Noah Construction Company is building a large complex for a contract price of $5,000,000. This is a three-year project and the requirements for recognizing revenue over time are met. The total estimated cost of the project is $4,000,000 and the following information is available: ($ in thousands) Year 1 Year 2 Year 3
Costs incurred $1,000 $1,500 $1,250
Estimated completion costs $3,000 $1,500 $0
Billings $750 $1,750 $2,500
Cash collected $500 $1,500 $3,000

What entries would be made in Year 2 to record customer billing assuming revenue recognition over time?

This activity is important because as a marketing manager, you must allocate resources to reach your target market. during the strategic marketing process, managers move through three important phases to determine how to optimally allocate resources: a planning phase, an implementation phase, and an evaluation phase. in this interactive exercise, you are asked to review various strategic marketing actions and determine where in the strategic marketing process the action would occur. the goal of this exercise is to demonstrate your understanding of the strategic marketing process and related marketing actions.