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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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Suppose portable radios can be imported at a world price of $10 per radio. If trade were unencumbered, what would the new market
Harman [31]

Answer:

Domestic demand: Q = 5,000 – 100P; Supply: Q = 150P

At equilibrium, demand equals supply.

5,000 – 100P = 150P

250P = 5,000

P = 5,000/250

Equilibrium price (P) = $20

Substituting P in demand equation:

Q = 5,000 – (100*20)

Equilibrium quantity (Q) = 3,000 portable radio would be imported

6 0
3 years ago
Yvette is a college student who lives in San Francisco and does some consulting work for extra cash. At a wage of $35 per hour,
White raven [17]

Answer:

<em>The elasticity of Yvette's labor supply is 2.67 and the value is greater than 1  so the wage range is elastic.</em>

Explanation:

The wage one is given asW_1=  $35

The Quantity of time is given as T_1=4 hours

The second wage is given as W_2=$45

The quantity of time for second wage is T_2=8 hours

So the calculation of elasticity is as

CoE=\frac{T_2-T_1}{Q_2-Q_1} \times\frac{T_2+T_1}{Q_2+Q_1}

By replacing the values

CoE=\frac{T_2-T_1}{Q_2-Q_1} \times\frac{Q_2+Q_1}{T_2+T_1}\\CoE=\frac{8-4}{45-35} \times\frac{45+35}{8+4}\\CoE=\frac{4}{10} \times\frac{80}{12}\\CoE=0.4\times 6.67\\CoE=2.67

So <em>The elasticity of Yvette's labor supply is 2.67 and the value is greater than 1  so the wage range is elastic.</em>

5 0
4 years ago
Felton Co. produces rubber bands for commercial and home use. Felton reported $8 million residual income (RI) with $25 million n
BaLLatris [955]

Answer:

Residual income = Operating income - (r x Asset invested)

            $8 million = $13 million - (r x  25 million)

             $8 million = $13 million - r25 million              

              r25 million = $13 million - $8 million

              r25 million = $5 million

              r                 = $5 million/25 million

              r                 = 0.2 = 20%

            Thus, required rate of return is 20%

Explanation:

In this case, we need to apply the residual income formula. Operating income, asset invested and residual income have been given with the exception of rate of return. Thus, rate of return becomes the subject of the formula.

6 0
4 years ago
. Define a primary and secondary market for securities and discuss how they differ. Discuss how the primary market is dependent
Amanda [17]

Explanation:

Primary market for securities is one that provides access to buy new new issues of stocks and bonds of a company. A good example of primary market is an Initial Public Offering (IPO), organized by a company that wants to sell it's shares for the first time to investors.

While Secondary market, are places to sell securities to a secondary (second) buyer from the current security owner who bought from the primary market.

The primary market is dependent on the secondary market since it is the demand from the secondary market that determines the asset valuation of the primary market.

3 0
3 years ago
Rachel manages security for a small bank and has a firewall at the gateway as well as one at each network segment. Each firewall
ElenaW [278]

Answer:

<em>Integrate with SIEM</em>

Explanation:

Security information and event management (SIEM) is <em>a security management approach that integrates the roles of SIM (Security Information Management) and SEM (Security Event Management) into one security management system. </em>

The first step to be taken is to integrate it with a SIEM so that all logs are consolidated and protected. Honeypot and honeynet are completely unrelated to the scenario and it is a great idea to integrate with AD, but it does not boost the setup of the firewall.

3 0
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