A construction company entered into a fixed-price contract to build an office building for $20 million. Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million. The company recognizes revenue over time according to percentage of completion. How much revenue and gross profit or loss will appear in the company’s income statement in the first year of the contract? (Enter your answer in whole dollars.)

Answer:

13.77 years

Explanation:

The maturity period is the period taken for the Bonds' Market Price equals its Face Value.

Calculation of the maturity period :

PV = - $394.47

PMT = $0

YTM = 6.87 %

P/YR = 2

FV = $1,000

N = ?

Using a financial calculator to input the values as above, the number of periods interest is accrued on the bond (N) is 27.54 thus the number of years will be 13.77 (27.54 ÷ 12) .

Explanation:

The journal entries are shown below:

a. Salaries expense $2,900,000

             To Income tax payable $616,250  ($435,000 + $181,250)

             To FICA tax payable  $221,850

             To Account payable $29,000

             To Salaries payable $2,032,900

(Being the employee salary expense, withholdings, and salaries payable is recorded)

b. Salaries expense $87,000

                 To Account payable $87,000

(Being the employer-provided fringe benefits is recorded)

c. Payroll tax expense $179,800

   FICA tax expense $221,850

              To Unemployment tax payable $401,650

(being the employer payroll taxes is recorded)

Answer:

Explanation:

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Thus, You would figure out the most cost-effective approach to send perishables back and forth.

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Answer:

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Answer:

Correct option is A 5.01%

Explanation:

Let irr be x%

At irr,present value of inflows=present value of outflows.

1,500,000=350,000/1.0x+475,000/1.0x^2+400,000/1.0x^3+475000/1.0x^4

Hence x=irr=5.01%(Approx).