Business, 08.11.2019 02:31 wiljoystoltz253
In 2018, long construction corporation began construction work under a three-year contract. the contract price is $3,300,000. long recognizes revenue over time according to percentage of completion for financial reporting purposes. the financial statement presentation relating to this contract at december 31, 2018, is as follows: balance sheet accounts receivable (from construction progress billings) $ 47,000 construction in progress $ 330,000 less: billings on construction contract (319,000 ) cost and profit of uncompleted contracts in excess of billings 11,000 income statement income (before tax) on the contract recognized in 2018 $ 37,000 required:
1. what was the cost of construction actually incurred in 2018?
2. how much cash was collected in 2018 on this contract?
3. what was the estimated cost to complete as of the end of 2018? 4. what was the estimated percentage of completion used to calculate revenue in 2018?
Answers: 3
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Business, 22.06.2019 15:40
Colter steel has $5,550,000 in assets. temporary current assets $ 3,100,000 permanent current assets 1,605,000 fixed assets 845,000 total assets $ 5,550,000 assume the term structure of interest rates becomes inverted, with short-term rates going to 10 percent and long-term rates 2 percentage points lower than short-term rates. earnings before interest and taxes are $1,170,000. the tax rate is 40 percent earnings after taxes = ?
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Business, 22.06.2019 20:00
Ryngard corp's sales last year were $38,000, and its total assets were $16,000. what was its total assets turnover ratio (tato)? a. 2.04b. 2.14c. 2.26d. 2.38e. 2.49
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In 2018, long construction corporation began construction work under a three-year contract. the cont...
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