Business, 06.08.2019 23:30 lyn94

In 2015, fargo corporation began construction work under a three-year contract. the contract price is $4,800,000. fargo uses the percentage-of-completion method for financial accounting purposes. the income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. the financial statement presentations relating to this contract at december 31, 2015, follow: balance sheetaccounts receivable—construction contract billings $200,000construction in progress $600,000less contract billings 480,000costs and recognized profit in excess of billings 120,000income statementincome (before tax) on the contract recognized in 2015 $120,000what was the initial estimated total income before tax on this contract?

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 08:30

Which actions can you improve your credit score? (multiple can be selected)having a good credit score should be your prime objective as credit companies analyze your creditworthiness before giving you a loan. there are certain guidelines you can follow to ensure you have a good credit score. always pay your mortgage interest on time. if you are a student, make student loan inquiries before taking any loan. if you have multiple credit cards, manage them judiciously. maintain a healthy balance in your bank account.1. always pay your mortgage interest on time.2. if you are a student, make student loan inquiries before taking any loan.3. if you have multiple credit cards, manage them judiciously.4. maintain a healthy balance in your bank account.

Answers: 1

Answer

Business, 22.06.2019 22:30

Which of the following situations is most likely to change a buyer's market into a seller's market? a. a natural disaster that drives away a lot of the population. b. the price of building materials suddenly going up. c. the government buys up a lot of houses to build a new freeway. d. a factory laying off a lot of workers in the area.

Answers: 1

Answer

Business, 22.06.2019 23:30

Lucido products markets two computer games: claimjumper and makeover. a contribution format income statement for a recent month for the two games appears below: claimjumper makeover total sales $ 30,000 $ 70,000 $ 100,000 variable expenses 20,000 50,000 70,000 contribution margin $ 10,000 $ 20,000 30,000 fixed expenses 24,000 net operating income $ 6,000 required: 1. compute the overall contribution margin (cm) ratio for the company.. 2. compute the overall break-even point for the company in dollar sales. 3. complete the contribution format income statement at break-even point for the company showing the appropriate levels of sales for the two products. (do not round intermediate calculations.)

Answers: 1

Answer

Business, 23.06.2019 02:00

True of false: the chancellor of a university has commissioned a team to collect data on students' gpas and the amount of time they spend bar hopping every week (measured in minutes). he wants to know if imposing much tougher regulations on all campus bars to make it more difficult for students to spend time in any campus bar will have a significant impact on general students' gpas. his team should use a t test on the slope of the population regression.

Answers: 1

Answer

You know the right answer?

In 2015, fargo corporation began construction work under a three-year contract. the contract price i...

Questions