Crane Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed price contract for $2.9 million beginning September 1, 2020, to build a road for a municipality. It has been estimated that the road construction will be complete by June 2022. The following data pertain to the construction period.

Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period.

Using the percentage-of-completion method, prepare the journal entries for 2020 and 2021. (Use Materials, Cash, Payables for costs incurred to date.)

For the Year 2020:

1-

2-

(To record Cost of Construction)

1-

2-

To record progress billings

1-

2-

To record collections

1-

2-

To record revenues

1-

2-

To record construction expenses

Same procedures for 2021:

Question 8

Queens Construction Company commences construction of a harbour on 1 July 2020. It signs a fixed-price contract for total revenue of $400 million. The project is expected to be completed by the end of June 2023. The expected cost at the commencement of construction was $300 million. The expected costs to complete a construction project can change throughout the project. The following data relates to the project:

The contract is completed as expected on 30 June 2023. Queens Construction Company uses the percentage-of-completion method to account for its construction contract.

REQUIRED

Provide the numbers for the journal entries below. Assume the stage of completion can be reliably determined. Round the percentage complete (%) to one decimal place (i.e, 0.0%) if necessary.  Complete the six blanks below. (You don't need to provide the numbers for "?")

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Journal entry to record periodic income recognised for 2021, 2022, 2022

leadership: the "great man" traits that make an effective leader, this period range from Circa 450BC to the 1940s.

People have been using Cameras for private daily use since the 1880s and the first Kodak camera cost a lot of money in those days. Today we wish to see if the size of the camera can be used to predict the cost. The data is given below:

Y = cost in dollars X = weight in ounces y {300, 250, 350, 400, 150, 180, 140, 300, 300, 200} X {6, 5, 7, 5, 6, 6, 4, 6, 6, 5} The following information is available for you to use in the analysis of this topic. n=10 x̄= 5.6 ȳ= 257 SSxy = 248 SSxx = 6.4 SSyy = 69010

Find the least squares prediction equation. a)Ŷ = -300 + 100X1 b)Ŷ = 0 + 50X1 c)Ŷ = 40 + 38.75X1 d)none of these

Q = A university is hiring new construction company and need to come with a blueprint. They are debating on how much distance/km belonging to a forested park can be preserved. Within this region, there are 250 residents and each have an identical inverse dmnd function where P = 20 - Q. Here, Q represents the amount of distance/km preserved. P is the representing per distance cost; that an individual is willing to pay for the amount of distance (Q).

Note: Margnal cost value is $800 per distnce/km

1. To support this question, Incorporate the marginal cost curve/, marginal benefit curve and write aggregate demand and plot these into graph

2.How much km is required fro be preserve in the context of efficient allocation,

5. The Gardner Theater, a community playhouse, needs to determine the lowest-cost production budget for an upcoming show. Specifically, they have to determine which set pieces to construct and which, if any, set pieces to rent from another local theater at a predetermined fee. However, the organization has only two weeks to fully construct the set before the play goes into technical rehearsals. The theater has two part-time carpenters who work up to 12 hours a week, each at $10 an hour. Additionally, the theater has a part-time scenic artist who can work 15 hours per week to paint the set and props as needed at a rate of $15 per hour. The set design requires 20 flats (walls), two hanging drops with painted scenery, and three large wooden tables (props). The number of hours required for each piece for carpentry and painting is shown below:

Flats, hanging drops, and props can also be rented at a cost of $75, $500, and $350 each, respectively. How many of each unit should be built by the theater and how many should be rented to minimize total costs?

The Gardner Theater, a community playhouse, needs to determine the lowest-cost production budget for an upcoming show. Specifically, they have to determine which set pieces to construct and which, if any, set pieces to rent from another local theater at a predetermined fee. However, the organization has only two weeks to fully construct the set before the play goes into technical rehearsals. The theater has two part-time carpenters who work up to 12 hours a week, each at $10 an hour. Additionally, the theater has a part-time scenic artist who can work 15 hours per week to paint the set and props as needed at a rate of $15 per hour. The set design requires 20 flats (walls), two hanging drops with painted scenery, and three large wooden tables (props). The number of hours required for each piece for carpentry and painting is shown below: