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On May 1, 2011, Green Construction Company entered into a fixed-price contract to construct an apartment building for $3,000,000. Green appropriately accounts for this contract under the percentage-of-completion method. Information relating to the contract is as follows:
2011 2012At December 31: Percentage of completion........ 20% 60%Estimated costs at completion ... $2,250,000 $2,400,000Income recognized (cumulative)... $ 150,000 $ 360,000
What is the amount of contract costs incurred during the year ended December 31, 2012?
a. $600,000
b. $960,000
c. $990,000
d. $1,440,000
Based upon this information which of the following is most correct:
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A static budget is appropriate in evaluating a manager's performance if:
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A business taxpayer sells depreciable business property with an adjusted basis of $400,000 for $32,000. The taxpayer held the property for more than a year. The taxpayer has an $8000 long term capital loss.
Which of the following statements is true regarding SFAS 109 and its use of the asset and liability approach?
An enterprise that holds a variable interest in variable interest entity is required to consolidate assets, liabilities, revenues and expenses, and the non-controlling interest of that entity if:
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