Answer:
SEASONS CONSTRUCTION
At the end of Dexc 31 2023
The revenue to be recognized will be = 25% * $18,600,000 = $4.650,000
The cost to be recognized = 25% * $18,750,000 = $4,687,500
Since percentage of completion method is being used, the revenue and cost to be recognized for the ywear 2023 will be based on the proportion of work completed in that year.
Explanation:
Answer:
The answer is : to Update the balance of Retained Earnings and prepare revenue, expense, and dividend accounts for next period's transactions
Explanation:
The closing entries is to set the accounts' balance of temporary account to zero by transferring these balance to other permanent accounts at the end of the accounting cycles.
Temporary accounts includes accounts of revenues and expenses and dividend payment. Permanent account is Retained Earnings.
As Revenues and expenses are recorded for an accounting period, their balances should be all transferred to Retained Earnings account, together with the dividend payment during the period, to determined the ending balance of Retained Earning account at the end of the accounting period.
Once the closing entries has been recorded, the balance of all revenues and expenses, dividend payments accounts will be set back to zero at the start of next account period for recording revenue and expenses taken place in that period only. While Retained Earning Balance will show how much accumulated Earnings a firm retained since the start of its business.
A firm achieves differentiation parity ideally when it sells its products or services at a higher price than its competitors.
The idea of parity is that a company sells its products at a higher cost than competitors even though the product or service isn't unique. Differentiation is when one companies products compete and are better than another with the same product.
It is because they are not profitable enough at first and because their development can take scarce resources away from sustaining innovations.
<h3>What does the term "disruptive innovation" mean?</h3>
It disrupts the market leader in that specific market space and fundamentally alters the industry when a new good or service is launched into an established market that performs better and typically costs less.
<h3>What exactly qualifies as a disruptive invention?</h3>
The usage of cellphones for computing purposes, such as web browsing and streaming, rather than laptops and desktop computers is another example of disruptive innovation. Thanks to technical breakthroughs, cell phones today have tiny CPUs, circuits, and software that support these functionalities.
To know more about Disruptive innovations visit:
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