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grigory [225]
3 years ago
9

Monroe Construction Company uses the percentage-of-completion method of accounting. In 2013, Monroe began work on a contract it

had received which provided for a contract price of $20,000,000. Other details follow: 2013 Costs incurred during the year $9,600,000 Estimated costs to complete as of December 31 $6,400,000 Billings during the year $8,800,000 Collections during the year $5,200,000 What should be the gross profit recognized in 2013?
Business
1 answer:
deff fn [24]3 years ago
7 0

Answer:

$2,400,000

Explanation:

Costs incurred during 2013 + estimated costs to complete (2014) = $9,600,000 + 6,400,000 = $16,000,000

The gross profit for all the project should be $20,000,000 - $16,000,000 = $4,000,000.

The $4,000,000 gross profit should be distributed as follows:

2013 = ($9,600,000 / $16,000,000) x $4,000,000 = $2,400,000

2014 = ($6,400,000 / $16,000,000) x $4,000,000 = $1,600,000

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This information relates to Hanshew Real Estate Agency.
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Answer and Explanation:

a. The Journal entry is shown below:-

1. Cash Dr, $35,000

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(Being received cash in exchange of common stock is recorded)

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3. Equipment Dr, $3,500

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4. Accounts receivable Dr, $10,000

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5. Cash Dr, $140

     To Service revenue $140

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7. Salaries and wages expenses Dr, $3,000

      To Cash $3,000

(Being Salaries and wages expenses is recorded)

b. The transaction of T accounts is shown below:-

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Oct 1       $35,000        Oct 27     $700

Oct 10     $140               Oct 30     $3,000

Oct 31      $31,440

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Oct 6        $10,000

Oct 31       $10,000

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Oct 3         $3,500

Oct 31        $3,500

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Oct 27       $700                Oct 3     $3,500

                                          Oct 31     $2,800

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                                          Oct 1      $35,000

                                          Oct 31     $35,000

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                                         Oct 6       $10,000

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Oct 30     $3,000

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3 0
3 years ago
Which of these factors contributes to the popularity of cable TV advertising?
defon

The factor that contributes to the popularity of cable TV advertising is "wide reach."

Unlike the normal print, newspaper, radio, or local television stations, cable TV advertising can reach a larger audience.

This is evident in the fact that Cable TV adverts can be viewed anywhere in the country and across the globe.

Also, another advantage is that it can easily be tied to a particular program, such as sports programs and other exciting programs.

Hence, in this case, it is concluded that the correct answer is option A. "Wide Reach."

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