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A contractor enters into a construction contract on January 1, 2019. The contractor agrees to a fixed price of P9,000 to build a building. The contractor's initial estimate of contract cost is P8,000. The contract expects that it will take three years to build the building.By the end of the first year of the contract (December 31, 2019), the contractor's estimate of total costs has increased to P8,050 (cost incurred in 2019 amounted to P2,093).In 2020 the customer and the contractor agreed to a variation resulting in an increase in contract revenue of P200 and estimated additional contract costs of P150. At the end of 2020, costs incurred of P4,075 include P100 paid for standard materials stored at the site to be used in 2021 to complete the project. The contractor determines the stage of completion of the contract by calculating the proportion that contract costs incurred for work performed to date to the latest estimated total contract costs.
Question 1: Determine the revenue for 2019.
Describe at least two career options someone with an accounting education can pursue. Be sure to reference sources such as the Bureau of Labor Statistics and the American Institute of Certified Public Accountants.
Why will any portion of Terry's transfer be classified as a gift of a present interest? Does gift splitting seem to be advisable?
Return to Figure. Suppose P0 is $10 and P1 is $11. Suppose a new firm with the same LRAC curve as the incumbent tries to break into the market by selling 4,000.
Medical laboratories. Inc. produces an antibiotic product in its three producing departments. The following quantitative and cost data have been made available.
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The professor, who knew that Joe worked as a factory supervisor, had said that some of Joe's salary could end up on the company's balance sheet at the end of the month. This didn't make any sense to Joe since he gets the salary, not the company.
Indicate whether the lease would be classified as operating or capital under FASB Statement No. 13. Assume each scenario is independent and that Waldrop has not met any of the other requirements for capitalizing leases.
If the company grows at the sustainable growth rate, how much new borrowing will take place in the coming year, assuming a constant debt-equity ratio
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calculate the portion of the year based on 360 days and round to the nearest dollar
(Budget revision) The town council received an increasing number of complaints from citizens about the poor condition of some of the streets following.
When auditing inventories of raw materials, purchased parts, and/or merchandise inventory, the auditor's most effective means for evaluating the valuation assertion is to
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