenue Expenses

(A) $18,600,000 $18,750,000

(B) $4,650,000 $ 4,687,500

(C) $4,650,000 $ 5,250,000

(D) $4,687,500 $ 4,687,500
Business
1 answer:
Alekssandra [29.7K]4 years ago
5 0

Answer:

(C) $4,650,000 $ 5,250,000

Explanation:

total contract price is $ 18,600,000

season construction using percentage of completion method.

Amount of revenue & construction expense for the year ended december 31, 2020 will be

25% of $ 18,600,000 revenue = $ 4,650,000

25% of $ 18,750,000 total cost = $5,250,000

You might be interested in
Describe at least two advantages a large company has over a smaller company. (1-4 sentences.
STatiana [176]

A larger company can benefit from <em>economies of scale</em>, meaning they can get discounts by purchasing and producing in bulk which a smaller company wouldn't have the ability to do. A larger store also has the potential for higher revenue because they have more goods and services to sell.

4 0
3 years ago
Read 2 more answers
Provide responses to the following questions 1. What is the purpose of a staffing management plan? What does it address?
ryzh [129]

Answer:

Explained below:

Explanation:

A staffing management plan refers to the plan produced to help businesses primarily identify and later procure the workers at all levels and in all departments of the business organization. The purposes of a staffing management plan to :  

Classify staffing needs.

Build timelines.

Establish funds considerations.

Devise and implement talent acquisition strategies.

Construct and execute an on boarding schedule.

Identify and design suitable training bodies and methods.

Follow the plan until it reaches effectiveness.

It addresses the requirements of the organization in many ways, depending upon its business model, its structure, and the system in which it finishes projects and reaches deadlines.

4 0
3 years ago
A global marketing strategy refers to: ​
FrozenT [24]

<span>A global marketing strategy refers to a marketing strategy used by a firm or a company to be able to compete worldwide. This is used to promote or market its products or services worldwide. This strategy is taken in response to the different international trading aspects and global market conditions.  </span>

5 0
3 years ago
In a barter system, a baker is MOST LIKELY to A) earn money from creating bread. B) buy wheat from a farmer. C) sell bread to a
Archy [21]

Barter means exchange since there was no currency back then so the answer  would be D.

3 0
3 years ago
Read 2 more answers
Long Text (essay)
natita [175]
Entrepreneurship is important for a number of reasons, from promoting social change to driving innovation. Entrepreneurs are frequently thought of as national assets to be cultivated, motivated, and remunerated to the greatest possible extent. In fact, some of the most developed nations such as the United States are world leaders due to their forward-thinking innovation, research, and entrepreneurial individuals.

Great entrepreneurs have the ability to change the way we live and work, on local and national bases. If successful, their innovations may improve standards of living, and in addition to creating wealth with entrepreneurial ventures, they also create jobs and contribute to a growing economy. The importance of entrepreneurship is not to be underappreciated
3 0
3 years ago
Other questions:
  • Selected transactions for Grouper’s Dog Care are as follows during the month of March.
    8·1 answer
  • Gracie was surprised and pleased to find she was pregnant. She worked as a waitress at Good Food and was aware that Groucho, her
    15·1 answer
  • Christopher is designing a security policy for his organization. he would like to use an approach that allows a reasonable list
    12·1 answer
  • Norton, inc. purchased equipment in 2013 at a cost of $800,000. two years later it became apparent to norton, inc. that this equ
    14·1 answer
  • A firm's ________ reports the profit or loss for the firm over a specified time period.
    14·1 answer
  • Which of the following statements are TRUE about credit scores?
    12·2 answers
  • As workers demand higher wages to produce automobiles, how will this influence the automobile market?
    10·1 answer
  • Fact pattern 10-1 lulene makes the best lemon meringue pies in mississippi. so ellen, who owns ellen's old fashion cafe, contrac
    7·1 answer
  • The primary advantage of buying a franchise over starting your own company is:
    14·1 answer
  • Which of the following best describes a typical liberal arts college?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!