Business, 19.02.2020 01:34 des6487

Dixon Construction Company was awarded a contract to construct an interchange at the junction of U. S. 94 and Highway 30 at a total contract price of $11,800,000. The estimated total costs to complete the project were $8,800,000. a. Make the entry to record construction costs of $5,104,000, on construction in process to date. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit b. Make the entry to record progress billings of $2,980,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Creditc. Make the entry to recognize the profit that can be recognized to date, on a percentage-of-completion basis. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit\

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Answer from: mathbrain58

The Journal entries are as follows:

(i) Construction in progress A/c Dr. $5,104,000

To cash A/c $5,104,000

(To record the construction costs)

(ii) Accounts receivables A/c Dr. $2,980,000

To billings A/c $2,980,000

(To record the progress billings)

(iii) Cost of goods sold A/c Dr. $5,104,000

Construction in progress A/c Dr. $1,740,000

To revenues A/c $6,844,000

(To record the revenues)

Workings:

Revenues :

= (Cost incurred to date ÷ Expected costs to complete) × Contract value

= ($5,104,000 ÷ $8,800,000) × $11,800,000

= 0.58 × $11,800,000

= $6,844,000

Answer from: Quest

Entrepreneur is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

Answer from: Quest

Via: "if you are found to be supplying or dealing drugs, the punishment is likely to be tough. supplying drugs doesn’t just apply to dealers. if police suspect that you intend to share drugs with your friends, this is still considered to be supplying.

being suspected of supplying drugs means you are much more likely to be charged. the amount of drugs found on you, and whether you have a criminal record, will be taken into account when a punishment is being decided.

decisions to prosecute are taken by the public prosecution service. the maximum sentences for intent to supply drugs are:

- up to life in prison or an unlimited fine (or both) for a class a drug- up to 14 years in prison or an unlimited fine (or both) for a class b or class c drug."sorry if this was a school question, you didnt supply options so i assumed it was a personal question, which if it is, reconsider selling or having possesion of any drugs at all. i wish you the best!

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