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anygoal [31]
2 years ago
11

Guillen, Inc. began work on a $7,000,000 contract in 2020 to construct an office building. Guillen uses the completed-contract m

ethod. At December 31, 2020, the balances in certain accounts were Construction in Process $1,715,000, Accounts Receivable $240,000, and Billings on Construction in Process $1,000,000.Indicate how these accounts would be reported in Guillen’s December 31, 2020, balance sheet.
Business
1 answer:
SOVA2 [1]2 years ago
5 0

Answer:

31 Dec balance sheet

Construction in process $1715000 Asset Non current Asset

Accounts receivable $240000 Asset Current asset

Billings on contract in process $1000000 Liability non current liability

Explanation:

You might be interested in
Two fatal flaws can render a business model untenable from the beginning. These are:
bixtya [17]

Answer:

The correct answer is the option A: failure to complete a business plan and failure to get funding.

Explanation:

To begin with, if an entrepreneur failures to complete a business plan and to get funding then the most probable thing to happen is that his business will be untenable from the beginning due to the fact that if the person do not possesses money and a plan to put his ideas in action he will never achieve his primary goals, that is, obtaining profits at long term. Therefore that if there is no business plan in which the company must focus and there is no money to carry out that strategy then the business model is doomed.

6 0
1 year ago
Kiwis and strawberries are substitutes for consumers. An increase in the price of a kiwi coupled with an increase in the number
valentina_108 [34]

Answer:

The correct answer is D

lowers; probably changes, but more information is needed to determine if it increases or decreases

Explanation:

The increase in suppliers for strawberries causes the supply curve to shift to the right causing the equilibrium price to lower fro Po to P1.

The increase of price for Kiwis will move the price from Po to P1. The new price is not at equilibrium, as there has not been a shift in demand or supply as shown in the diagram.

8 0
2 years ago
St. Augustine Corporation originally budgeted for $360,000 of fixed overhead at 100% of normal production capacity. Production w
Ksju [112]

Answer:

$9,000 unfavorable

Explanation:

The computation of the total fixed overhead variance is shown below:

= Actual fixed overhead costs - Budgeted fixed overhead

where,

Budgeted fixed overhead  is $360,000

And, the Actual fixed overhead cost is computed below:

= Actual fixed overhead × Actual production  ÷ budgeted production

= $360,000 × 11,700 units ÷ 12,000 units

= $351,000

Now put these values to the above formula  

So, the value would equal to

= $351,000 - $360,000

= $9,000 unfavorable

5 0
1 year ago
Suppose that Ford issues a coupon bonds at a price of $1,000, which is the same as the bond's par value. Assume the bond has a c
uysha [10]

Answer:

YTM approximated 4.08%

Explanation:

If the price of the bond changes to 1,060

we will need to calcualte the YTM

we could do it with an approxmation method like this:

YTM = \frac{C + \frac{F-P}{n }}{\frac{F+P}{2}}

Cuopon payment =1,000 x 4.5% = 45

Face value       = 1,000

Purchase value= 1,060

n= 20 years

quotient 4.0776699%

It will yield approximately 4.08%

3 0
1 year ago
Blue Company purchased 60 percent ownership of Kelly Corporation in 20X1. On May 10, 20X2, Kelly purchased inventory from Blue f
aleksandr82 [10.1K]

Answer:

Blue Company

Consolidation of Parent & Subsidiary Companies :

1. c. $86,000

2. b. $47,000

3. d. $39,000

Explanation:

In preparing a consolidated income statement, Blue Company with controlling interest of 60% will eliminate intercompany transactions, sales, purchases, inventory, and profits.  This is because such transactions are assumed to be within the same consolidated entity.

Only such transactions involving outsiders are taken into consideration for the purpose of determining profits and arriving at the financial position of the consolidated group.

3 0
1 year ago
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