The city of gunnison awarded a 5000000 road-construction

Reference no: EM13591125

The City of Gunnison awarded a $5,000,000 road-construction contract to the Fast Builders Construction Company. Construction was expected to take three years. After one year, Fast Builders had incurred $625,000 of cost and was approximately 20% completed with the road. The company estimated that another $2,500,000 would be expended to complete the contract. The company is confident regarding its estimates. What amount of profit, if any, should Fast Builders recognize for the first year?

Reference no: EM13591125

Questions Cloud

The city of springvale levies a tax on the value of real : the city of springvale levies a tax on the value of real property located within the city limits. the tax equals 2

On january 2 2010 parsons company purchased 80000 10 year 7 : on january 2 2010 parsons company purchased 80000 10 year 7 government bonds at 104 including the brokerage commission.

Derf company applies overhead on the basis of direct labor : derf company applies overhead on the basis of direct labor hours. two direct labor hours are required for each product

The tippa canoe company makes fiberglass canoes the : the tippa canoe company makes fiberglass canoes. the fiberglass resin is initially molded to the shape of a canoe then

The city of gunnison awarded a 5000000 road-construction : the city of gunnison awarded a 5000000 road-construction contract to the fast builders construction company.

Create a quadratic equation so that each of its roots will : given that the quadratic equation xsq - 3x1 0 has 2 different roots create a quadratic equation so that each of its

A 208 m long pole is balanced vertically on its tip it : question a 2.08 m long pole is balanced vertically on its tip. it starts to fall and its lower end does not slip. what

Arrow industries employs a standard cost system in which : arrow industries employs a standard cost system in which direct materials inventory is carried at standard cost. arrow

The alphonse company allocates fixed overhead costs by : the alphonse company allocates fixed overhead costs by machine hours and variable overhead costs by direct labor hours.

User Account

All Pages