subject
Business, 24.11.2021 04:30 crobinson7206

Sahara Desert Homes (SDH) reports under IFRS and constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount $ 3,000,000 Cost: 2020 1,200,000 2021 600,000
Gross profit: 2020 800,000 2021 400,000
Contract billings: 2020 1,500,000 2021 1,500,000
SDH uses the cost recovery method under IFRS to recognize revenue.
In its December 31, 2020, balance sheet, SDH would report:.
a. The asset, cost and profits in excess of billings, of $500,000.
b. The liability, billings in excess of cost, of $300,000.
c. The asset, contract amount in excess of billings, of $1,500,000.
d. The asset, deferred profit, of $400,000.

ansver
Answers: 1

Other questions on the subject: Business

image
Business, 21.06.2019 20:30, valentinethevast
The hawthorne works was a large western electric factory with 45,000 employees. during the 1920s and 1930s, hawthorne works was the site of some well-known industrial studies. in one of the studies, researchers investigated the impact of different working conditions on worker productivity. prior to the start of the study, researchers secretly measured workers' productivity for several weeks. then researchers chose two workers, who then chose their own teams. the teams were separated from the general workforce and completed their work in different experiment rooms where the researchers could observe them more easily. over a 5-year period researchers manipulated the structure of the workday for each team (number and duration of breaks and number of hours per shift). for each of these changes in working conditions, the researchers measured the effect on productivity. for some conditions, such as frequent short breaks, workers rebelled by intentionally decreasing productivity. why did the researchers secretly measure the workers' productivity before creating the two treatment groups? a, to create similar treatment groups so that a cause-and-effect relationship could be establishedb, to draw conclusions about the productivity of all workers in the plant based on the test groupsc, to directly control for confounding variablesd, to provide a baseline for measuring worker productivity
Answers: 3
image
Business, 22.06.2019 01:30, rachelkim999
Diversity is an obstacle all marketers face: true false
Answers: 2
image
Business, 22.06.2019 14:00, ellisc7044
Why is efficiency an important economic goal?
Answers: 2
image
Business, 23.06.2019 15:00, kobiemajak
Alamar petroleum company offers its employees the option of contributing retirement funds up to 5% of their wages or salaries, with the contribution being matched by alamar. the company also pays 80% of medical and life insurance premiums. deductions relating to these plans and other payroll information for the first biweekly payroll period of february are listed as follows: wages and salaries $ 2,800,000 employee contribution to voluntary retirement plan 92,000 medical insurance premiums 50,000 life insurance premiums 9,800 federal income taxes to be withheld 480,000 local income taxes to be withheld 61,000 payroll taxes: federal unemployment tax rate 0.60 % state unemployment tax rate (after futa deduction) 5.40 % social security tax rate 6.20 % medicare tax rate 1.45 % required: prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the biweekly pay period. assume that no employee's cumulative wages exceed the relevant wage bases for social security, and that all employees' cumulative wages do exceed the relevant unemployment wage bases.
Answers: 3
You know the right answer?
Sahara Desert Homes (SDH) reports under IFRS and constructed a new subdivision during 2020 and 2021...

Questions in other subjects:

Konu
Mathematics, 02.02.2021 04:20
Konu
Mathematics, 02.02.2021 04:20
Konu
Mathematics, 02.02.2021 04:20