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Reil [10]
3 years ago
15

Cullumber Inc., a real estate developing company, was accounting for its long-term contracts using the completed contract method

prior to 2021. In 2021, it changed to the percentage-of-completion method. The company decided to use the same for income tax purposes. The tax rate enacted is 40%. Income before taxes under both the methods for the past three years appears below. 2019 2020 2021 Completed contract $395000 $267000 $139000 Percentage-of-completion 695000 331000 215000 What amount will be debited to Construction in Process account, to record the change at beginning of 2021?
Business
1 answer:
slavikrds [6]3 years ago
7 0

Answer:

$217,800

Explanation:

1.)Income as per new method (695,000 + 331,000) $1,025,000

Less Actual reported income until 2021 (395,000 + 267,000 ) $662,000

Balance $363,000

Hence:

40%*$363,000

=$145,200

$363,000 -145,200

=$217,800

Therefore amount will be debited to Construction in Process account, to record the change at beginning of 2021 will be $217,800

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Y_Kistochka [10]

Answer:

:Two students made stem-and-leaf plots for the following data: 530, 545, 550, 555,560, 570. Which is incorrect? Explain the error.

(2 Points)

A; there is no stem for 56.

B; there are no leaves for 55.

Explanation

3 0
3 years ago
Trade-offs force society to make​ choices, particularly when answering the following three fundamental​ questions:
joja [24]

Answer:

The correct answer is D. One, what goods and services will be​ produced? Two, how will the goods and services be​ produced? Three, who will receive the goods and services​ produced?

Explanation:

There are two questions in particular that summarize the reason for the economy:

• How do elections determine what, how and for whom goods and services are produced?

• At what point are choices made in pursuit of personal interest promoting social interest?

What, how and for whom?

Goods and services are the objects that people value and produce to meet their needs.

What? It determines the goods and services that are produced as well as the amount that is produced from each good and service.

How? Goods and services are produced using what economists call production factors.

The factors of production are the resources that companies use to produce goods and services. These factors fall into four categories:

• Earth

• Job

• Capital

5 0
3 years ago
At Taylor Activewear, orders have significantly exceeded projections, and Macon, the operations director, has decided to hire fo
Afina-wow [57]

Answer: variable budget

Explanation: In simple words, variable budget refers to the budget statement which shows how much different costs would vary if the level of activity as per standards set increases or decreases.

These are also called flexible budget and are made on the basis of current level of output. These budgets provides flexibility to the management with respect to both best case and worst case scenarios.

From the above we can conclude that the correct answer is variable budget.

7 0
3 years ago
Melissa invests $37,000 today in a savings account that pays 4 percent interest compounded annually. She wants to know the total
MissTica

Answer:

a. N = 7, I/Y = 4, PV = -37,000

Explanation:

In financial calculator % is already written in the calculator so we have to write only number in calculator.

Option b incorrect because it has included a number with % ( 4% ) sign that we dint do usually in calculator.

Option c is incorrect because it has taken pv as positive

Option d is incorrect because it has written 4% that we don't put in calculator as well as it has inserted positive pv which is also wrong.

7 0
3 years ago
Which phrase best describes a capital gain? an increase in the amount of capital a firm uses in production an increase in the va
rewona [7]

Answer:

An increase in the value of an asset

A portion of profits paid back to shareholders

Explanation:

Capital gain can be defined as a rise in the value of a capital asset (which could be investment or real estate) that facilitates a higher worth than the original purchasing price.

Dividend can be defined as a distribution of profits by a certain corporation to its shareholders.

4 0
3 years ago
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