Seasons 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 $1,550,000 each quarter. The total contract price is $18,600,000 and Seasons estimates total costs of $17,750,000. Seasons estimates that the building will take 3 years to complete, and commences construction on January 2, 2018.At December 31, 2018, Seasons estimates that it is 30% complete with the construction, based on costs incurred. What is the total amount of Revenue and Profit from Long-Term Contracts recognized for 2018?

Answers

Answer 1

Answer:

The correct answer is "$5,580,000".

Explanation:

The given values are:

Total contract price,

= $18,600,000

Completion percentage,

= 30%

Seasons estimates,

= $17,750,000

Now,

In 2018,

The total amount of revenue will be:

= [tex]Total \ contract \ price\times Completion \ percentage[/tex]

On substituting the given values, we get

= [tex]18,600,000\times 30 \ percent[/tex]

= [tex]5,580,000[/tex] ($)


Related Questions

HELP PLSSS HALP
How many tears would it take to fill up a pool? Explain.

Answers

Answer: Lets say 2 tear drops equals a teaspoon, And 3 teaspoons equals a tablespoon and 2 tablespoons equals a fluid ounce and 32 ounces equal a quart and 4 quarts equal a gallon and lets say the pool is 10 gallons It would take about 768000 tears to fill a ten gallon pool. Not gonna lie not even i'm depression enough for that.

At 6.2 +-2.0 ul = 106,520.9677419355 Approximately

AirBird is a domestic airline company that is building a Customer Relationship Management (CRM) system that focuses on providing a personalized experience to all customers. The system would be deployed on mobile phones, tablets and desktop. Customers will be allowed to search for flights, view flight routes and itineraries, filter flights based on price, destination, duration, number of stops, class (basic economy, economy, business and first class). Customers will need an account with AirBird to book a trip or purchase flights. They should

Answers

Answer:

AirBird should help their customers and provide a trial on how to run the application of the Airline on their phones. The trial or demo will help the customers to easily access their requirement.

Explanation:

Customer Relationship Management is important in todays world. There are many competitors available and the bargaining power of customers is high as they can easily switch to other airline because of available alternates. The airline company has launched a program which will help its customers to easily access all the information about the airline. The customers find it easy to access the information they require by just a click on their phone. They can search flights, routes and prices of the flight on their phones.

The president of State University wants to forecast student enrollments for this academic year based on the following historical data: Year Enrollments 5 Years ago 15,000 4 Years ago 16,000 3 Years ago 18,000 2 Years ago 20,000 Last Year 21,000 What is the forecast for this year using trend-adjusted (double) smoothing with alpha

Answers

Answer:

19,500

Explanation:

Calculation for the Forecast for this year

First step is to calculate the Forecast for last year

Forecast for last year= [(1 - 0.5 ) × 16,000 ) + ( 0.5 × 20,000)]

Forecast for last year= [(0.5 × 16,000 ) + ( 0.5 × 20,000)]

Forecast for last year= 8,000 + 10,000

Forecast for last year= 18,000

Now let calculate the Forecast for this year

Forecast for this year= [(1 - 0.5 ) × 18, 000 ) + ( 0.5 × 21,000)]

Forecast for this year= [(0.5 × 18, 000 ) + ( 0.5 × 21,000)]

Forecast for this year= 9,000 + 10,500

Forecast for this year= 19,500

Therefore the Forecast for this year will be 19,500

My cousin borrowed $18000 for new car loan for 6 years he told me that at the end of the loan he pained $25560 for interest and principal what was the rate of the loan

A 7% b 8% c 9% d 9%

Make you the brainlist if you answer

Answers

Answer:

7%

Explanation:

R = (1/T)(A/P-1)

R = (1-6)((25560/18000)-1)

R = .07

R = 7%

Other Questions
wich of these statements best describes an outcome of uranium mining Help me with this please!!!!!!!!! Free fall acceleration I need help?!! Analysis Questions:1) According to this timeline, which event proved that the Articles of Confederation wereweak? what is this one ?????? Rewrite the function g(x) = 4x2 28x + 49 I need help with these. directions are on top of the image. each codon codes for an A head of __________ directly manages a country by making decisions and wielding power.A.governmentB.monarchyC.theocracyD.statePlease select the best answer from the choices provided.ABCD Determine the radius or diameter. Dont forget units!1. r= 4.6 in, d= 2. d= 8.2 cm, r= 3. d= 18.4 ft, r= 4. r= 21.65 yds, d= How did the smaller Mayan city-states defend themselves against the more powerful city-states?They traded valuable resources for protection.They made military alliances with larger city-states.They built walls around their cities to keep out invaders.They avoided conflict by maintaining peaceful relationships. A lion passes through the point (-8,-2) and has a slope of - 3/4. write an equation in slope intercept form for this line. Although the vocal tract is quite complicated, we can make a simple model of it as an open-closed tube extending from the opening of the mouth to the diaphragm, the large muscle separating the abdomen and the chest cavity. What is the length of this tube if its fundamental frequency equals a typical speech frequency of 230 Hz? Assume a sound speed of 350 m/s. Due today- helpWhat was the impact of the Cuban Revolution and what is the current relationship between Cuba and the United States like today? pls help me with this multiple choice ! Ms. Pickle is a salesperson at Fluffy Dogs. Each week she earns $560 plus a 6.5% of her sales. How much did she earn last week if her sales were $3800? Say that a supplier claims they are 99% confident that their products will be in the interval of 50.02 to 50.38. You take samples and find that the 99% confidence interval of what they are sending is 50.01 to 50.39. What conclusion can be made You are cooking dinner using a metal pan. When you pick up the pan,the handle burns your hand. Which form of thermal energry transfer causes you to burn your hand? a conduction b convection c radiation What is the location of point B?(5, 3)(3, 5)(3, -5)(-5, -3) Identify the chromatography term that corresponds to each definition. A value that quantifies the distance traveled by a substance relative to the distance traveled by the solvent Choose... A method used to separate components of a mixture Choose... The substance to which the sample is bound at the start of an experiment Choose... The substance that carries the components of a mixture Choose...