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stira [4]
3 years ago
11

Arizona Desert Homes (ADH) constructed a new subdivision during 2017 and 2018 under contract with Cactus Development Co. Relevan

t data are summarized below: Contract amount $ 2,550,000 Cost: 2017 1,100,000 2018 500,000 Gross profit: 2017 650,000 2018 300,000 Contract billings: 2017 1,275,000 2018 1,275,000 ADH recognizes revenue upon completion of the contract. What is the journal entry in 2018 to record revenue?
Business
1 answer:
kipiarov [429]3 years ago
4 0

Answer:

The Journal entry is as follows:

Construction in progress A/c   Dr. $950,000

Cost of construction A/c           Dr. $1,600,000

To revenue from long term contracts                       $2,550,000

(To record the revenue in 2018)

Workings:

Cost of construction:

= cost of 2017 + cost of 2018

= $1,100,000 + $500,000

= $1,600,000

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2. What would you say to some who said that citizens had no right to know where their federal income tax money goes?
DochEvi [55]

Federal tax dollars are collected from citizens to use for programs and infrastructure that is supposed to be used for public good, such as early childhood education, social security, roads, bridges, etc. Since the money is from citizens and for citizens, they should know how the money is spent so they can hold their elected representative accountable.

4 0
3 years ago
What is wrong with Brainly? People (or maybe even bots) keep posting a link to download a file to get the description/answer. I
lukranit [14]

Answer:

exactly!! i asked a question and one person responded with some link saying they put the answer on there. i think people just want points or something:

7 0
3 years ago
Read 2 more answers
Anne Dietz at Changi​ #3 (Singapore). Anne Dietz lives in​ Singapore, but is making her first business trip to​ Sydney, Australi
xxMikexx [17]

Answer:

a. The Singapore dollar to Australian dollar cross​ rate is (SGD = 1.00 AUD) 1.0278.

b. The number of Australian dollars Anne will get is 1,070.25 Australian dollars.

Explanation:

a. What is the Singapore dollar to Australian dollar cross​ rate?

Given:

Spot rate​ (SGD = 1.00​ USD) 1.3443

Spot rate​ (USD = 1.00​ AUD) 0.7646

These imply that:

1.3443 SGD = 1.00​ USD ..................... (1)

0.7646 USD = 1.00​ AUD ................... (2)

From equation (2), we divide through by 0.7646 to have:

0.7646 / 0.7646 USD = 1.00 / 0.7646 AUD

1.00 USD = 1.3079 AUD

Substituting this into equation (1) and solve as follows:

1.3443 SGD = 1.00​ USD = 1.3079 AUD

Dropping 1.00​ USD, we have:

1.3443 SGD = 1.3079 AUD

Dividing through by 1.3079, we have:

1.3443 / 1.3079 SGD =  1.3079 / 1.3079 AUD

1.0278 SGD =  1.00 AUD

Therefore, the Singapore dollar to Australian dollar cross​ rate is (SGD = 1.00 AUD) 1.0278.

b. How many Australian dollars will Anne get for her Singapore​ dollars?

This can be calculated as follows:

Number of Australian dollars Anne will get = Amount of Singapore dollars​ Anne wishes to exchange for Australian dollars​ / Singapore dollar to Australian dollar cross​ rate = 1,100 / 1.0278 = 1,070.24712979179 Australian dollars

Rounding to two decimal​ places as required, we have:

Number of Australian dollars Anne will get = 1,070.25 Australian dollars

Therefore, the number of Australian dollars Anne will get is 1,070.25 Australian dollars.

8 0
3 years ago
Harris Co. is considering a 12-year project that is estimated to cost $900,000 and has no residual value. Harris seeks to earn a
masha68 [24]

Answer:

annual income = $70,292.52

Explanation:

initial outlay $900,000

in order to determine the net cash flows per year we can use the present value of an ordinary annuity:

PV = annual cash flow x annuity factor

  • PV = $900,000
  • annuity factor, 15%, 12 years = 6.1944

annual cash flow = $900,000 / 6.1944 = $145,292.52

annual cash flow = [(revenue - operating costs - depreciation) x (1 - tax rate)] + depreciation

  • revenue - operating costs - depreciation = annual income
  • tax rate = 0?
  • depreciation = $900,000 / 12 = $75,000

$145,292.52 = annual income + $75,000

annual income = $145,292.52 - $75,000 = $70,292.52

3 0
3 years ago
Which of the following is NOT a benefit of specialization and trade? Select one: a. Increase in productivity from specialization
lbvjy [14]

Answer:

b. It creates equality throughout society

Explanation:

Specialisation & Trade refer to tendency of countries to produce goods of their specialisation & trade them with each other , rather than each country producing each good.

It leads to increase in productivity from knowledge specialisation, based on advantage (absolute, comparative) based production. It also makes people better off, increase in welfare due to choice expansion among differing preferences.

However, it is not in anyways connected to equality throughout society.

3 0
3 years ago
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