In 2021, the Westgate Construction Company entered into a
contract to construct a road for Santa Clara County for
$10,000,000. The road was completed in 2023. Information related to
the contract is as follows:
| 2021 | 2022 | 2023 | |||||||
| Cost incurred during the year | $ | 2,400,000 | $ | 3,600,000 | $ | 2,200,000 | |||
| Estimated costs to complete as of year-end | 5,600,000 | 2,000,000 | 0 | ||||||
| Billings during the year | 2,000,000 | 4,000,000 | 4,000,000 | ||||||
| Cash collections during the year | 1,800,000 | 3,600,000 | 4,600,000 | ||||||
Westgate recognizes revenue over time according to percentage of completion.
5. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years assuming
the following costs incurred and costs to complete information.
(Do not round intermediate calculations and round your
final answers to the nearest whole dollar amount. Loss amounts
should be indicated with a minus sign.)
| 2021 | 2022 | 2023 | |||||||
| Costs incurred during the year | $ | 2,400,000 | $ | 3,800,000 | $ | 3,900,000 | |||
| Estimated costs to complete as of year-end | 5,600,000 | 4,100,000 | 0 | ||||||
| 2021 | 2022 | 2023 | |
| Revenue | |||
| Gross profit (loss) |
In: Accounting
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2021 2022 2023 Cost incurred during the year $ 2,072,000 $ 2,738,000 $ 2,849,000 Estimated costs to complete as of year-end 5,328,000 2,590,000 0 Billings during the year 2,160,000 2,650,000 5,190,000 Cash collections during the year 1,880,000 2,700,000 5,420,000 Westgate recognizes revenue over time according to percentage of completion. 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Costs incurred during the year $ 2,072,000 $ 3,880,000 $ 4,140,000 Estimated costs to complete as of year-end 5,328,000 4,260,000 0
In: Accounting
In 2021, the Westgate Construction Company entered into a
contract to construct a road for Santa Clara County for
$10,000,000. The road was completed in 2023. Information related to
the contract is as follows:
| 2021 | 2022 | 2023 | |||||||
| Cost incurred during the year | $ | 2,490,000 | $ | 3,984,000 | $ | 2,008,600 | |||
| Estimated costs to complete as of year-end | 5,810,000 | 1,826,000 | 0 | ||||||
| Billings during the year | 2,030,000 | 4,444,000 | 3,526,000 | ||||||
| Cash collections during the year | 1,815,000 | 3,900,000 | 4,285,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
5. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years assuming
the following costs incurred and costs to complete information.
(Do not round intermediate calculations and round your
final answers to the nearest whole dollar amount. Loss amounts
should be indicated with a minus sign.)
| 2021 | 2022 | 2023 | |||||||
| Costs incurred during the year | $ | 2,490,000 | $ | 3,815,000 | $ | 3,945,000 | |||
| Estimated costs to complete as of year-end | 5,810,000 | 4,130,000 | 0 | ||||||
In: Accounting
In 2021, the Westgate Construction Company entered into a
contract to construct a road for Santa Clara County for
$10,000,000. The road was completed in 2023. Information related to
the contract is as follows:
| 2021 | 2022 | 2023 | |||||||
| Cost incurred during the year | $ | 2,490,000 | $ | 3,984,000 | $ | 2,008,600 | |||
| Estimated costs to complete as of year-end | 5,810,000 | 1,826,000 | 0 | ||||||
| Billings during the year | 2,030,000 | 4,444,000 | 3,526,000 | ||||||
| Cash collections during the year | 1,815,000 | 3,900,000 | 4,285,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
4. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years assuming
the following costs incurred and costs to complete information.
(Do not round intermediate calculations and round your
final answers to the nearest whole dollar amount. Loss amounts
should be indicated with a minus sign.)
| 2021 | 2022 | 2023 | |||||||
| Costs incurred during the year | $ | 2,490,000 | $ | 3,815,000 | $ | 3,215,000 | |||
| Estimated costs to complete as of year-end | 5,810,000 | 3,115,000 | 0 | ||||||
In: Accounting
QUESTION 12
Assume that a firm's marginal revenue barely exceeds marginal cost. To maximize profit, teh firm should:
|
expand output. |
||
|
contract output. |
||
|
maintain output. |
||
|
there is insufficient information to answer the question. |
QUESTION 13
In the short run, a perfectly competitive firm will stay in business as long as:
|
Price equals average revenue. |
||
|
marginal revenue is greater than marginal cost. |
||
|
price exceeds average variable cost. |
||
|
price is less than average variable cost. |
QUESTION 14
Suppose that price is below the minimum average total cost (ATC) but above the minimum average variable cost (AVC), and the market price is expected to rise at least to ATC in the near future. In the short run, a firm that is a price taker would:
|
immediately shut down and get out of the industry. |
||
|
continue to produce a quantity such that marginal revenue equals marginal cost. |
||
|
shut down temporarily, in hopes of restarting in the near future. |
||
|
cut price and expand output in hopes of achieving economies of scale |
QUESTION 15
Where is the "short-run shut down point" for a perfectly competitive firm?
|
The lowest point of AVC curve. |
||
|
The lowest point of ATC curve. |
||
|
The lowest point of MC curve. |
||
|
It depends. Could be the lowest point of AVC, ATC, or MC curve. |
In: Economics
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks.
| Completion Percentage | 57 | 57 | 57 | 57 | 60 |
|---|---|---|---|---|---|
| Interception Percentage | 4.9 | 4.3 | 2.9 | 2.7 | 1.4 |
Step 1 of 5:
Calculate the sum of squared errors (SSE). Use the values b0=47.4019 and b1=−0.7667 for the calculations. Round your answer to three decimal places.
Step 2 of 5:
Calculate the estimated variance of errors, s2e . Round your answer to three decimal places.
Step 3 of 5:
Calculate the estimated variance of slope, s2b1 . Round your answer to three decimal places.
Step 4 of 5:
Construct the 98% confidence interval for the slope. Round your answers to three decimal places.
Step 5 of 5:
Construct the 90% confidence interval for the slope. Round your answers to three decimal places.
In: Statistics and Probability
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks.
Completion Percentage 60 61 62 62 65 Interception Percentage 4.4 2.6 2.5 2.1 1.3
Step 4 of 5: Construct the 98% confidence interval for the slope. Round your answers to three decimal places.
Step 5 of 5: Construct the 95% confidence interval for the slope. Round your answers to three decimal places. Please help
In: Statistics and Probability
The following table compares the completion percentage and interception percentage of 55 NFL quarterbacks.
| Completion Percentage | 5858 | 5959 | 6161 | 6464 | 6565 |
|---|---|---|---|---|---|
| Interception Percentage | 4.54.5 | 44 | 3.53.5 | 3.53.5 | 3 |
Step 1 of 5 : Calculate the sum of squared errors (SSE). Use the values b0=14.2608 b 1 = − 0.1720 for the calculations. Round your answer to three decimal places
In: Statistics and Probability
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks. Completion Percentage 58 59 62 64 66 Interception Percentage 4.6 4 3.6 1.8 1.4 Table Step 1 of 5: Calculate the sum of squared errors (SSE). Use the values b0=28.0781 and b1=−0.4045 for the calculations. Round your answer to three decimal places. Step 2: Calculate the estimated variance of errors s^2e Step 3: Calculate the estimated variance of slope s^2b1
In: Statistics and Probability
The following table compares the completion percentage and interception percentage of 5 NFL quarterbacks.
| Completion Percentage | 55 | 59 | 60 | 60 | 62 |
|---|---|---|---|---|---|
| Interception Percentage | 4.5 | 4.2 | 3.5 | 2.9 |
1.4 |
Step 1 of 5: Calculate the sum of squared errors (SSE). Use the values b0=26.9386 and b1=−0.3993 for the calculations. Round your answer to three decimal places.
Step 2 of 5: Calculate the estimated variance of errors, se2. Round your answer to three decimal places.
Step 3 of 5: Calculate the estimated variance of slope, s2b1. Round your answer to three decimal places.
Step 4 of 5: Construct the 99% confidence interval for the slope. Round your answers to three decimal places.
Step 5 of 5: Construct the 98% confidence interval for the slope. Round your answers to three decimal places.
In: Statistics and Probability