At the beginning of 2019, Florida Road Construction entered into a contract to build a road for the government. Construction will take 4 years. The following information as of 31 December 2009 is available for the contract:
1. Total revenue according to contract $10,000,000
2. Total expected cost $8,000,000
3. Cost incurred during 2009 $1,200,000
Assume that the company estimates percentage complete based on costs incurred as a percentage of total estimated costs. Under the completed contract method, how much revenue will be reported in 2009?
A. None.
B. $300,000.
C. $1,500,000.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “At the beginning of 2019, Florida Road Construction entered into a contract to build a road for the government. Construction will take 4 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
First, we need to figure out how much you want to borrow. You said you wanted to spend $5,000, and you will put $500 down. Based on that, we can estimate your taxes to be $340.
Answers (1)
Identify two accounts that are in good standing
Answers (1)
Which law requires lenders to disclose to buyers the true cost of obtaining credit so that the borrower can compare the costs of various lenders.
Answers (1)
During the final stage of developing and implementing a company strategy, what factors often cause the company to adjust its objectives or mission statement?
Answers (1)
Suppose that a Swiss watchmaker imports watch components from Sweden and exports watches to the United States. Also suppose the dollar depreciates, and the Swedish Krona appreciates, relative to the Swiss Franc.
Answers (1)
New Questions in Business
Privatization is a way to a. shrink the federal budget by selling government services or property in the private sector. b. reduce government costs by relocating government programs to private groups or corporations. c.
Answers (2)
Gonzalez Company acquired $200,000 of Walker Co., 6% bonds on May 1 at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, Gonzalez Company sold $70,000 of the bonds for 97.
Answers (1)
A debt does not have to be past due before a creditor can begin legal action against a debtor. true or false.
Answers (1)
If the government wants to increase production of a good to achieve marginal social benefit, then the following policy will most likely be implemented a.
Answers (1)
Suppose that consumption is $500 and that the marginal propensity to consume is 0.6. If disposable income increases by $1,000, consumption spending will increase by A. $600 B. $ 3,000 C. $1,360 D. $ 3,750 E. $1,666.67
Answers (1)