In 2016, Long Construction Corporation began construction work under a three-year contract. The contract price is $2,100,000. 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, 2016, is as follows: Accounts receivable (from construction progress billings): $35,000
Construction in progess: $150,000
Less: Billings on construction contract: (143,000)
Cost and profit of uncompleted contracts in excess of billings: 7,000
Income (before tax) on the contract recognized in 2016: $25,000
Required:
1. What was the cost of construction actually incurred in 2016? $125,000
2. How much cash was collected in 2016 on this contract? $108,000
3. What was the estimated cost to complete as of the end of 2016?
4. What was the estimated percentage of completion used to calculate revenue in 2016? (Do not round intermediate calculations. Round your percentage answer to 2 decimal places.)

Which of the following best describes how the federal reserve bank banks during a bank run? a. the federal reserve bank has the power to take over a private bank if customers demand too many withdrawals. b. the federal reserve bank can provide a short-term loan to banks to prevent them from running out of money. c. the federal reserve bank regulates exchanges to prevent the demand for withdrawals from rising above the required reserve ratio. d. the federal reserve bank acts as an insurance company that pays customers if their bank fails. 2b2t

Problem 2-18 job-order costing for a service company [lo2-1, lo2-2, lo2-3]speedy auto repairs uses a job-order costing system. the company's direct materials consist of replacement parts installed in customer vehicles, and its direct labor consists of the mechanics' hourly wages. speedy's overhead costs include various items, such as the shop manager's salary, depreciation of equipment, utilities, insurance, and magazine subscriptions and refreshments for the waiting room. the company applies all of its overhead costs to jobs based on direct labor-hours. at the beginning of the year, it made the following estimates: direct labor-hours required to support estimated output 10,000fixed overhead cost $ 90,000variable overhead cost per direct labor-hour $ 1.00 required: 1. compute the predetermined overhead rate.2. during the year, mr. wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. the following information was available with respect to his job: direct materials $ 600direct labor cost $ 180direct labor-hours used 2 compute mr. wilkes' total job cost. 3. if speedy establishes its selling prices using a markup percentage of 30% of its total job cost, then how much would it have charged mr. wilkes?

Apharmaceutical packaging company (ppc) has decided to reorganize its processes into cells. the company has four different production operations, each requiring a unique piece of equipment. the names and functions of the four pieces of equipment are sort, count, place, and package. the company packages five different families of products (a, b, c, d, and e). the tables below indicate the demand (total units/day by product family), required operations, and operation cycle times for each product family. assume that any individual piece of equipment is available to operate 16 hours/day, but 2 hours (in total) are lost each day on each piece of equipment due to breaks and meetings when operators are not available to operate the equipment. how many minutes/day are available for production