Q-15 On July 1, 2020, Blue Construction Company Inc. contracted to build an office building for Gumbel Corp. for a totalcontract price of $1,910,000. On July 1, Blue estimated that it would take between 2 and 3 years to complete thebuilding. On December 31, 2022, the building was deemed substantially completed. Following are accumulatedcontract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2020, 2021,and 2022.Contract costs incurred to dateEstimated costs to complete the contractBillings to Gumbel2020+2021At12/31/20At12/31/21$327,800 $1,180,0001,162,200820,0001,110,000+(a) Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as aresult of this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.) (If answer is0. please enter 0. Do not leave any field blank. If an amount should be deducted then enter theamount using either a negative sign prececeding the number e.g. -45 or parenthesis e.g. (45).)$$$$$$300,000$At12/31/22$2,090,4002022-0-1,870,000% eTextbook and Media(b) Using the completed-contract method, prepare schedules to compute the profit or loss to be recognized as a resultof this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.) (If answer is 0.please enter 0. Do not leave any fields blank. If an amount should be deducted then enter the amountusing either a negative sign prececeding the number e.g. -45 or parenthesis e.g. (45).)List of Accounts202120222022$$

Lets understand the basics. In percentage of completion method, revenue is recognized based on the…

On July 1, 2020, Blue Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,910,000. On July 1, Blue estimated that it would take between 2 and 3 years to complete the building. On December 31, 2022, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2020, 2021, and 2022. Contract costs incurred to date Estimated costs to complete the contract At 12/31/20 At 12/31/21 $327,800 $1,180,000 1,162,200 820,000 At 12/31/22 $2,090,400 -0-

On July 1, 2020, Blue Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,910,000. On July 1, Blue estimated that it would take between 2 and 3 years to complete the building. On December 31, 2022, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2020, 2021, and 2022. Contract costs incurred to date Estimated costs to complete the contract At 12/31/20 At 12/31/21 $327,800 $1,180,000 1,162,200 820,000 At 12/31/22 $2,090,400 -0-

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A7 please help[.....
Fans Company has two service departments-product design and engineering support, and two production departments - assembly and finishing. The distribution of each service department's efforts to the other departments is shown below: Design SERVICE DEPARTMENT Product Design 0% Engineering Support 20% The direct operating costs of the departments (including both variable and fixed costs) were as follows: Product Design Engineering Support Assembly Finishing Multiple Choice $1,863,265 SERVICES PROVIDED TO Support 10% 0% $623,878 $1,036,122 Assembly 30% 45% $100,000 $ 200,000 $540,000 $ 820,000 The total cost accumulated in the assembly department using the reciprocal method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar) Finishing 60% 35% D
Q.3.2 Discuss technical insolvency and explain how this is different from absolute insolvency.
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Wrong Answer
18 pts Multiple Functions 88 MULTIPLE CHOICE Question 2 ◄ Listen When f(x)=-3x-6 and g(x) = x²-x-6, what is ? A B C f 54 g = 3 fg = -3 x-3x=3 f 51 g = -2x+2; x=1
question G and f.
Q9 Which of the following is a suitable disadvantage of social responsibility? a. Ethical obligation b. Public Image c. Possession of resources d. Violation of profit maximization
Hh1.
That is not a possible solution. The possible anwsers are --> a. 122329.9877 b. 127159.8450 c. 122132.1253 d. 126907.4914 Please explain
Sh11
b. 15800 is not correct - what is the correct answer?