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dollangellface22
01.02.2021 •
Business
Indiana Co. began a construction project in 2018 with a contract price of $161 million to be received when the project is completed in 2020. During 2018, Indiana incurred $33 million of costs and estimates an additional $89 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed. Suppose that, in 2019, Indiana incurred additional costs of $66 million and estimated an additional $53 million in costs to complete the project. Indiana:
a. Recognized $3.75 million loss on the project in 2022.
b. Recognized $5.25 million gross profit on the project in 2022.
c. Recognized $7.5 million gross profit on the project in 2022.
d. Recognized $1.5 million loss on the project in 2022.
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Ответ:
Recognized $3.75 million loss on the project in 2017.
Explanation:
Calculation for what Indiana Co. Recognized
First step is to calculate the Percentage of contract is completed in 2019
Percentage of contract is completed in 2019=($33 million+$66 million )/($33 million+$66 million + $53 million)
Percentage of contract is completed in 2019=$96 million/$149 million
Percentage of contract is completed in 2019=0.64429*100
Percentage of contract is completed in 2019=64.43%
Second step is to calculate The estimated gross profit
Estimated gross profit=$161 million-$149 million
Estimated gross profit=$12 million
Fourth step is to calculate gross profit to date
Gross profit to date=64.43%*161=103.7
gross profit to date=33 million / (33 + 89 million) * 161 million
gross profit to date=33 million/122 million* 161 million
gross profit to date=43.54
= $44.01 million in revenue in 2021 (4)
Now let calculate the amount recognized
Ответ:
As to their costume, the gentlemen need feel no fear of our imitating that, for we think it in violation of every principle of taste, beauty, and dignity; notwithstanding all the contempt cast upon our loose, flowing garments, we still admire the graceful folds, and consider our costume far more artistic than theirs
We do not propose to petition the legislature to make our husbands just, generous, and courteous, to seat every man at the head of a cradle, and to clothe every woman in male attire