Answer: A. Recognized $3.75 million loss on the project in 2022.
Explanation:
The project is 70% complete after 2022
i.e $99.75 million costs to date / $142.5 million estimated total costs.
The estimated gross profit is now $7.5 million
( i.e., $150 million - $142.5 million)
gross profit to date is $5.25 million. $9 million was recognized in 2021 so a $3.75 million loss is recognized in 2022.
Answer: <u><em>Adaptive cultures </em></u><em>develops an emphasis on entrepreneurship and respect for the employee and allows the use of organizational structures that empower employees to make decisions and motivate them to succeed.</em>
This in rudimentary terms that defines a way of operating where alteration is anticipated and accommodating to these alteration is smooth and seamless. With this in place growth, and innovation are a part of the business organization environment.
<u><em>Therefore, the correct option is (c)</em></u>
Answer:
As the Company has received a Cheque of $10,000,000 for payment in full. The Company though have not started the production it can consider such amount and cancel the contract and being a misc Income in its profit and loss account.
Though the product is being sold to an university and such organisation work on No profit no loss situation hence it can consider manufacturing 10 units and selling such units to the university at least the university also does not incur a loss of such a huge amount.
Answer:
The answer is option (D) Assess property, plant & equipment values based on current comparable prices.
Explanation:
From the given question, Evaluating the likelihood and level of expected warranty claims or Estimating the collectibility of accounts receivable balances is is not a good example for analytics and financial statements.
Therefore, the best example from the given options is assess property, plant, and equipment values based on current comparable prices for analytics and financial statements.
Answer:
Please find the income statement below;
Explanation:
<u>Single step Income statement</u>
Revenues
Net sales 2,419,200
Interest revenue 39,300
<em>Total revenues 2,458,500</em>
Expenses
Cost of goods sold 1,464,600
Admin. expenses 216,400
Selling expenses 294,800
Interest expense 46,000
<em>Total expenses 2,021,800</em>
<em><u>Net Income </u></em><em> </em><u><em>436,700</em></u>
