Business, 18.11.2019 22:31 ErickP1686
Ivanhoe construction is constructing an office building under contract for cannon company and uses the percentage-of-completion method. the contract calls for progress billings and payments of $165 each quarter. the total contract price is $18708000 and ivanhoe estimates total costs of $1785. ivanhoe estimates that the building will take 3 years to complete, and commences construction on january 2, 2018. at december 31, 2018, ivanhoe estimates that it is 30% complete with the construction, based on costs incurred. what is the total amount of revenue from long-term contracts recognized for 2018 and what is the balance in the accounts receivable account assuming cannon company has not yet made its last quarterly payment?
revenue accounts receivablea. $3,720,000 $3,720,000b. $3,195,000 $ 930,000c. $3,348,000 $ 930,000d. $3,195,000 $3,720,000
Answers: 3
Another question on Business
Business, 21.06.2019 22:50
He taylor company sells music systems. each music system costs the company $100 and will be sold to the public for $250. in year one, the company sells 100 gift cards to customers for $250 each ($25,000 in total). these cards are valid for just one year, and company officials expect them to all be redeemed. in year two, only 96 of the cards are returned. what amount of net income does the company report for year two in connection with these cards? a. $15,000b. $15,400c. $15,500d. $15,800
Answers: 1
Business, 22.06.2019 05:40
Grant, inc., acquired 30% of south co.’s voting stock for $200,000 on january 2, year 1, and did not elect the fair value option. the price equaled the carrying amount and the fair value of the interest purchased in south’s net assets. grant’s 30% interest in south gave grant the ability to exercise significant influence over south’s operating and financial policies. during year 1, south earned $80,000 and paid dividends of $50,000. south reported earnings of $100,000 for the 6 months ended june 30, year 2, and $200,000 for the year ended december 31, year 2. on july 1, year 2, grant sold half of its stock in south for $150,000 cash. south paid dividends of $60,000 on october 1, year 2. before income taxes, what amount should grant include in its year 1 income statement as a result of the investment?
Answers: 1
Business, 22.06.2019 11:40
In early january, burger mania acquired 100% of the common stock of the crispy taco restaurant chain. the purchase price allocation included the following items: $4 million, patent; $3 million, trademark considered to have an indefinite useful life; and $5 million, goodwill. burger mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a five-year service life. what is the total amount of amortization expense that would appear in burger mania's income statement for the first year ended december 31 related to these items?
Answers: 2
Business, 22.06.2019 21:30
The year-end financial statements of calloway company contained the following elements and corresponding amounts: assets = $34,000; liabilities = ? ; common stock = $6,400; revenue = $13,800; dividends = $1,450; beginning retained earnings = $4,450; ending retained earnings = $8,400. based on this information, the amount of expenses on calloway's income statement was
Answers: 1
You know the right answer?
Ivanhoe construction is constructing an office building under contract for cannon company and uses t...
Questions
SAT, 29.12.2021 08:40
SAT, 29.12.2021 08:50
SAT, 29.12.2021 08:50
Biology, 29.12.2021 08:50
Mathematics, 29.12.2021 08:50
SAT, 29.12.2021 08:50
