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carsengilbert
29.11.2019 •
Business
Howard co. had the following first-year amounts for a $7,000,000 construction contract: actual costs $2,000,000 estimated costs to complete 6,000,000 progress billings 1,800,000 cash collected 1,500,000 what amount should howard recognize as gross profit (loss) using the percentage-of-completion method?
a. ($1,000,000)b. ($200,000)c. $800,000d. $1,750,000
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Ответ:
estimated loss from the project is $1,000,000
correct option is a. ($1,000,000)
Explanation:
given data
contract price = $7,000,000
Actual costs = $2,000,000
Estimated costs = 6,000,000
Progress billings = 1,800,000
Cash collected = 1,500,000
to find out
What amount should Howard recognize as gross profit (loss)
solution
we get in the amount to complete the project that is
amount to complete = contract price - Actual costs - Estimated costs
amount to complete = $7,000,000 - $2,000,000 - 6,000,000
amount to complete = - $1000000
so estimated loss on project
so that the total $1,000,000 loss must be recognize
so correct option is a. ($1,000,000)
Ответ:
A
The reciprocal of the slope of f(x) is the same as the slope of f–1(x).
Step-by-step explanation: