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Dmitry_Shevchenko [17]
3 years ago
13

Jebali Corporation, a calendar year taxpayer utilizing the completed contract method of accounting, constructed a building for S

amson, Inc., under a long-term contract. The gross contract price was $2,300,000. Jebali finished construction in 2019 at a cost of $2,100,000. However, Samson insisted that Jebali redo the doorway; otherwise, the contract price would be reduced. The estimated cost of redoing the doorway is $80,000. In 2020, the dispute is settled and Jebali fixed the doorway at a cost of $65,000. a. How much must Jebali include in gross income
Business
1 answer:
melamori03 [73]3 years ago
7 0

Answer:

Jabeli must include = $2,220,000

Explanation:

As per the data given in the question,

Gross Income in 2019 = $2,300,000 - $80,000

= $2,220,000

So, Jabeli should include $2,220,000 in gross income and Jabeli is allowed to deduct $2,100,000 in 2019

In completed contact method of accounting :

Till the contract is completed and accepted, no revenue from the contract is recognized

In this case the purchaser may desire additional work to be done on a long term contract.

The regulations do not provide any amount of income(or loss) until the dispute is resolved.

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Sherry's teacher told her that she should schedule an informational interview with the mayor of her city. Which two questions wo
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Answer: Who else do you know in this career field that I could speak to about this career?

What experience did you obtain before being elected?

Explanation:

Informational interview is the interview which is conducted to obtain information from the celebrities, politicians, and other important people to understand and learn about the strategies and planning they are gone through with in their career.

Informational interview can also be defined as a kind of meeting in which the potential job seekers get career advice.

Here, Sherry is going to obtain the career advice from mayor. Thus she will ask question related to mayor's career.

She can ask about the prior experience of mayor in politics or any other field before he was elected. She can also ask about who else she can talk related to this career for better understanding.

8 0
3 years ago
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Beans Coffee & Cocoa Company makes and sells a chocolate flavored coffee drink under the name "CoCoCafe." Darkroast Java, In
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<u>Full question:</u>

Coffee & Cocoa Company makes and sells a chocolate-flavored coffee drink under the name "CoCoCafe." Darkroast Java, Inc., later markets a similar tasting drink under the name "KoKoKafe."

This is most likely:

a. copyright infringement.

b. patent infringement.

c. trademark infringement.

d. a theft of trade secrets.

<u>Answer:</u>

This is most likely:  trademark infringement.

<u>Explanation:</u>

Trademark infringement is described as the illegal practice of a trademark or service impression. This exercise can be in contact with goods or services and may commence to distraction, fraud, or a disagreement about the original company a commodity or service developed from.

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3 years ago
Kaplan, Inc. produces flash drives for computers, which it sells for $27 each. The variable cost to make each flash drive is $13
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Answer:

Contribution per unit

= Selling price - Variable cost per unit

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= $14

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= Contribution per unit

  selling price

= $14

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=  0.518518518

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= $2,700

               

Explanation:

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