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Question - France Ltd entered a construction contract with Japan Ltd. Under the contract, France Ltd agreed to construct a building for a fixed price of $5 million. Estimated costs are provided below:
Year 1 Year 2 Year 3
Costs 2,000,000 1,500,000 500,000
Required - Calculate the amount of revenue and profit for Years 1 and 2 under the following scenarios:
-Actual costs are $2 million for Year 1 and $1 million for Year 2. Costs for Year 3 are expected to be in line with the original estimates.
-Actual costs are $3 million for Year 1 and $2 million for Year 2. Costs for Year 3 are expected to be $1 million.
Which of the accounts have a normal credit balance? Which partnership accounts represent a liability of a partner to the partnership, except
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les fleurs a boutique in paris france had the following accounts in its accounting records at december 31 20x2 amounts
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