Turner, inc. began work on a $7,000,000contract in 2010 to construct an office builidng. during 2010,turner, inc. incurred costs of $1,700,000, billed thier customersfor $1,200,000, and collected $960,000. at december 31, 2010, theestimated future costs to complete the project total $3,300,000.prepare turner's 2010 journal entries using thepercentage-of-completion method.
construction ,700,000
materials, cash, payables, ,700,000
accounts ,200,000
billingson construction in 1,200,000
,000
,000
construction ,000
[($1,700,000 ÷ 5,000,000) x$2,000,000]
construction ,700,000
revenuefrom long-term ,380,000
($7,000,000,000x 34%)
i just don't understand this part. where didthe 5,000,000 and the 2,000,000 and the 34% come from?

Hey there!

For what I understood, you just need to clear some points of the problem and then you can continue by your own so I gonna help you with that. Good luck!

Explanation:

1.

a= $1,700,000 Incurred costs

b= $3,300,000 Estimated costs to complete the project

a+b= $5,000,000 Total cost of the project

2.

$1,700,000/$5,000,000 = 34% is the degree of progress of the project

3.

a-$7,000,000 Amount of contract

b-$5,000,000 Total cost of project

a-b=$2,000,000 Project profit

the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.