Business, 12.03.2021 15:30 JAXKBOII213

Long-term Contracts Clorad Corporation contracts with a customer to construct a building. It appropriately determines that it has one performance obligation which is satisfied over time. Using the following information for Year 1, compute Clorad's (a) total estimated costs for the contract, (b) revenue to date, and (c) gross profit recognized.

Year 1 (of 4-year project):
Construction costs incurred during the year $174,000
Estimated costs to complete the contract $426,000
Partial billings to customers $100,000
Collections from customers $25,000
Total contract price $1,000,000

A.) Total estimated costs for contract

B.) Revenue to date

C.) Gross profit recognized

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 16:00

Winners of the georgia lotto drawing are given the choice of receiving the winning amount divided equally over 2121 years or as a lump-sum cash option amount. the cash option amount is determined by discounting the annual winning payment at 88% over 2121 years. this week the lottery is worth $1616 million to a single winner. what would the cash option payout be?

Answers: 3

Answer

Business, 22.06.2019 17:40

Slimwood corporation made sales of $ 725 million during 2018. of this amount, slimwood collected cash for $ 670 million. the company's cost of goods sold was $ 300 million, and all other expenses for the year totaled $ 400 million. also during 2018, slimwood paid $ 420 million for its inventory and $ 285 million for everything else. beginning cash was $ 110 million. carter's top management is interviewing you for a job and they ask two questions: (a) how much was carter's net income for 2018? (b) how much was carter's cash balance at the end of 2016? you will get the job only if you answer both questions correctly.

Answers: 1

Answer

Business, 22.06.2019 18:00

What is the cause of smoky exhaust?

Answers: 1

Answer

Business, 22.06.2019 18:00

Which of the following is a characteristic that can be used to guide the design of service systems? a. services cannot be inventoried. b. services are all similar. c. quality work means quality service. d. services businesses are inherently entrepreneurial. e. even service businesses have internal services.

Answers: 2

Answer

You know the right answer?

Long-term Contracts Clorad Corporation contracts with a customer to construct a building. It approp...

Questions