Answer:
Revenue recognized for 2018 is $5,450,400
Profit for the same year is $275,400
Explanation:
The is a method of revenue recognition known as cost to completion. It is used to recognize revenue from long term projects which are mostly construction contracts that will not be completed in a year. In this system, the revenue to be recognized is a function of the cost.
As such, where 30% of the total cost of the project is incurred in the first year, 30% of the total revenue will also be recognized in the first year. The difference between the revenue and the cost gives the profit.
Given that total revenue for 3 years is $18168000
Revenue to be recognized
= 30/100 * $18,168,000
= $5,450,400
Cost incurred
= 30/100 * $17,250,000
= $5,175,000
Profit for 2018
= $5,450,400 - $5,175,000
= $275,400
-animal control
-local road maintenance
-police protection
-fire service
-sewage treatment
-safe drinking water
-safe building regulations
Answer:
a. globalization.
Explanation:
Global economy refers to the viewing economies of all countries as a single economy. In recent years, economies of multiple countries are increasingly becoming interconnected and dependent on each other. Globalization describes the increased interactions and interdependence between multiple countries.
Advancement in technology and infrastructure development has facilitated the easy and faster movement of people, technology, ideas, goods, and services across borders. Consequently, international trade and social interactions have increased, making the world appear as one big economy. This connection between countries' economies is globalization.
When a company has a monopoly on a product, there is no other competition so that producer can price the product however high they want. When there is competition, the product must be priced appropriately or the consumer will go to another option. Additionally, monopolies can result is a lesser quality product.