In the given example above, the favorite tune of college level
forming group that they are considered to belong is the fisk. The fisk forming
group in the college level are famous singers of which they are students who
travel and raises funds for their college.
<u>Answer: </u>$500,000
<u>Explanation:</u>
The difference between the contract amount and cost incurred is the profit in this case.
Profit from the project = $20mn-$16mn
=$4mn
In the above mentioned project only 12.5% complete at the end of 20X5 ($2mn/$16mn). Total gross profit through the end of 20X5 is therefore
=$4mn x 12.5%
=$500,000
The $500,000 amount is the proportion of completion applied to the total contract profit of $4mn. This is the beginning year of contract so there is no previous profits or expenses that needs to be adjusted. The entire $500,000 gross profit is recognized in 20X5.
The key revenue accounts that are usually included in the cycle
can help know more about business’ income moves through the company's
accounting system. These are:
-Cash
-Sales
-Accounts Receivable
-A/R Subsidiary Ledger
-Financial Receivable
-Allowances for Doubtful Accounts
-Bad Debt Expense
-Sales Discounts
-Sales Returns and Allowances
-Leases
-Warranty Expense
-Warranty Liability
-Sales Commission Expense
Accounts that Involve Critical Accounting Estimates:
-Warranty and Additional Service Actions
-Automotive Sector
-Financial Service Sector
-Operating Leases-
Allowance for Credit Losses
-Allowance for Doubtful Accounts
-Bad Debt Expense
-Lease
<span> </span>
Answer:
B. Sharing a personal experience
Explanation:
Professional relationship
