Question 1 of 10

Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following information applies to the que

NeX [460]

Answer:

revenue recognized

2021 = $3,000,000
2022 = $4,700,000
2023 = $2,300,000

gross profit

2021 = $420,000
2022 = $658,000
2023 = $124,200

Explanation:

Percentage of 2021 2022 2023

completion method

Cost incurred in $0 $2,580,000 $6,622,000

previous year

+ Cost incurred $2,580,000 $4.042,000 $2,175,800

during the year

Total cost incurred $2,580,000 $6,622,000 $8,797,800

+ Estimated cost to $6,020,000 $1,978,000 $0

be incurred

Total estimated cost $8,600,000 $8,600,000 $8,797,800

to be incurred

Percentage of 30% 77% 100%

completion

Total revenue $10,000,000 $10,000,000 $10,000,000

Total revenue $3,000,000 $7,700,000 $10,000,000

recognized (% of completion x total revenue)

- Revenue recognized ($0) ($3,000,000) ($7,200,000)

in previous year

= revenue recognized $3,000,000 $4,700,000 $2,300,000

in current year

gain/loss 2021 2022 2023

Revenue $3,000,000 $4,700,000 $2,300,000

- Cost incurred ($2,580,000) ($4,042,000) ($2,175,800)

Gross profit $420,000 $658,000 $124,200

5 0

3 years ago

The complex whole that includes knowledge, belief, art, law, morals, customs, and any other capabilities and habits acquired by

timurjin [86]

The classic anthropological definition of culture is ---“that complex whole which includes knowledge, belief, art, law, morals, custom, and any other capabilities and habits acquired by man as a member of society”

What is the meaning of complex whole?

Whenever a relation holds between two or more terms, it unites the terms into a complex whole. Literature. The food industry as a complex whole requires an incredibly wide range of skills. If Othello loves Desdemona, there is such a complex whole as 'Othello's love for Desdemona'.

What is a complex culture?

a group of culture traits all interrelated and dominated by one essential trait: Nationalism is a culture complex.

How do you define culture and society?

A culture represents the beliefs and practices of a group, while society represents the people who share those beliefs and practices. Neither society nor culture could exist without the other.

Learn more about complex culture:

brainly.com/question/18512761

#SPJ4

6 0

2 years ago

The graphs shows employment figures for nonfarm workers for 2008 to 2013

Marat540 [252]

At the same time, employers are not raising wages at the same rate. ... The graph shows employment figures for nonfarm workers for 2008 to 2013.

4 0

3 years ago

Read 2 more answers

Terrell has an employer-sponsored 401(k) plan that he contributes to, and his employer matches 25% of his 401(k) contributions.

Elza [17]

The answer is 6250 buddy.

You're welcome
-From Hockey

8 0

3 years ago

Read 2 more answers

The Surgeon General announces that eating apples promotes healthy teeth. As a result, the equilibrium price of apples A. increas

vazorg [7]

Answer:

The correct answer is option A.

Explanation:

When the surgeon general announces that eating apples is good for teeth, it would increase the demand for apples. The demand curve will shift rightwards. This will further lead to increase in price level. The producer surplus will also increase.

This is shown in the graph below:

When there is an increase in the demand, the demand curve moves to D' leading to an increase in the price level. It is further accompanied by an increase in the producer surplus.

7 0

3 years ago