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Answer:
company gained a gross profit of $2 million
Explanation:
Data provided in the question;
Contract price to build an office = $32 million
Construction costs incurred during the first year = $9 million
Estimated costs to complete at the end of the year = $21 million
Therefore,
Total cost incurred to complete the construction of the office at the end of the first year
= Construction costs incurred during the first year + Estimated costs to complete at the end of the year
= $9 million + $21 million
= $30 million
Thus,
The revenue generated by the company = Contract price - cost incurred
= $32 million - $30 million
= $2 million
since the revenue is positive, hence the company gained a gross profit of $2 million
Answer:
Explanation:
Question 27
If Wheat Company had used the FIFO inventory method, income before income taxes would have been $75,000 higher in the current year. As inventory is an asset to the company. Therefore the $75,000 in inventory would have increased the company's asset and increasing the income before taxes.
Question 28
Other things held constant, which of the following will NOT affect the current ratio, assuming an initial Not yet current ratio greater than 1.0?
C. Accounts receivable are collected in cash.
Current ratio measures a company's ability to pay short-term obligations as at when due. It indicates that a company can manage its debts and other payable when their current assets is well managed.
It is calculated as Current Asset/ Current Liability. A ratio of 1 and above is the best meaning that a company an manage its debts obligations well.
Answer:
The answer is $801,900
Explanation:
Cash received from customers is a line item under operating activities in the cash flow. It is the total amount of money collected from customers for the period.
Cash received from customers equals sales plus decrease in accounts receivable.
Sales = $753,500
Decrease in accounts receivable = $48,400.
Therefore, Cash received from customers = $753,500 + $48,400
$801,900
