Reference no: EM132493305
Question 1 - Tullis Construction enters into a long-term fixed price contract to build an office tower for $10,700,000. In the first year of the contract Tullis incurs $2,100,000 of cost and the engineers determined that the remaining costs to complete the project are $4,900,000. Tullis billed $4,000,000 in year 1 and collected $3,500,000 by the end of the end of the year. How much gross profit should Tullis recognize in Year 1 assuming the use of the completed-contract method?
A. $7,000,000
B. $1,900,000
C. $0
D. $3,700,000
Question 2 - What is a bank overdraft?
A. minimum cash balance required to be maintained by a credit agreement
B. short minus-term liquid investment with original maturity of three months or less
C. negative cash balance that occurs when a company writes a check in an amount that exceeds the account balance
D. reclassification of a cash amount that is restricted from use in the current operating cycle
|
What is the amount of their child tax credit
: They have no other tax credits for the tax year. What is the amount of their child tax credit/credit for other dependents on Form 1040, line 12a
|
|
Calculate the cost of inventories on hand at march
: Calculate the cost of inventories on hand at 31 March 2024 and the cost of sales for the month of March. (Round the average unit cost)
|
|
Review film called andy warhol documentary
: Review film called "Andy Warhol documentary film I and II", then answer the following question:
|
|
Prepare the sales section of the income statement
: Sales discounts $5,150, and sales returns and allowances $22,810. Prepare the sales section of the income statement based on this information
|
|
How much gross profit should Tullis recognize
: Tullis billed $4,000,000 in year 1 and collected $3,500,000 by the end of the end of the year. How much gross profit should Tullis recognize
|
|
Difference between the common morality and particular
: Explain the difference between the "common morality" and "particular morality", using examples to help your explanation;
|
|
What is the size of the nal smaller deposit
: How much interest does the fund earn during the year between the 5th and 6th deposits? What is the size of the nal smaller deposit? (Explain your answer)
|
|
How much interest revenue will Greenwell report
: The market rate of interest is 9%. Refer to Greenwell Farms. How much interest revenue will Greenwell report over the life of this contract
|
|
Residents of the united states
: What term is preferred to refer to residents of the United States? Expand your answer please.
|