Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. at the beginning of 2012, massachusetts road const

At the beginning of 2012, Massachusetts Road Construction entered into a contract to build a...

80.2K

Verified Solution

Question

Finance

At the beginning of 2012, Massachusetts Road Construction entered into a contract to build a road for the government. Construction will take 3 years. The following information as of December 31st, 2012 is available for the contract:

Total revenue according to contract

$15,000

Updated estimated cost in 2013-2014 period

$7,200,000

Cost incurred during 2012

$4,800,000

Assume that the company estimates percentage complete based on costs incurred as a percentage of total estimated costs. Under the Percentage-of-Completion method, how much revenue will be reported in 2012?

$6,000,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

Study: Two researchers want to see if the presence of a rifle increases how participants retaliate...

Biology
1.2K views

The Ras oncogene is activated by mutation of its proto oncogene precursor in about 30...

Basic Math
1.2K views

10 of 13 Applications of inverse trigonometric functions often involve degrees rather than radians In...

Algebra
1.2K views

3 What is the sum of the measures of the exterior angles of a dodecagon...

Algebra
1.2K views

QUIZ 11 4 11 6 11 7 Question 8 of 14 The probability of selecting...

Accounting
1.2K views

PA 13-4 Fashionables is a franchisee of The Unlimited, the... Use Table 13.4...

Accounting
1.2K views

stro by step . View Show Hary...

Accounting
1.2K views

ML Inc. has the following: - Net income of $3,000,000. - 20,000 shares of nonconvertible...

Accounting
1.2K views

the Polimer Corporation seis good to its customers on a note boss win 10 credin...

Accounting
1.2K views

Which of the following increases the Raw Materials account? Question 15 options: Paying a...

Accounting
1.2K views

Exercise 10A-2 (Static) Predetermined Overhead Rate; Overhead Variances [LO10-3, L010-4] Norwall Company's budgeted variable manufacturing...

Accounting
1.2K views

Question 6 Which is correct regarding setting up a QuickBooks Payments account for a...