N2018, cupid construction co. (ccc) began work on a two-year fixed price contract project. ccc recognizes revenue over time according to percentage of completion for this contract, and provides the following information (dollars in millions):

accounts receivable, 12/31/2018 (from construction progress billings) $ 37.5
actual construction costs incurred in 2018 $ 135
cash collected on project during 2018 $ 105
construction in progress, 12/31/2018 $ 207
estimated percentage of completion during 2018 60 %
what are ccc's estimated remaining construction costs on the project at the end of 2018?

(a) $0

(b) $135 million

(c) $225 million

(d) $90 million

After all revenue and expense accounts have been closed at the end of the fiscal year, income summary has a debit of $2,450,000 and a credit of $3,000,000. at the same date, retained earnings has a credit balance of $8,222,600, and dividends has a balance of $125,000. required: a. journalize the entries required to complete the closing of the accounts on december 31. refer to the chart of accounts for exact wording of account titles. b. determine the amount of retained earnings at the end of the period.

Daniel owns 100 shares of abc corporation's common stock. abc uses the fair value option, and recent declines in the firm's credit rating have caused the value of the firm's outstanding bonds payable to drop by 10%. daniel feels this is good news, but he wants to know what you think about the situation. which of the following represents your best response? a : "this situation may be positive for you in that the change in abc's credit standing indicates that the value of the firm's assets is likely increasing. however, the drop in bond value may negate any positive effects on your bottom line, because it means your claim on the firm's assets is simultaneously decreasing." b : "actually, this is bad news all around. the drop in the value of abc's bonds payable means shareholders' claims on the firm's assets have decreased. moreover, abc's declining credit rating means that the firm's assets are probably also dropping in value, thus magnifying your losses even more." c : "on the surface, this seems like good news because it means your claim on the firm's assets has increased. however, the drop in creditworthiness may also indicate that abc's assets are declining in value, thus offsetting any gains associated with the drop in bonds payable." d : "you're right! this is good news because it means that abc's debtholders have a decreased claim on the firm's assets. as a result, the firm's existing shareholders"like you"have seen their claim on the firm's assets increase."

The strength of the economy depends on the balance pf production and consumption of goods and consumption of goods and services