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Gekata [30.6K]
3 years ago
10

Curtiss Construction Company, Inc. entered into a fixed-price contract with Axelrod Associates on July 1, 2015, to construct a f

our-story office building. At that time, Curtiss estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $4,000,000. The building was completed on December 31, 2017. Accumulatedcontract costs incurred, estimated costs to complete the contract, accumulated billings to Axelrod and cash collections from Axelrod under the contract are as follows:
12/31/2015 12/31/2016 12/31/2017
Costs incurred (to date) $350,000 $2,500,000 $4,250,000
Estimated costs to complete 3,150,000 1,700,000 0
Billings to Axelrod (to date) 720,000 2,170,000 3,600,000
Cash collections (to date) 600,000 1,800,000 3,600,000
Required:
1. For each of the three years, prepare a schedule to compute total gross profit or loss to be recognized as a result of this contract.
2. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years.
3. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2016 and 2017 as either cost in excess of billings or billings in excess of costs.
Business
1 answer:
Gekata [30.6K]3 years ago
4 0

subject?

anwserggggggggggggg

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Answer:

of course. Business have obligations and duties towards many parties. we call these people "stake holders". in other words, they are either interested in the business and activities or are effected by the business activities.

for an example, the community and the environment the business operates in are stakeholders and the firm has responsibility to ensure an environmental friendly production and practices are carried out by the firm.

Government and tax authorities are another example. firm has to make sure that the required disclosures are made and proper taxes are paid timely.

Potential investors are another example, the company has to make sure that they disclose all the relevant and material information that may give signals about the companies future and its direction.

Explanation:

8 0
3 years ago
The per-unit standards for direct materials are 2 gallons at $4 per gallon. Last month, 12200 gallons of direct materials that a
Anika [276]

Answer:

$8,800 favourable

Explanation:

The computation of direct material quantity variance is seen below;

= Standard price × ( Standard quantity - Actual quantity)

= $4 × [(2 gallons × 7,200 units) - 12,200 gallons)

= $4 (14,400 gallons - 12,200 gallons)

= $4 × 2,200 gallons

= $8,800 favorable

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8 0
2 years ago
If you hold a $100 U.S. Treasury Bill, this means: (Select all that apply) Helpful Hint: There are 2 correct answers. The U.S. g
egoroff_w [7]

The U.S. government owes you $100.

Option 1 is correct .

Treasury Bills:

Treasury bills, or T-bills, have the shortest terms of all and are issued with maturity dates of four, eight, 13, 26, and 52 weeks.

Treasury Bill Characteristics:

Unlike Treasury bonds and notes, T-bills do not pay periodic interest payments to investors. Instead, Treasury bills are auctioned off to investors at a discount to their face value. The investor's return is the difference between the face value and the discount price paid at purchase.

How Do You Cash a Treasury Bond?

For Treasury bonds held with a bank or broker, consult the institution to redeem them.

For Treasury bonds in Treasury Direct (electronically), investors don't need to take any action since the bond will be cashed out at maturity and deposited into your account as long as you supply your bank information to Treasury Direct.

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brainly.com/question/14604863

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7 0
1 year ago
Schickel Inc. regularly uses material B39U and currently has in stock 460 liters of the material for which it paid $3,128 severa
stira [4]

Answer:

D. $4,902

Explanation:

Schickel Inc.

RELEVANT COST can be defined as the cost that are often said to be incurred only when making specific and important business decisions because this relevant cost is used to determine whether to sell or keep a business which is why relevant cost concept is useful for eliminating some information from a particular decision-making process.

Relevant cost=

New stocks of the material purchased for $6.45 per liter.

Relevant cost of 760 liters of the material to be used.

Hence;

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Therefore the relevant cost of the 760 liters of material B39U is $4,902

6 0
2 years ago
Drew Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts for the mont
Afina-wow [57]

Answer:

$312,000

Explanation:

Given that,

August Sales = $300,000

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= (August Sales × 60%) + (July Sales × 40%)

= ($300,000 × 60%) + ($330,000 × 40%)

= $180,000 + $132,000

= $312,000

Therefore, the cash is budgeted to be received during August is $312,000.

8 0
2 years ago
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