Business, 30.10.2019 20:31 leo4687

Hollywood construction company recognizes revenue over time according to percentage of completion for its long-term construction contracts. during 2016, hollywood began work on a $3,000,000 fixed-fee construction contract, which was completed in 2019. the accounting records disclosed the following data at year-end: cumulative contract costs incurred estimated costs to complete at end of year 2016 $200,000 $1,800,000 2017 1,100,000 1,100,000 2018 2,000,000 400,000 for the 2018 year, hollywood should have recognized gross profit on this contract of:
a. $100,000
b. $500,000
c. $266,667
d. $225,000

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 19:30

Henry crouch's law office has traditionally ordered ink refills 7070 units at a time. the firm estimates that carrying cost is 4545% of the $1212 unit cost and that annual demand is about 245245 units per year. the assumptions of the basic eoq model are thought to apply. for what value of ordering cost would its action be optimal? a) for what value of ordering cost would its action be optimal? its action would be optimal given an ordering cost of $nothing per order (round your response to two decimal place

Answers: 3

Answer

Business, 21.06.2019 19:30

The revenues of a company increased by 39% in year one and decreased 22% in year two. what is the overall change over the two-year period?

Answers: 1

Answer

Business, 21.06.2019 22:40

Which economic indicators are used to measure the global economy? check all that apply. a. purchasing power parity b. trade volumes c. spending power parity d. labor market data e. gross domestic product f. trade deficits and surpluses

Answers: 3

Answer

Business, 21.06.2019 23:30

Which alternative accounting method allows farmers to record expenses and incomes in the year in which they sell their yield? gaap allows for the method, which permits farmers to subtract the expenses of producing the crop in the year in which they sell the yield and earn the revenue.

Answers: 3

Answer

You know the right answer?

Hollywood construction company recognizes revenue over time according to percentage of completion fo...

Questions