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const2013 [10]
3 years ago
7

As of December 31, 2021, Cady Construction has one construction job for which the construction in prog-ress (CIP) account has a

balance of $20,000 and the billings on construction contract account has a balance of $14,000. Cady has another construction job for which the construction in progress account has a balance of $3,000 and the billings on construction contract account has a balance of $5,000. Indicate the amount of contract asset and/or contract liability that Cady would show in its December 31, 2021, balance
Business
1 answer:
Ierofanga [76]3 years ago
4 0

Answer:

According to "AS 7 - Construction Contracts",Gross amounts receivable / payable from / by customers should be recognized as contract asset / liability in the balance sheet.

For the first job, construction work in progress is greater than the bills raised. Hence there exists contract asset.

Contract asset = Cost incurred - Billing done

= $20,000 - $14,000

= $6,000

For the second job, construction in progress is less than the bills raised. Hence there exists contract liability.

Contract liability = Bills raised - Cost incurred

= $5,000 - $3,000

= $2,000

Hence, Contract asset = $6000 , Contract Liability = $2000

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It is important that each expatriate know where they are going and the security issues of that place and what appropraite actions the employer has taken to minimize or mitigate those risks.

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3 years ago
Antonio has a number of employees who report to him. he has been considering how to motivate these employees to higher levels of
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The Maslow hierarchy of needs is an interesting scheme to classify our needs. The most necessary one are at the bottom of the pyramid; Physiological needs like food and water are the most essential ones. Then follows safety, the feeling of love or belonging and having self-esteem, namely thinking that you are worthy. In the end, the highest level of needs is the need for self-actualization, the need to fulfill our potential and to achieve the goals we set out to achieve. While dexter would focus on the bottom of the table, antonio would give more emphasis on the need for self-actualization since according to his opinion this is an important factor enhancing worker priductivity.
6 0
4 years ago
"what advantage is the company experiencing by allowing angela to telecommute?"
wolverine [178]

Telecommuting is an alternate work place arrangement like work from home, library or any place very near to home.

By allowing Angela to telecommute, company is experiencing;

A. Increased productivity

Explanation:

A 2014 Stanford study says call centers employees who work from home increase productivity by 13%

B. Reduced Turnover.

Explanation:

Employee turnover is costly proposition. When employee will work from home he will be happier and not think to leave position which can cause an add up savings for employer for a long run

C. Increased Morale.

Explanation:

It is also a turn over for a company. Employee who works from home feels himself a valuable which increases his morale. Telecommuters tend less stress and much happier than office going workers.

D. Environmental Friendly.

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Telecommuters don't take it as a work. They enjoy it as they are free of stress.

E. Economically sound

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Its not only telecommuters who can take financially benefits but it is estimated that company can approximately save $11000 on each employee annually.


4 0
3 years ago
Renee paid $4,000 in mortgage interest on a $110,000 mortgage that was taken out when she bought her home several years ago. She
ruslelena [56]

Answer:

The amount that is deductible as interest expense for Renee in 2021 is:

= $4,000.

Explanation:

a) Data:

Home mortgage - $110,000

Interest on home mortgage = $4,000

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Interest on the home equity loan = $8,000

Deductible interest expense for Renee in 2021 is $4,000

b) Usually, the interest expenses that a taxpayer pays on her home equity loan to enjoy a cruise around the world, on personal credit card, on automobile loan, and on other types of personal consumer finance interests are not tax-deductible.

4 0
3 years ago
Ocean sediment cores provide a climate record for the past ________ years.
MrMuchimi

Ocean sediment core provides a climate record of the past 70 million years.

1880 is the reliable global record which we can say the climate began. Proxies(climate) helps the scientists to determine the climatic patterns even before starting record-keeping.

Some examples of proxies are sub-fossil pollen, lake and ocean sediments, tree rings, and ice cores. Climatic of the time influenced the growth rate of proxies material. It is from proxies where we can recover quantities of particular isotopes from climatic changes.

The combination of proxies can produce temperature reconstruction which is longer the instrumental temperature.

5 0
3 years ago
Read 2 more answers
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