Cady Construction received a contract to construct a hospital for $2,500,000. Construction began in 2019 and ended in 2020. Cost and other data are presented below: 2019 2020Costs incurred during the year $1,500,000 $1,300,000Estimated costs to complete 1,200,000 0Billings during the year 1,200,000 1,300,000Cash collections during the year 1,000,000 1,500,000 What is gross profit recognized during 2020 if Cady recognizes revenue over time according to percentage of completion?

Answer:

Gross profit recognized in 2020 = ($100,000)

Explanation:

Gross profit recognized = (Cost to date / Total estimated costs * Expected profit) - Previously recognized profit

Gross profit recognized in 2019 = $2,500,000 - ($1,500,000 + $1,200,000)  

Gross profit recognized in 2019 = $2,500,000 - $2,700,000

Gross profit recognized in 2019 = $(200,000)

Gross profit recognized in 2020 = [$2,500,000 - ($1,500,000 + $1,300,000)] - $(-200,000)

Gross profit recognized in 2020 = $2,500,000 - $2,800,000 - (-$200,000)

Gross profit recognized in 2020 = $2,500,000 - $2,800,000 + $200,000

Gross profit recognized in 2020 = -$100,000

The following are various management assertions related to sales and account receivable. Required: i) For each assertion, indicate whether it is an assertion about classes of transactions and events or an assertion about account balances. ii) Indicate the name of the assertion made by management. MANAGEMENT ASSERTION CATEGORY OF MANAGEMENT ASSERTION NAME OF ASSERTION a. Recorded accounts receivable exist. b. Disclosures related to sales are relevant and understandable. c. Recorded sales transactions have occurred. d. There are no liens or other restrictions on accounts receivable. e. All sales transactions have been recorded. f. Receivables are appropriately classified as to trade and other receivables in the financial statements and are clearly described. g. Sales transactions have been recorded in the proper period. Cut off h. Accounts receivable are recorded at the correct amounts. i. Sales transactions have been recorded in the appropriate accounts. j. All required disclosures about accounts receivables have been made. k. All accounts receivable have been recorded. l. Disclosures related to receivables are at the correct amounts. m. Sales transactions have been recorded at the correct amounts.

Read the Original Text and Paraphrased Text below:Original Text (found on page 3 of a book by Edward Orr):When teaching world religions in the classroom, it is helpful to introduce artworks that are representative of each religion. This allows the teacher to address each religion on neutral ground, thus avoiding indoctrination.Paraphrase:Orr suggests that teachers use sacred objects of art as vehicles to teach world religions in our schools. Doing so can help the teacher to present each religion objectively (3).Which of the following statements about the above paraphrase is correct?A) The paraphrase skews the meaning intended by the author of the original document.B) Quotation marks need to be used.C) The wording is too close to the original.
D) Nothing is wrong with the paraphrasing.

Frank has just completed a study in which he gave a survey to each of 7,000 employees and their supervisors in a large bank. His results show that job satisfaction (as evaluated by employees) was positively and significantly correlated with task performance (as evaluated by supervisors). The correlation was .54. Frank says that his results prove that job satisfaction causes task performance. Is he correct

Read the following paragraph and its possible revisions. Then choose the revision that has the best paragraph coherence and that most accurately supports the original paragraph.Communication with the public and employees should be overseen by the director of PR. The duties of the crisis team should be divided according to each member’s area of expertise. Since communicating accurate information is critical, you will need to assign specific members to interface with your own employees and public-safety agencies. If your company does not have a public relations executive, this job should be handled by the head of marketing or human resources. Furthermore, all members of your crisis team should receive training in crisis communication.1. Communication with the public and employees should be overseen by the director of PR. The duties of the crisis team should be divided according to each member’s area of expertise. Since communicating accurate information is critical, you will need to assign specific members to interface with your own employees and public-safety agencies. If your company does not have a public relations executive, this job should be handled by the head of marketing or human resources. Furthermore, all members of your crisis team should receive training in crisis communication.2. All members of your crisis team should receive training in crisis communication, and the duties of the crisis team should be divided according to each member’s area of expertise. Since communicating accurate information is critical, you will need to assign specific members to interface with your own employees and public-safety agencies. Communication with the public and employees should be overseen by the director of PR. If your company does not have a public relations executive, this job should be handled by the head of marketing or human resources.3. The duties of the crisis team should be divided according to each member’s area of expertise. Since communicating accurate information is critical, you will need to assign specific members to interface with your own employees and public-safety agencies. Communication with the public and employees should be overseen by the director of PR. If your company does not have a public relations executive, this job should be handled by the head of marketing or human resources. Nevertheless, all members of your crisis team should receive training in crisis communication.The best revision of the original paragraph is: .Select the most appropriate transitions to promote paragraph coherence in the paragraphs that follow.Effective business messages are well organized and context appropriate; , your first step in crafting effective messages is appropriate planning. You should begin planning by conducting a situational analysis. , you should gather all appropriate and relevant data or information. The amount of research you conduct will be determined by the purpose and scope of the message. , you should develop an outline for your message. , you are ready to begin writing. You may have to write several drafts before you finish your message. Don’t be afraid to rewrite multiple times. , spending a little extra time on the planning and drafting process is always wise.Shorter paragraphs are more readable and inviting to business audiences. Answer the following question about paragraph length.Which one of the following techniques will help you control the length of your paragraphs?A) Develop shorter sentences.B) Limit the use of bullets and lists.C) Break large topics into smaller segments.

EasyFind manufactures and sells golf balls. The company is conducting a price test to find a better price point. Presently their golf balls sell for $22 per dozen. Their current volume is 5,930 dozen per month. They are considering reducing their sales price by 29% per dozen. If variable costs are $10 per dozen, what is the new volume required to earn the same total contribution as before the price decrease

Dehner Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on the following data: Total direct labor-hours 101,000 Total fixed manufacturing overhead cost $ 595,900 Variable manufacturing overhead per direct labor-hour $ 3.00 Recently, Job P951 was completed with the following characteristics: Number of units in the job 25 Total direct labor-hours 100 Direct materials $ 840 Direct labor cost $ 10,100 The unit product cost for Job P951 is closest to: (Round your intermediate calculations to 2 decimal places.)

25. When you have disequilibrium, there are two possible outcomes. Identify and describe both of them.​

Trailers R Us​ Company, which uses an activitybased costing​ system, produces travel trailers and boat trailers. The company allocates batch setup costs to the two products using the following basic​ data: Travel trailers Boat trailers Budgeted units to be produced ​2,050 ​3,200 Budgeted number of setups 320 520 Budgeted number of direct labor hours per unit 40 80 Total budgeted setup costs for the year are​ $155,400. If the setup costs are allocated using number of​ setups, how much of the total setup costs would be allocated to boat​ trailers?

Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead $ 157,150 Estimated machine-hours 4,520 Actual manufacturing overhead $ 156,200 Actual machine-hours 4,620 The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The applied manufacturing overhead for the year is closest to:

Milano Co. manufactures and sells three products: product 1, product 2, and product 3. Their unit selling prices are product 1, $40; product 2, $30; and product 3, $20. The per unit variable costs to manufacture and sell these products are product 1, $30; product 2, $15; and product 3, $8. Their sales mix is reflected in a ratio of 6:4:2. Annual fixed costs shared by all three products are $270,000. One type of raw material has been used to manufacture products 1 and 2. The company has developed a new material of equal quality for less cost. The new material would reduce variable costs per unit as follows: product 1 by $10 and product 2 by $5. However, the new material requires new equipment, which will increase annual fixed costs by $50,000. If the company continues to use the old material, determine its break-even point in both sales units and sales dollars of each individual product. If the company uses the new material, determine its new break-even point in both sales units and sales dollars of each individual product. (Round to the next whole unit.) What insight does this analysis offer management for long-term planning? Please explain your work in detail and provide in-text citations. At least 5 references are required among which one should be the textbook as source of the data. Include the initial situation and initial assumptions in your answer.

Heather owns a two-story building. The building is used 40% for business use and 60% for personal use. During 2020, a fire caused major damage to the building and its contents. Heather purchased the building for $800,000 and has taken depreciation of $100,000 on the business portion. At the time of the fire, the building had a fair market value of $900,000. Immediately after the fire, the fair market value was $200,000. The insurance recovery on the building was $600,000. The contents of the building were insured for any loss at fair market value. The business assets had an adjusted basis of $220,000 and a fair market value of $175,000. These assets were totally destroyed. The personal use assets had an adjusted basis of $50,000 and a fair market value of $65,000. These assets were also totally destroyed. If Heather’s AGI is $100,000 before considering the effects of the fire, determine her itemized deduction as a result of the fire. Also determine Heather’s AGI.

Problem solving 1:
Ali makes and sells natural soap out of his home. He charges 35 dhs per soap. For each soap he makes, he
must spend 10 dhs. This month he made and sold 50 soaps. What is Ali's total PROFIT?
SOLVE THE PROBLEM AND SHOW THE STEPS HOW YOU CALCULATE THE PROFIT:
WRITE THE FORMULA.

Select the best answer for the question.
9. Which of the following examples illustrates a manager with emotional intelligence?
O A. Vince has the ability to manage his followers' reactions.
O B. Christina can identify her team members' strengths and weaknesses.
O C. Nina can exercise self-control.
O D. Amanda can maintain the status quo.

You manage a risky portfolio with an expected rate of return of 20% and a standard deviation of 36%. The T-bill rate is 5%.Your client chooses to invest 60% of a portfolio in your fund and 40% in an essentially risk-free money market fund. What are the expected return and standard deviation of the rate of return on his portfolio? (Do not round intermediate calculations. Round "Standard deviation" to 2 decimal places.)

Kapanga Manufacturing Corporation uses a job-order costing system and started the month of October with a zero balance in its work in process and finished goods inventory accounts. During October, Kapanga worked on three jobs and incurred the following direct costs on those jobs: Job B18 Job B19 Job C11 Direct materials $ 12,000 $ 25,000 $ 18,000 Direct labor $ 8,000 $ 10,000 $ 5,000 Kapanga applies manufacturing overhead at a rate of 150% of direct labor cost. During October, Kapanga completed Jobs B18 and B19 and sold Job B19. What is Kapanga's work in process inventory balance at the end of October?

In the Vasquez Corporation, any overapplied or underapplied manufacturing overhead is closed out to Cost of Goods Sold. Last year, the Corporation incurred $27,000 in actual manufacturing overhead cost, and applied $29,000 of manufacturing overhead cost to jobs. The beginning and ending balances of Finished Goods were equal, and the Corporation's Cost of Goods Manufactured for the year totaled $71,000. Given this information, Cost of Goods Sold, after adjustment for any overapplied or underapplied manufacturing overhead, for the year must have been: Multiple Choice $98,000 $73,000 $71,000 $69,000

Became aware of poor tire performance.Became aware of poor tire performance. Open choices for matching3 Defined off-road performance specifications and sizes of tires needed. Defined off-road performance specifications and sizes of tires needed. Open choices for matching Invited vendors to bid via website. Invited vendors to bid via website. Open choices for matching Narrowed to three vendors, then chose Goodyear. Narrowed to three vendors, then chose Goodyear. Open choices for matching Specified number of tires needed and delivery schedule. Specified number of tires needed and delivery schedule. Open choices for matching Awarded scores to Goodyear on key issues.

If incomes rise, and hot dogs are an inferior good, then we would expect the price of hot dogs to rise true kr false

A useful approach for understanding a client's business environment and associated business risks is to perform a PESTLE analysis. PESTLE is an acronym for Political, Economic, Social,Technological, Legal and Environmental factors that are used to assess the client's business environment. A PESTLE analysis focuses on factors that may affect an entity's business model, but are beyond the control or influence of the client. While beyond management's direct influence, such factors may significantly impact an entity's business risk. Read the background information about the poultry industry and conduct additional research on the intemet to obtain the latest news and information on the industry. Brainstorm political, economic, social, technological, legal and environmental factors that could affect Asher Farms' business risk. Unless your instructor indicates otherwise, identify at least one business risk factor for each component of the PESTLE acron

The FIFO method provides a major advantage over the weighted-average method in that: A. the calculation of equivalent units is less complex under the FIFO method. B. the FIFO method treats units in the beginning inventory as if they were started and completed during the current period. C. the FIFO method separates the work done during the current period to provide measurements of work done during the current period. D. the FIFO method considers units in the work done in the ending work-in-process inventories. E. the FIFO method more correctly computes the equivalent units of direct materials when they are added at the beginning of the production process.

Using simple supply and demand analysis (No Graphs - Just conceptualize), think about the system of allocating human kidneys. The law that forbids the sale of human organs, but allows their voluntary donation. This means that there is a bigger shortage of kidneys than there otherwise would be. Does this fact alter your view of the law forbidding the sale of human organs? How about blood?

When Alfred Nobel​ died, he left the majority of his estate to fund five​ prizes, each to be awarded annually in perpetuity starting one year after he died​ (the sixth​ one, in​ economics, was added​ later). a. If he wanted the cash award of each of the five prizes to be ​$ and his estate could earn ​% per​ year, how much would he need to fund his​ prizes? b. If he wanted the value of each prize to grow by ​% per year​ (perhaps to keep up with​ inflation), how much would he need to​ leave? Assume that the first amount was still ​$. c. His heirs were surprised by his will and fought it. If they had been able to keep the amount of money you calculated in ​(b​), and had invested it at ​% per​ year, how much would they have in​ 2014, 118 years after his​ death?

Community centers, libraries or churches are all places that
a. Lend books to students
C. Do not offer tutoring
b. May offer tutoring
d. All of the above

A person works as a cashier in a major supermarket. She sells vegetables to
customers, including local restaurants that use these ingredients to make
meals for their customers. The supermarket pays the cashier wages for her
work, which she uses to buy her own groceries and pay bills.
The cashier in the passage is part of which element in the circular flow of
goods?
A. Business
B. Resource market
C. Household
D. Product market

The sentences in the following paragraph have been purposely placed in the wrong order. Examine key terms and transitional devices, and then rearrange the sentences so that the paragraph moves smoothly and logically from one sentence to the next. Indicate the correct order of the sentences by placing the sentence numbers in the order in which the sentences should appear. Briefly explain why you chose that particular order.
1) If such improvements could be achieved, the consequences would be significant for many different applications.
2) However, the most challenging technical problem is to achieve substantial increases in the quantities of electrical energy that can be stored per unit weight of the battery.
3) The overall process yields about 70% of the electricity originally put into the battery.
4) A storage battery is a relatively efficient way of storing energy.

The following T-account is a summary of the Cash account of Skysong, Inc.. Cash (Summary Form) Balance, Jan. 1 8,100 Receipts from customers 362,500 Payments for goods 297,400 Dividends on stock investments 5,500 Payments for operating expenses 139,600 Proceeds from sale of equipment 35,600 Interest paid 12,000 Proceeds from issuance of Taxes paid 7,200 bonds payable 499,900 Dividends paid 60,100 Balance, Dec. 31 395,300 What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows

In March, Digby received an order of 103 units at the price of $26.00 for their product Daze, and in April receives an order for 48 units of product Dixie at $36.50. Digby uses the accrual method of accounting and offers 30-day credit terms. Digby delivers zero units in March, 103 units in April, and 48 units in May. How much revenue is recognized on March’s income statement? How much revenue is recognized on April’s income statement?

Goddard Company has used the FIFO method of inventory valuation since it began operations in 2018. Goddard decided to change to the average cost method for determining inventory costs at the beginning of 2021. The following schedule shows year-end inventory balances under the FIFO and average cost methods: Year FIFO Average Cost 2018 $ 45,700 $ 55,400 2019 80,100 71,700 2020 85,800 80,100 Required: 1. Ignoring income taxes, prepare the 2021 journal entry to adjust the accounts to reflect the average cost method. 2. How much higher or lower would cost of goods sold be in the 2020 revised income statement

Prepare adjusting journal entries, as needed, for the following items.
A. The Supplies account shows a balance of $550, but a count of supplies reveals only $200 on hand at year-end.
B. The company initially records the payments of all insurance premiums as prepaid insurance. The unadjusted trial balance at year-end shows a balance of $590 in Prepaid Insurance. A review of insurance policies reveals that $160 of insurance is unexpired.
C. Employees work Monday through Friday, and salaries of $3,400 per week are paid each Friday. The company's year-end falls on Tuesday.
D. At year-end, the company received a utility bill for December's electricity usage of $250 that will be paid in early January.

Journalize the following transactions for Lewis Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. August 10 Sold goods costing $5,160 to Henderson Company on account, $8,600, terms 4/10, n/30. August 16 Henderson Company was granted an allowance of $2,150 for returned merchandise that was previously purchased on account. The returned goods are damaged and have no scrap value. August 20 Received the amount due from Henderson Company.
Required:
prepare journal entry.