Robertson Construction entered into a contract to construct a tunnel for a fixed price of $12,000,000. Robertson recognizes revenue over time according to percentage of completion. Here are some facts: In 2021: Cost incurred during the year is $3,000,000; Estimated cost to complete is $6,000,000 In 2022: Cost incurred during the year is $500,000; Estimated cost to complete is $6,500,000 In 2023: Cost incurred during the year is $6,500,000; Estimated cost to complete is $0. How much gross profit/loss would Robertson recognize in 2022

Answers

Answer 1

By measuring the gross revenue Robertson would recognize in 2022, the amount is $5,600,000.

To understand better, we have to begin with the year 2021, where we have the following:

Given that the % of completion = cost incurred till now ÷ total estimated cost;

We have => $3,000,000 ÷ ($3,000,000 + $6,000,000) = 33.33%

Hence, we have the final revenue in the year 2021 to be recognized as

=> $12,000,000 × 33.33% = $4,000,000.

By the year 2022, we have the following percentage completion.

=> ($5,000,000 + $3,000,000) ÷ ($3,000,000 + $5,000,000 + $2,000,000) = 80 percent.

Therefore, we have the total revenue to be recognized

=> $1,200,000 × 80% = $9,600,000

Then given that the Revenue already realized in 2021 = $4,000,000

Therefore, the revenue to be recognized in 2022

=> $9,600,000 - $4,000,000 = $5,600,000.

Hence, in this case, it is concluded that the gross revenue Robertson would recognize in 2022, the amount is $5,600,000.

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Related Questions

what are the risks of partnering? select all that apply.

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Put a list plz for me to see. There is nothing here to see.

according to adam smith, the process that turns self-directed gain into social and economic benefits for all is the

Answers

Answer:invisible hands

Explanation:

Adam Smith asserts that the invisible hands is a process that turns self-directed gain into social and economic benefits for all.

Adam Smith invisible hands theory explains that there are unseen forces that move the free market economy.

In conclusion, the economist is the one that explains that the invisible hands is a process that turns self-directed gain into social and economic benefits for all.

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gross domestic product is the sum of the market value of the:

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Answer:

The Gross Domestic Product measures the value of economic activity within a country. Strictly defined, GDP is the sum of the market values, or prices, of all final goods and services produced in an economy during a period of time.

Explanation:

Advertising plans include: (select 3 that apply)
HELP ASAPSelect 3 correct answer(s)
developing a marketing strategy
evaluating the results of the advertising
determining the target market
setting an advertising budget
o discrediting the competition

Answers

Advertising plans include defining the target market, setting an advertising budget, and evaluating advertising results.

An advertising plan can be defined as a strategy used by companies to:

attract and retain consumers.

For this, it is necessary for the organization to define its target market, the necessary budget and the communication channels where its advertising will be shown.

It is also essential to monitor and evaluate advertising results to understand how advertising has impacted audiences and achieved expected results.

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Answer:B,C,D

Explanation:

How do managers use information obtained in the income statement

Answers

Answer: The purpose of the income statement is to show managers and investors whether the company made or lost money during the period being reported It then calculates operating expenses and, when deducted from the gross profit, yields income from operations.

Explanation:

what documents are used in the buying of goods and services​

Answers

Answer:

trans tax

Explanation:trans tax

when the supreme court judges vote unanimously on a case, this usually indicates a _____ model of decision-making.

Answers

Legal.


Hope this answers your question

Which customers are typical for the Agriculture, Food, and Natural Resources career cluster? SELECT FOUR OPTIONS!!!!
A) a power company needing solar panels
B) a local fresh market
C) a business working with trained animals
D) a person buying large quanities of wheat
E) a person learning about geography
F) a family on a camping trip

PLEASE HELP ITS WORTH 50 POINTS!!!!!

Answers

Answer:bcde

Explanation: kids cant work so not f and solar panels have nothing to do with the farmers so not a

The customers that are typical for the Agriculture, Food, and Natural Resources career cluster are a local fresh market; a business working with trained animals; a person buying large quantities of wheat and a family on a camping trip. Thus option (B), (C), (D) and (F) are correct.

Who are customers?

Customers are individuals or organizations who purchase goods or services from a seller or provider. They are the people or entities who pay for and use the products or services that a business offers.

The relationship between a business and its customers is a crucial aspect of its success, as satisfied customers are more likely to return for future purchases and recommend the business to others.

A local fresh market; a business working with trained animals; a person buying large quantities of wheat and a family on a camping trip are the customers are typical for the Agriculture, Food, and Natural Resources career cluster. Therefore, option (B), (C), (D) and (F) are correct.

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how does selling shares on the stock exchange benefit companies?

Answers

Answer:

to raise revenues

Explanation:

hope i helped

what reflects the perceived quality of a company’s goods and services in the eyes of the public?

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The company's reputation reflects the perceived quality of its goods and services.

A company's reputation will always show the perceived quality of its goods & services as well as prominence of the brand in the minds of the public.

A brand reputation is one of the most important intangible asset of a company because its gives rise to the tangible asset which means higher sales and increased profits.

In conclusion, brand reputation was gained through customers trust & loyalty from the company's consistent service.

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Clickable text or images that take you to different sites on the World Wide Web are called
Attachments
Hyperlinks
Shortcuts
Navigation Buttons

Answers

Answer:hyperlinks

Explanation:

Clickable text or images that take you to different sites on the World Wide Web are called hyperlinks. Hence, Option (B) is correct.

Hyperlinks are an essential feature of the web that allows for seamless navigation and interconnectedness between web pages.

They are typically displayed as underlined or differently colored text or as clickable images.

When a user clicks on a hyperlink, it initiates an action that takes them to a different web page, whether it is within the same website or on a different website altogether.

Hyperlinks play a vital role in facilitating the exploration of information on the internet, enabling users to access related content, external references, sources, and various online resources.

Thus, hyperlinks serve as the fundamental mechanism for connecting and directing users to different sites on the World Wide Web.

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Clickable text or images that take you to different sites on the World Wide Web are called

A)Attachments

B)Hyperlinks

C)Shortcuts

D)Navigation Buttons

why will the coefficient for the price elasticity of demand always be a negative number?

Answers

The coefficient for the price elasticity of demand is normally negative because the demand curve is downward sloping.

Price elasticity of demand:

Shows how quantity demanded changes as a result of a change in price Is calculated by dividing the change in quantity demanded by the change in price

For normal goods, an increase in price leads to a decrease in quantity demanded. This is why the demand curve is downward sloping. If price goes up, quantity demanded will go down.

This change in quantity demanded will be shown as a negative number which means that when it is divided by the change in price, the price elasticity coefficient will be negative.

In conclusion, the price elasticity coefficient is usually negative because the demand is negative when prices increase.

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Explain the concept of inter cropping in brief . (5) note: it should be of 5 marks​

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Answer:

Inter cropping is a type of multi cropping where the farmer cultivates two or more crops in a field simultaneously. Inter croping is a sustainable practice that can improve resource-use efficiency, such as nutrients and water, allowing low input agricultural practices.

Explanation:

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which common form of external data helps marketers understand what influences a consumer’s purchasing behavior?

Answers

External data that helps marketers understand what influences a consumer’s purchasing behavior is psychographic data.

What is psychographic data?

Psychographic data is used to create a profile of customers' viewpoints, areas of interest, and motivators for action. It includes an individual's beliefs, opinions, preferences, and personality traits.

Psychographic information concentrates on emotional factors like motives, priorities, etc whereas demographic information frequently emphasizes physical factors like age, race, gender, geography, etc.

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Baby you’re too controllin’
Ima feed you too the wolves when
You get nasty, back at me
But baby don’t distract me
I’m a goner, I lost her
Like why the hell yhu wanna play me that way
You’re bad babe, You double-faced enternare
LiFe GoEs On AnD oN aNd On AnD oN AnD oN aNd

Answers

Tharpist can help you.

Explanation:

They specialize in mental health and illness care and treatment.

goal displacement, satisficing, and groupthink are:

Answers

Goal displacement, satisficing, and groupthink are the advantages of group decision-making.

Group decision-making simply means the process where several individuals act collectively in order to analyze a particular problem.

During group decision-making, several ideas are considered and the best approach or idea is chosen in order to achieve a particular goal.

Some of the advantages of the group decision-making include goal displacement, satisficing, and groupthink.

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PLEASE HELP ASAP, I WILL MARK BRAINLIEST
-economics
The purpose of fractional reserve banking is to:
O A. prevent banks from charging unfair interest rates to small
businesses.
O B. combine the financial services of both commercial and retail
banks.
C. give banks the ability to make loans greater than the value of cash
deposhys.
D. give potential borrowers more options for securing short-term
bank loans.

Answers

Answer: A

Explanation:

it makes more sence

The purpose of fractional reserve banking is to prevent banks from charging unfair interest rates to small businesses. Thus, option A is correct.

What is fractional reserve banking?

A fractional reserve banking system is one in which only a portion of bank deposits must be available for withdrawal. Banks only need a certain amount of cash on hand and can make loans using the money we deposit. By releasing cash for lending, fractional reserves help to boost the economy.

Banks can utilize cash (i.e., the majority of deposits) that would otherwise be unused and idle to create returns in the form of interest rates on new loans and therefore make more money available to build the economy.

Therefore, it prevents banks from charging unfair interest rates to small businesses.

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Distinguish between the concepts of service vs. product marketing strategies. Provide an example of each and evaluate why each is essential to hotel operations.

Answers

Answer:

service mena intangible or we can't take it with us or purchase it to take home

product is tangible it is something we can purchase at any time any place

Explanation:

for example service we can see in hotel a room service

for the product we can see Chocolate we can purchase it any where and take to other place but in contrast we can't take service

Both service marketing strategies and product marketing strategies are sales and promotion tactics for various product and service offerings. The nature of the offering itself is where the two differ most from one another.

Why do you want to get into product marketing?

At the same time, it's very difficult and rewarding. Cross-functional teams are frequently led by product marketing managers, giving you exposure to a wide range of job functions. A profession in product marketing allows you to have an influence and redistributes meaning to your work.

Service marketing methods emphasize the quality and customization of intangible services, while product marketing strategies concentrate on the attributes and advantages of tangible commodities. Both forms of marketing tactics seek to draw in and keep clients, but because the products and services offered differ, they call for distinct methods.

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if the activity level increases 10%, total variable costs will

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If activity level increases by 10%, total variable costs will increase by 10%. It remains the same per unit at every level of activity. remain the same in total regardless of changes in the activity level. ... The CVP income statement classifies costs as variable or fixed and computes a contribution margin. I hope this helps!!

the contribution margin income statement allows users to easily judge the impact of a change in ______ on profit.

Answers

The blank space has been correctly filled below:

The contribution margin income statement allows users to easily judge the impact of a change in selling price, cost, or volume on profit.

The contribution margin income statement is an evaluation of a former sales period. Entrepreneurs use this procedure to determine whether they made a profit or loss during the period.

After their evaluation, they realize the operating income or net income. The contribution margin is generated using this formula,

Net product revenue - Total variable cost ÷ product revenue.

A proper understanding of the fixed and variable costs is essential to accurately calculate the contribution margin.

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liabilities are generally classified on a balance sheet as

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Liabilities are classified as Current Liability and Non-Current Liability on the Balance sheet.

Liability is an accounting term used to represent debts and obligations which the business owes to others.

Examples of Liability includes Wages payable, Supplies payable, Owed Loans, Notes payable, Income taxes payable, Mortgages payable etc

However, under the balance sheet, Liability are classified into two sections and includes the Current Liability and Non-Current Liability.

The Current liabilities are known as Short term liabilities because they are liabilities that are due and payable within one year.

The Non-current liabilities are known as Long-term liabilities because they are liabilities that are due after a year or more.

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terin, the chief human resources officer for a major financial services company, has met with each of her employees to set their objectives. now, terin expects the employees to:

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Given that Terin's employees have set their objectives in the company, the next thing that Terin expects from these employees would be to develop action plans.

Option D is the correct answer to this question. The action plans are sets of strategies that the employees have laid out that would help them to achieve their goals and objectives.

In order to do this, they have to make up lists of the things that they want to achieve in the firm and also list the strategies that they would employee to achieve them.

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what is a "complementary" business

Answers

Answer:

A complimentary business compliments your business. It may offer products or services beneficial to your business or your customers, but not the same things as to not be considered a competing business (competitor).

when an externality is present, the market equilibrium is

Answers

Answer:

Effecient

Explanation:

And the equilibrium maximizes the total benefit to society as a whole

When you purchase something with a credit card, you
A
automatically improve your credit score
B
buy it now and promise to pay for it later
С
pay for it now but receive it later
D
decrease your debt

Answers

Answer:

(A) uhhh I think it's a

Explanation:

ok

This is a case study adopted from the book of Crispina R. Corpuz. "Reyes Department Store" Based on the review of the store, Nicole, the general manager concluded that one of the first things she has to attend involves developing the job description of her store supervisor. During her first few weeks on the job, Nicole found herself asking one of her supervisors, Jet, why was he violating what she knew to be part of the company policies and procedures. Jet’s only response was that he was not aware of that policy and was not aware it was part of his job. Nicole knew that a job description, along with a set of standards and procedures that specify what was to be done and how to do it, will go a long way toward alleviating the problem. Discuss the process that Nicole should follow to solve this problem.

Answers

In order to Nicole to solve this problem, she must reevaluate the job description and company policies and procedures, and then include certain specifications that will make employees more aware of their roles within the company.

Nicole is the general manager of the Reyes Department Store, so she acted correctly when she noticed inconsistent conduct by one of her supervisors and identified the problem.

She then realized that she should carry out a job description along with standards and procedures that specify what should be done and how to do it.

A job description is a document that specifies the responsibilities and activities of each organizational role.

Its objective is to adapt professionals to their work position according to their profile and optimize people management, creating greater standardization of processes and agility in decisions.

Therefore, job descriptions must always be monitored and revised so that new needs are included and so that employees can carry out their role effectively.

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Alpha Company bought inventory from Omega Company, FOB shipping point. On December 31, the last day of the accounting year, the goods were on a truck owned by Theta, Inc., exactly half-way between Alpha and Omega. Which company should include these goods in its December 31 inventory

Answers

Answer: what

Explanation:

I don't know the answer

Help pls I need help

Answers

Answer:

The answer is "a short period of time".

Answer:

a short period of time

Explanation:

i dont know lol

after three summers working for a local landscaping business, scott suggested that his boss add snow removal as an extra service. with this holistic hunch, scott was acting on ________ that snow removal might be a good addition to the service offerings.

Answers

Scott's suggestion that his boss adds snow removal as an extra service shows Scott acting on intuition.

Intuition is a product of inventiveness, especially when one has creative skills for bringing out solutions to ensure success.

Scott was not acting in hindsight because he had not engaged in snow removal before. Scott did not suggest based on minority dissent since there is no opposing suggestion from the majority.

Similarly, Scott was not acting on a sudden reaction, which suggested that the boss required a business idea from Scott.

Thus, Scott was acting on intuition when he suggested to his boss embrace snow removal as an extra service with potential.

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factors such as the increasing number of women in the workforce and the growing number of older workers exemplify which force for change outside the organization?

Answers

Answer: demographic characteristics

Explanation:

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