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defon
2 years ago
10

Indiana Co. began a construction project in 2021 with a contract price of $161 million to be received when the project is comple

ted in 2023. During 2021, Indiana incurred $36 million of costs and estimates an additional $87 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed. Suppose that, in 2022, Indiana incurred additional costs of $63 million and estimated an additional $52 million in costs to complete the project. Indiana: _________
a. Recognized $25.50 million gross profit on the project in 2022.
b. Recognized $6.00 million gross profit on the project in 2022.
c. Recognized $27.00 million gross profit on the project in 2022.
d. Recognized $5.46 million gross profit on the project in 2022.
Business
1 answer:
BigorU [14]2 years ago
3 0

Answer:

I say a

Explanation:

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I just need help understanding how to work through this
gogolik [260]

Tough.. Just write a little stick figure guy saying I dunno. :) Hope I helped!

7 0
3 years ago
A bank reconciliation:Group of answer choicesis a formal financial statementboth A and B are correctis part of a sound internal
Anna [14]

The Correct question reads;

Which of the following statements about bank reconciliations is correct?

a. Should not be prepared by an employee who handles cash transactions

b. Is part of a sound internal control system

c. Is a formal financial statement

d. Both (a) and (b) are correct

Answer:

<u>a. Should not be prepared by an employee who handles cash transactions</u>

<u>Explanation:</u>

It is only a bank that prepares a bank reconciliation statement. So, it is correct to say that a bank reconciliation statement should not be prepared by an employee who handles cash transactions.

3 0
3 years ago
Red Blossom Corporation transferred its 40 percent interest to Tea Company as part of a complete liquidation of the company. In
kogti [31]

Answer:

The amount of gain that Red Blossom recognize in the exchange is $322500 and its basis in the land it receives is $635000.

Explanation:

Red Blossom recognize the gain

= Fair market value of land – corporation basis

= $635000 - $312500

= $322500

Basis of Land = Fair market value  

                       = $635000

$322500 gain recognized and a basis in the land of $635000

Therefore, The amount of gain that Red Blossom recognize in the exchange is $322500 and its basis in the land it receives is $635000.

8 0
3 years ago
Tools, equipment, and factories used in the production of goods and services;
Luba_88 [7]

Answer:

capital

Explanation:

The capital assets are all those belongnings of the company that help creating revenue.

4 0
3 years ago
Read 2 more answers
Brands like​ victoria's secret underwear and kettle gourmet potato​ chips, which carry a significant premium over​ middle-market
kifflom [539]
Accessible superpremium brands
5 0
3 years ago
Read 2 more answers
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