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lbvjy [14]
3 years ago
10

Bretts Construction Company had a contract starting April 2017, to construct a $6,000,000 building that is expected to be comple

ted in September 2018, at an estimated cost of $5,500,000. At the end of 2017, the costs to date were $2,530,000 and the estimated total costs to complete had not changed. The progress billings during 2017 were $1,200,000 and the cash collected during 2017 was $800,000. For the year ended December 31, 2017, Bretts would recognize gross profit on the building of:
Business
1 answer:
ExtremeBDS [4]3 years ago
4 0

Answer: $230,000

Explanation:

Gross profit to be earned from project:

= Construction price - cost of construction

= 6,000,000 - 5,500,000

= $500,000

Percentage of costs incurred in 2017:

= 2,530,000 / 5,500,000 * 100%

= 46%

The Gross profit for 2017 is therefore:

= Percentage of cost incurred * total gross profit

= 46% * 500,000

= $230,000

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6 0
3 years ago
David Segal started a business. During the first month (October 20--), the following transactions occurred.
zloy xaker [14]

Answer:

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Explanation:

Note: See the attached xlsx file for the effect of each transaction on the individual accounts of the expanded accounting equation and the report of the total of each element.

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8 0
2 years ago
What is a main problem with determining the social benefits of a public good like a community fireworks show?
nexus9112 [7]
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Sunny Day Manufacturing Company has a current stock price of $22.35 per share, and is expected to pay a per-share dividend of $2
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