Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $36 million. Construction costs incurred in the first year were $26 million and estimated remaining costs to complete at the end of the year were $18 million.
How much gross profit or loss will Franklin recognize in the first year if it recognizes revenue over time according to percentage of completion method?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $36 million. Construction costs incurred ...” 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
On June 30, 2018, the Esquire Company sold some merchandise to a customer for $42,000. In payment, Esquire agreed to accept a 6% note requiring the payment of interest and principal on March 31, 2019. The 6% rate is appropriate in this situation.
Answers (1)
Burnham & Company's $75 par value preferred stock pays an annual dividend of $11. The stock has a beta of 0.85, the current T-bill rate is 2.4%, and the S&P 500's expected return is 11.3%.
Answers (1)
Which eoc configuration aligns with the on-scene incident organization
Answers (2)
Sales revenue equals $367,810, sales returns and allowances are $10,000, and sales discounts total $14,180. The cost of goods sold is $216,490, operating expenses are $28,500, and the company incurs $31,640 of income tax expense.
Answers (1)
True or false? because of the dshea act, consumers can feel confident that bottles of identically packaged dietary supplements made by the same manufacturer do not vary greatly.
Answers (1)
New Questions in Business
Using the following information, what is the amount of net income? Purchases $ 33,189 Selling expenses $ 758 Merchandise inventory, September 1 7,436 Merchandise inventory, September 30 8,978 Administrative expenses 760 Sales 51,684 Rent revenue 832
Answers (1)
You are managing a project and need to cut the cost of the project. You decide to transfer workers to another job to cut the project's costs. Costs associated with transferring the workers are an example of project indirect costs. O True O False
Answers (1)
K Inc. has provided the following data for the month of May: Inventories: Beginning Ending Work in process $ 17,000 $ 12,000 Finished goods $ 46,000 $ 50,000 Additional information: Direct materials $ 57,000 Direct labor cost $ 87,000 Manufacturing
Answers (1)
Marcy Tucker received the following items this year. Determine to what extent each item is included in her AGI. (Leave no cells blank - be sure to enter "0" wherever required.) A $25,000 cash gift from her parents.
Answers (1)
Analysis of daily output of a factory during a 8-hour shift shows that the hourly number of units y produced after t hours of production is
Answers (1)