On june 15, 2018, sanderson construction entered into a long-term construction contract to build a baseball stadium in washington, d. c., for $410 million. the expected completion date is april 1, 2020, just in time for the 2020 baseball season. costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions):
2018 2019 2020
cost incurred during the year $90 $60 $80
estimated costs to complete as of dec 31 150 50 -
required:
1. compute the revenue and gross profit will sanderson report in its 2018, 2019, and 2020 income statements related to this contract assuming sanderson recognizes revenue over time according to percentage of completion.
2. compute the revenue and gross profit will sanderson report in its 2018, 2019, and 2020 income statements related to this contract assuming this project does not qualify for revenue recognition over time.
3. suppose the estimated costs to complete at the end of 2019 are $150 million instead of $50 million. compute the amount of revenue and gross profit or loss to be recognized in 2019 using the percentage of completion method.

Shrieves casting company is considering adding a new line to its product mix, and the capital budgeting analysis is being conducted by sidney johnson, a recently graduated mba. the production line would be set up in unused space in the main plant. the machinery’s invoice price would be approximately $200,000, another $10,000 in shipping charges would be required, and it would cost an additional $30,000 to install the equipment. the machinery has an economic life of 4 years, and shrieves has obtained a special tax ruling that places the equipment in the macrs 3-year class. the machinery is expected to have a salvage value of $25,000 after 4 years of use. the new line would generate incremental sales of 1,250 units per year for 4 years at an incremental cost of $100 per unit in the first year, excluding depreciation. each unit can be sold for $200 in the first year. the sales price and cost are both expected to increase by 3% per year due to inflation. further, to handle the new line, the firm’s net working capital would have to increase by an amount equal to 12% of sales revenues. the firm’s tax rate is 40%, and its overall weighted average cost of capital, which is the risk-adjusted cost of capital for an average project (r), is 10%. define “incremental cash flow.” (1) should you subtract interest expense or dividends when calculating project cash flow?

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Leon and sara are arguing over when the best time is to degrease soup. leon says that it's easiest to degrease soup when it's boiling. sara says it's easiest to degrease soup when it's cold. who is correct? a. neither leon nor sara is correct. b. leon is correct. c. both leon and sara are correct. d. sara is correct. student b   incorrect which following answer correct?