A retail store has two options for discounting items to go on clearance.
1: Decrease the price of the item by 15% each week.
2: Decrease the price of the item by $5 each week. If the cost of an item is $45, write a function rule for the difference in price between the two options.
Answer:
Difference = 1.75 , Function = mod [ 0.15x - 5 ]
Explanation:
Discount case 1 = $5 {Each week} , Discount case 2 = 15% {Each week}
After 1st week , for item cost = 45
Discount in case 1 = $5 , & price = 45 - 5 = 40 Discount in case 2 = 15% of 45 = 6.75 , & price = 38.25Difference in price = 40 - 38.25 = 1.75 .It is same is difference in discount = 6.75 - 5 , ie = 1.75
Functional rule in price difference , for item with unknown price 'x' = mod [ (x - 5) - (x - 0.15x) ] = mod [ x - 5 - x + 0.15x ] = mod [ 0.15x - 5 ] , which is same as difference between discount '0.15x & 5'
Barton's Taco Tico has four taco makers and ten other employees who take orders from customers and perform other tasks. The four taco makers and the other employees are paid an hourly wage. How would one classify (1) the wages paid to the taco makers and other employees and (2) materials (e.g., cheeses, salsa, tomatoes, lettuce, taco shells, etc.) used to make the tacos
Answer:
Barton's Taco Tico
1. The wages paid to the taco makers and other employees are variable costs.
2. The cost of materials are also variable costs.
Explanation:
Variable costs vary in total but remain fixed per unit. For example, the wages paid to the workers have a fixed rate. Therefore, the total will vary, depending on the total hours worked by each worker. Similarly, the costs of materials vary in total, but the price per material may be relatively fixed.
Marco started the shop by investing $40,400 cash and equipment valued at $18,400 in exchange for common stock.
Purchased $110 of office supplies on credit.
Paid $1,600 cash for the receptionist's salary.
Sold a custom frame service and collected $4,900 cash on the sale.
Completed framing services and billed the client $240.
What was the balance of the cash account after these transactions were posted?
a. $11,790
b. $12,030
c. $43,700
d. $43,830
e. $43.940.
Answer:
$43,700
Explanation:
The simplest way to determine the balance of the cash account is to prepare the cash account and see the side with a shortfall well as the amount. A cash account accounts for only cash related transactions.
Marco`s Cash Account
Debit :
Capital $40,400
Cash Sales $4,900
Total $45,300
Credit :
Receptionist's salary $1,600
Balance c/d (missing amount) $43,700
Total $45,300
thus,
the balance of the cash account after these transactions is $43,700.
Capital budgeting is the process of making capital expenditure decisions. used in sell or process further decisions. of determining how much capital stock to issue. of eliminating unprofitable product lines.
Answer:
The correct answer is the first option: of making capital expenditure decisions.
Explanation:
To begin with, the term known as "Capital Budgeting", in the field of business management, refers to the method a company's manager use in order to see how profitable it is to start some new inversions or projects, therefore that the main purpose of this process is to involve the elaboration of a budget that will help the superiors of the organization to make capital expenditure decisions when they are looking for a new inversion or project to start with. It is very helpful in the situations where there is a need for evaluation of future prospects.
What are the different types of discrimination
Answer:
There are a lot of differnet ways here
Age Discrimination.
Disability Discrimination.
Sexual Orientation.
Status as a Parent.
Religious Discrimination.
National Origin.
Sexual Harassment.
Race, Color, and Sex.
Explanation:
Hope this Helped!!!!!!!!
NeverEver Corporation is choosing between a taxable bond at the yield of 7% and a municipal bond at the yield of 5.75%. Calculate the NeverEver Corporation's break-even tax rate. g
Answer:
18%
Explanation:
Calculation to determine the NeverEver Corporation's break-even tax rate.
Using this formula
Break-even tax rate=1- ( Municipal / Corporate )
Let plug in the formula
Break-even tax rate=1- (0.0575-0.07)=0.821429
Break-even tax rate=1-0.821429=0.178571
Break-even tax rate=0.178571 *100
Break-even tax rate= 17.8%
Break-even tax rate=18% Approximatel
Therefore the NeverEver Corporation's break-even tax rate is 18%
Celestial Artistry Company is developing departmental overhead rates based on direct-labor hours for its two production Department. Etching and Finishing. The Etching, Department employs 20 people and the Finishing Department employs 80 people. Each person in these two departments works 2,000hours per year. The production-related overhead costs for the Etching Department are budgeted at $200.000, and the Finishing Department costs are budgeted at $320.000. Two service departments. Maintenance and Computing directly support the two production departments. These service department, have budgeted costs of $48,000 and $250,000 respectively. The production department’s overhead rates cannot be determined until the service department’s costs are allocated. The following schedule reflects the use of the Maintenance Departments and Computing Department’s output by the various departments.
Using Department
Service Department Maintenance Computing Etching Finishing
Maintenance(maintenance hours) 0 1,000 1,000 8,000
Computing (minutes) 240,000 0 840,000 120,000
Required:
1. Use the direct method to allocate service department costs. Calculate the overhead rates per direct labor hour for the Etching Department and the Finishing Department.
2. Use the step–down method to allocate service department costs. Allocate the Computing Department’s costs first. Calculate the overhead rates per direct-labor hour for the Etching Department and the Finishing Department.
Answer:
Celestial Artistry Company
1. Allocation of Service departments costs (direct method):
Service Dept Production Dept.
Maintenance Computing Etching Finishing Total
Overheads $48,000 $250,000 $200,000 $320,000 $818,000
Maintenance (48,000) 5,333 42,667 0
Computing (250,000) 218,750 31,250 0
Total costs $0 $0 $424,083 $393,917 $818,000
Direct labor hours 40,000 160,000
Overhead rate per direct labor hour $10.602 $2.462
2. Allocation of Service departments costs (step-down method):
Service Dept Production Dept.
Maintenance Computing Etching Finishing Total
Overheads $48,000 $250,000 $200,000 $320,000 $818,000
Computing 50,000 (250,000) 175,000 25,000 0
Maintenance (98,000) 0 10,889 87,111 0
Total costs $0 $0 $385,889 $432,111 $818,000
Direct labor hours 40,000 160,000
Overhead rate per direct labor hour $9.647 $2.701
Explanation:
a) Data and Calculations:
Etching Finishing Total
Employees 20 80 100
Direct labor hours per year 2,000 2,000
(per employee)
Total direct labor hours/year 40,000 160,000 200,000
Production-related overhead $200,000 $320,000 $520,000
Service Dept Production Dept.
Maintenance Computing Etching Finishing Total
Overheads $48,000 $250,000 $200,000 $320,000 $818,000
Maintenance
(maintenance hours) 0 1,000 1,000 8,000 10,000
Computing (minutes) 240,000 0 840,000 120,000 1,200,000
Direct Allocation of Service Departments Overheads:
Maintenance Overhead:
Etching = $5,333 ($48,000 * 1,000/9,000)
Finishing = $42,667 ($48,000 * 8,000/9,000)
Computing Overhead:
Etching = $218,750 ($250,000 * 840,000/960,000)
Finishing = $31,250 ($250,000 * 120,000/960,000)
Step-down Allocation of Service Departments Overheads
Computing Overhead:
Maintenance = $50,000 ($250,00 * 240,000/1,200,000)
Etching = $175,000 ($250,00 * 840,000/1,200,000)
Finishing = $25,000 ($250,00 * 120,000/1,200,000)
Maintenance Overhead of $98,000:
Etching = $10,889 ($98,000 * 1,000/9,000)
Finishing = $87,111 ($98,000 * 8,000/9,000)
Sales on account for the first two months of the current year are budgeted as follows.
January $ 966,000
February 650,000
All sales are made on terms of 2/10, n/30 (2 percent discount if paid in 10 days, full amount by 30 days); collections on accounts receivable are typically made as follows.
Collections within the month of sale:
Within discount period 60 %
After discount period 15
Collections within the month following sale:
Within discount period 15
After discount period 7
Returns, allowances, and uncollectibles 3
Total 100 %
Compute the estimated cash collections on accounts receivable for the month of February.
Answer:
Total cash collections $689,322
Explanation:
The computation of the estimated cash collections on account receivable is shown below;
January Sales within the discount period ($966,000 × 15% × 98%) $142,002
January Sales after the discount period ($966,000 × 7%) $67,620
February Sales within the discount period ($650,000 × 60% × 98%) $382,200
February Sales after the discount period ($650,000 × 15%) $97,500
Total cash collections $689,322
Bens Corporation has three service departments (Repairs, HR, and IT) and two production departments (M1 and M2). The following usage data for each of the service departments for the previous period follow.
Repairs HR IT M1 M2
Repairs _____ 0% 0% 40% 60%
HR 10% _____ 20% 35% 35%
IT 0% 10% ____ 20% 70%
The direct costs of the service departments in the previous period were $36,000 for Repairs, $55,600 for HR, and $81,000 for IT.
Required:
Use the step method to allocate the service department costs to the production departments. Allocate HR costs first, followed by IT, and then Repairs
Answer:
Bens Corporation
Allocation of Service Departments' Direct Costs:
Repairs HR IT M1 M2 Total
Direct costs $36,000 $55,600 $81,000 $172,600
Step allocation:
HR direct costs 5,560 -55,600 11,120 19,460 19,460 0
IT costs 0 0 -92,120 20,471 71,649 0
Repairs costs -41,560 0 0 16,624 24,936 0
Total costs allocated 0 0 0 $56,555 $116,045 $172,600
Explanation:
a) Data and Calculations:
Usage data:
Repairs HR IT M1 M2
Repairs 0% 0% 40% 60%
HR 10% __ 20% 35% 35%
IT 0% 10% __ 20% 70%
HR Costs = $55,600:
Repairs = $5,560 ($55,600 * 10%)
IT = $11,120 ($55,600 * 20%)
M1 = $19,460 ($55,600 * 35%)
M2 = $19,460 ($55,600 * 35%)
IT costs = $92,120:
Repairs = $0 ($92,120 * 0%)
M1 = $20,471 ($92,120 * 20/90)
m2 = $71,649 ($92,120 * 70/90)
Repair costs = $41,560:
M1 = $16,624 ($41,560 * 40%)
M2 = $24,936 ($41,560 * 60%)
Answer:
HR allocation:
$3,960 = 0.10 × $39,600
$7,920 = 0.20 × $39,600
$13,860 = 0.35 × $39,600
$13,860 = 0.35 × $39,600
IT allocation:
$52,920 cost of IT is $45,000 (direct cost) + $7,920 (allocated from HR)
$11,760 = 0.2 × $52,920
(0.2 + 0.7)
$41,160 = 0.7 × $52,920
(0.2 + 0.7)
Repairs allocation:
$23,960 cost of Repair is $20,000 (direct cost) + $3,960 (allocated from HR)
$9,584 = 0.40 × $23,960
$14,376 = 0.60 × $23,960
How have you practiced initiative and results driven skills in your own life
Answer:
when i see others struggling i reach out and offer help. When i see areas where your life is not going as well as you would like to and i decide to do something about it.
Explanation:
Parth and Brittany have been your best friends since grade school. You have decided to quit your respective jobs and start up a bakery together since you all love cupcakes. Parth insists he wants to start the business as a partnership. Amber says that she wants to start the business as a corporation. You want to weigh in and give your opinion as to the best form of business. 1. What are the options for business form
Answer: Business as a partnership and business as a corporation
Explanation: they are both types of business or jobs that can be done by anyone. a partnership is when two people help each in one business, but if you are talking about corporation is more people than to friend that want to start a business
Which organization compiles data on individuals and businesses to report on their credit?
TransUnion
The Bureau of Consumer Protection
The National Credit Union Administration
Vantage Scores
Answer:
Option A
Explanation:
There are primarily three credit bureaus to which the Lenders go namely -
a) TransUnion
b) Equifax
c) Experian
These three agencies are interested in reviewing credit reports before lending any financial aid.
Hence, option A is correct
Answer:
TransUnion
Explanation:
After the accounts are closed on February 3, 2016, prior to liquidating the partnership, the capital accounts of William Gerloff, Joshua Chu, and Courtney Jewett are $19,180, $4,020, and $22,140, respectively. Cash and noncash assets total $5,600 and $54,240, respectively. Amounts owed to creditors total $14,500. The partners share income and losses in the ratio of 2:1:1. Between February 3 and February 28, the noncash assets are sold for $34,560, the partner with the capital deficiency pays the deficiency to the partnership, and the liabilities are paid.
Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency. Journalize the entries on Feb. 28 to (a) allocate the partner's deficiency and (b) distribute the remaining cash.
Answer:
William Gerloff, Joshua Chu, and Courtney Jewett LLC
Journal Entries
a. February 28:
Debit Williams' Capital $600
Debit Courtney's Capital $300
Credit Joshua's Capital $900
To allocate the partner's deficiency
b. February 28:
Debit Williams' Capital $8,740
Debit Courtney's Capital $16,920
Credit Cash $25,660
To distribute the remaining cash to partners.
Explanation:
a) Data and Calculations:
Cash $5,600
Non-cash assets 54,240
Creditors 14,500
Profit sharing = 2:1:1
February Cash in hand:
Cash $5,600
Non-cash assets 34,560 Loss from assets 19,680
Cash balance $40,160
Settlement of creditors (14,500)
Balance for distribution $25,660
If partner pays deficiency 900
Total cash for distribution $26,560
William Gerloff Joshua Chu Courtney Jewett
Capital balances $19,180 $4,020 $22,140
Loss sharing (9,840) (4,920) 4,920)
Capital balance $9,340 ($900) $17,220
Cash distribution (9,340) (17,220)
Capital balances $0 $0 $0
If partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency, the deficiency will be shared between William and Courtney as follows:
William = 2/3 * $900 = $600
Courtney 1/3 * $900 = $300
Capital distribution with unpaid deficiency, with total cash for distribution of $26,560:
William Gerloff Joshua Chu Courtney Jewett
Capital balances $19,180 $4,020 $22,140
Loss sharing (9,840) (4,920) 4,920)
Capital balance $9,340 ($900) $17,220
Deficiency sharing (600) (300)
Cash distribution (8,740) (16,920)
Capital balances $0 $0 $0
Journal Entries
February 28:
Debit Cash $34,560
Non-cash assets $35,560
To record the receipt of cash from the sale of assets.
Debit Creditors $14,500
Credit Cash $14,500
To settle creditors.
Penny Arcades, Inc., is trying to decide between the following two alternatives to finance its new $28 million gaming center: a. Issue $28 million of 6% bonds at face amount. b. Issue 1 million shares of common stock for $28 per share. 2. Which alternative results in the highest earnings per share
Answer:
Penny Arcades, |nc.
a. Issue $28 million of 6% bonds at face amount.
Explanation:
Alternative A will surely result in higher earnings per share than Alternative B. It has been established that some financial leverage enables the stockholders to earn more per share. This is not a debatable issue. The hard work lies with the corporation's ability to find the debtholders that can finance its activities and assets. This means that the stockholders of Penny Arcades, Inc. will be at a much more financial advantage if they can find creditors to lend it the $28 million for the gaming center than making the finance available themselves.
This year Randy paid $29,800 of interest on his residence. (Randy borrowed $474,000 to buy his residence, and it is currently worth $524,000.) Randy also paid $3,100 of interest on his car loan and $5,100 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances
Answer:
Randy can deduct $33,900 interest expense as an itemized deduction.
Explanation:
a) Data and Calculations:
Mortgage interest on residence = $29,800
Mortgage loan = $74,000
Current price of house = $524,000
Car loan interest = $3,100
Investment (margin) interest = $4,100
Deductible interest expenses:
Mortgage interest on residence = $29,800
Investment (margin) interest = 4,100
Total deductible interest = $33,900
b) The car loan interest that Randy incurred is not tax-deductible unless the car is used for his business. Otherwise, only the portion used for business is deductible. It is assumed that the car loan interest was incurred for private use and not business use. Therefore, it is not deductible.
Oceania is a small open economy. Suppose that a large number of foreign countries begin to subsidize investment by instituting an investment tax credit (while adjusting other taxes to hold their tax revenue constant), but Oceania does not institute such an investment subsidy.
a. What happens to world investment demand as a function of the world interest rate?
b. What happens to the world interest rate?
c. What happens to investment in Oceania?
d. What happens to Oceania
Blues Inc. manufactures jeans in the cutting and sewing process. Jeans are manufactured in 40-jean batch sizes. The cutting time is 5 minutes per jean. The sewing time is 20 minutes per jean. It takes 2 minutes to move a batch of jeans from cutting to sewing.
a. Compute the value-added, non-value-added, and total lead time of this process. Value-added lead time minutes Non-value-added lead time minutes Total lead time minutes
b. Compute the value-added ratio. Round to one decimal place. %
Answer:
1. Value added time = Cutting + Sewing time
Value added time = 5 min + 20 min
Value added time = 25 minutes
Non-value added time = Total within batch wait time + Move time
Non-value added time = (25 minutes*(40-1)) + 2 minutes
Non-value added time = 977 minutes
Total lead time = Value added time + Non-value added time
Total lead time = 25 minutes + 977 minutes
Total lead time = 1,002 minutes
2. Value added ratio = Value added time / Total lead time
Value added ratio = 25 minutes / 1,002 minutes
Value added ratio = 0.02495
Value added ratio = 2.5%
market:blue Jean market . event :the dye in blue jeans is proven not fade easily .Name the market
DontBuyFromUs
Your company, ImSecure Inc., is a security investigation firm. You have been contacted by Darling Company, a producer of cardstock for greeting card companies like Hallmike and Birthday Wishes Company. Darling currently requires orders to be placed several weeks in advance of the delivery date. Orders come in through traditional channels (account reps, paper forms, etc.). Hallmike, Darling’s largest client, now requires Darling to use e-commerce for order transmission and payment. Because of this new change, Darling is considering moving all of its clients to EDI for orders and payments.
Required:
Detail the new opportunities e-commerce solutions like EDI present for internal and external perpetrators trying to defraud Darling Company.
Paradise Corporation budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for next year. Beginning Inventory Ending Inventory Raw material* 56,000 66,000 Finished goods 96,000 66,000 * Three pounds of raw material are needed to produce each unit of finished product. If Paradise Corporation plans to sell 560,000 units during next year, the number of units it would have to manufacture during the year would be:
Answer:
Budgeted Production Units 530,000 Units
Explanation:
The computation of the number of units manufactured is shown below;
Budgeted Sale Units 560,000 Units
Add: Ending Inventory of Finished Goods 66,000 Units
Less: Beginning Inventory of Finished Goods 96,000 Units
Budgeted Production Units 530,000 Units
Hence, the above represent the answer
he revenue cycle's primary objective is to Group of answer choices lower expenses. provide the right product in the right place at the right time for the right price. provide quality product in order to maximize market share. maximize the company's profit.
Answer: provide the right product in the right place at the right time for the right price.
Explanation:
Revenue cycle refers to the process involving the completion of an accounting process from the sale of a product till receipts are gotten for payment made.
The primary objective of the revenue cycle is to provide the right product in the right place at the right time for the right price.
Grocery Corporation received $301,232 for 14.00 percent bonds issued on January 1, 2018, at a market interest rate of 11.00 percent. The bonds had a total face value of $256,000, stated that interest would be paid each December 31, and stated that they mature in 10 years. Assume Grocery Corporation uses the effective-interest method to amortize the bond premium.
Required:
Prepare the required journal entries to record the bond issuance and the first interest payment on December 31.
Answer:
zkzkkzzzkzkzkzkkzzkzkkzkzkzkzzkz
Identify whether each of the following examples belongs in M1 or M2. If an example belongs in both, be sure to check both boxes. Example M1 M2 Eileen has $7,000 in a two-year certificate of deposit (CD). Clancy has $25,000 in a money market account. Alex has $1,200 in a checking account.
Answer and Explanation:
The classification is as follows;
The first two examples comes in only M2 i.e. Eileen example and Clancy example as M1 denotes M1 + liquid assets
while on the other hand, the third example comes in M1 and M2 i..e Alex example as M1 denotes thenotes, coins & checking deposits and M2 described above
Hence, in this way it should be belong
STEP 1: After reviewing the chapters in the module, propose how a U.S. company is applying an Integrated Marketing Communications strategy to deliver its message. Describe which channels the company is using, and how the channels are integrated. Your proposal must include at least one advertisement and one public relations example, with discussion of their objectives and message. Examples already discussed in the text are not acceptable.
Answer:
us
Explanation:
STEP 1: After reviewing the chapters in the module, propose how a U.S. company is applying an Integrated Marketing Communications strategy to deliver its message. Describe which channels the company is using, and how the channels are integrated. Your proposal must include at least one advertisement and one public relations example, with discussion of their objectives and message. Examples already discussed in the text are not acceptable.
The company has budgeted to produce 28,000 units of Product T in June. The finished goods inventories on June 1 and June 30 were budgeted at 800 and 600 units, respectively. Budgeted direct labor costs for June would be:
Answer:
Results are below.
Explanation:
We weren't provided with the number of hours per unit or the hourly rate. But, let's suppose that each unit requires 0.1 hours and the hourly rate is $10.
Production= 28,000 units
Direct labor hours required= 28,000*0.1= 2,800 hours
Total direct labor cost= 2,800*10= $28,000
Cantor Corporation acquired a manufacturing facility on four acres of land for a lump-sum price of $8,500,000. The building included used but functional equipment. According to independent appraisals, the fair values were $4,800,000, $3,600,000, and $3,600,000 for the building, land, and equipment, respectively. The initial values of the building, land, and equipment would be: Building Land Equipment a. $ 4,800,000 $ 3,600,000 $ 3,600,000 b. $ 4,800,000 $ 3,600,000 $ 600,000 c. $ 3,400,000 $ 2,550,000 $ 2,550,000 d. None of these answer choices are correct.
Answer:
C.$3,400,000; $2,550,000; $2,550,000
Explanation:
Calculation to determine what The initial values of the building, land, and equipment would be
First step is to calculate the formula Total fair value using this formula
Total fair value = Building + Land + Equipment
Let plug in the formula
Total fair value = $4,800,000 + $3,600,000 + $3,600,000
Total fair value = $12,000,000
Now let calculate the initial values of the building, land, and equipment
Using this formula for BUILDING
Building= Total cost of acquisition × (Fair value of building ÷ Total fair value)
Let plug in the formula
Building= $8,500,000 × ($4,800,000 ÷ $12,000,000)
Building= $8,500,000 × 0.4
Building= $3,400,000
Using this formula for LAND
Land = Total cost of acquisition × (Fair value of land ÷ Total fair value)
Let plug in the formula
Land= $8,500,000 × ($3,600,000 ÷ $12,000,000)
Land= $8,500,000 × 0.3
Land= $2,550,000
Using this formula for EQUIPMENT
Equipment= Total cost of acquisition × (Fair value of Equipment ÷ Total fair value)
Let plug in the formula
Equipment= $8,500,000 × ($3,600,000 ÷ $12,000,000)
Equipment= $8,500,000 × 0.3
Equipment= $2,550,000
Therefore The initial values of the building, land, and equipment would be:$3,400,000; $2,550,000; $2,550,000
A productive process approachviews operations as a separate organizational function.must provide feedback information for control of process inputs and technology.is of limited use in service organizations.disregards human and social concerns.
Answer:
The correct answer is the second option: Must provide feedback information for control of process inputs and technology.
Explanation:
To begin with, the term known as " Productive process approach" in the field of business management is refered to the method used by the companies who seeks for the constant improvement of its daily operations inside the organization. Therefore that it is necessary to say that this approach must provide feedback information of the internal processes that happen in the business regarding the inpunts and the technology used by the place so that a regular control will take place and with that every little adjustment as well in order to get better at every possible way to produce the company's product.
The following data refer to Brompton Company’s ending inventory:
Item Code
Quantity
Unit Cost
Unit NRV
Small
100
$250
$246
Medium
400
150
145
Large
600
170
162
Extra-Large
250
265
270
What is the ending inventory balance if the lower of cost or net realizable value rule is applied to each item of inventory?
Answer:
Unit cost
Explanation:
They ending inventory
Curtiss Construction Company, Inc. entered into a fixed-price contract with Axelrod Associates on July 1, 2015, to construct a four-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.
subject?
anwserggggggggggggg
Please help with the following question.
Answer:i dont really know
Explanation: