Turner, inc. began work on a $7,000,000contract in 2010 to construct an office builidng. during 2010,turner, inc. incurred costs of $1,700,000, billed thier customersfor $1,200,000, and collected $960,000. at december 31, 2010, theestimated future costs to complete the project total $3,300,000.prepare turner's 2010 journal entries using thepercentage-of-completion method.
construction ,700,000
materials, cash, payables, ,700,000
accounts ,200,000
billingson construction in 1,200,000
,000
,000
construction ,000
[($1,700,000 ÷ 5,000,000) x$2,000,000]
construction ,700,000
revenuefrom long-term ,380,000
($7,000,000,000x 34%)
i just don't understand this part. where didthe 5,000,000 and the 2,000,000 and the 34% come from?

Adecision is made at the margin when each alternative considers

Gyou are in charge of making the work schedule for the next two weeks. typically this is not a difficult task as you work at a routine 8am – 5pm company. however, over the next two weeks you are required to schedule someone to be in the office each saturday. after contemplating this for a few days you make the schedule and assignments. before posting the schedule for everyone you decide that it is a good idea to meet personally with the two people you have scheduled to work the weekend. what do you say to them? what is your desired outcome?

For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, component, or accounting principle that is applied (if you agree) or violated (if you disagree).wagner corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar.spooner oil company changed its method of accounting for oil and gas exploration costs from successful efforts to full cost. no mention of the change was included in the financial statements. the change had a material effect on spooner's financial statements.cypress manufacturing company purchased machinery having a five-year life. the cost of the machinery is being expensed over the life of the machinery.rudeen corporation purchased equipment for $180,000 at a liquidation sale of a competitor. because the equipment was worth $230,000, rudeen valued the equipment in its subsequent balance sheet at $230,000.davis bicycle company received a large order for the sale of 1,000 bicycles at $100 each. the customer paid davis the entire amount of $100,000 on march 15. however, davis did not record any revenue until april 17, the date the bicycles were delivered to the customer.gigantic corporation purchased two small calculators at a cost of $32.00. the cost of the calculators was expensed even though they had a three-year estimated useful life.esquire company provides financial statements to external users every three years.