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 | $ | 2,100,000 | $ | 2,450,000 | $ | 2,695,000 | |||
| Estimated costs to complete as of year-end | 4,900,000 | 2,450,000 | 0 | ||||||
| Billings during the year | 2,200,000 | 2,350,000 | 5,450,000 | ||||||
| Cash collections during the year | 1,900,000 | 2,300,000 | 5,800,000 | ||||||
Westgate recognizes revenue over time according to percentage of completion.
Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.)
| 2021 | 2022 | 2023 | |
| REVENUE | $3,000,000 | ||
| GROSS PROFIT (LOSS) |
In: Accounting
In: Accounting
In: Accounting
Financial Reporting: Do Small Errors Need to be Reported?
Ben is a recent Santa Clara University graduate who has just started his first job in the finance department of a publicly traded Silicon Valley company. One of his main responsibilities is to create and distribute extensive Microsoft Excel reports that analyze costs and revenues for different divisions. Ben sends completed reports to his direct supervisor and the CFO. The CFO then uses the information to create the company's financial reports, in addition to the strategy and forecasting formulation.
While Ben considers himself to be detailed-oriented, the complicated nature of and the sheer volume of data sometimes overwhelm him, which is exacerbated by their strict deadlines. While Ben works hard to prepare the reports as accurately as possible, he often finds errors after he has submitted his final report. When the errors are critical, he revises the reports and resends them. However, some of the errors are minor, in Ben's estimation, and he doubts that the CFO will use or look at these figures. Ben is ambitious and wants to be promoted, but worries that if he frequently sends out revised reports he will appear unreliable and unqualified. At the same time, the potential consequences from inaccurate financial reports put the company, the CFO and CEO, and Ben himself at risk.
Think about... What actions should Ben take when he catches a mistake? Is he obligated to report every error, particularly since he works for a publicly traded company? Is there such a thing as a small error in this context?
For your post, put yourself in Ben's shoes... You have a family at home that you provide for. What would you do if you caught one of your own errors? Does the amount of the error matter? Are you willing to get fired? How important is trust? How much do you value integrity?
In: Operations Management
A 10.0 mL solution of 0.030 M AgNO3 was titrated with 0.015 M NaBr in the cell. S.C.E. || titration solution | Ag(s) Find the cell voltage for 0.4, 10.0, 20.0, and 27.0 mL of titrant. (The Ksp of AgBr = 5.0 ✕ 10−13.) 0.4 V 10.0 V 20.0 V 27.0 V
In: Chemistry
For the reaction A + B + 2C = 3D at 25 Celsius, the following initial rate data were obtained:
Experiment #1: [A] = 0.1M, [B] = 0.1M, [C] = 0.2M, Initial Rate of Formation for D = 4 e -4 M/min
Experiment #2: [A] = 0.3M, [B] = 0.2M, [C] = 0.2M, Initial Rate of Formation for D = 1.2 e -3 M/min
Experiment #3: [A] = 0.1M, [B] = 0.3M, [C] = 0.2M, Initial Rate of Formation for D = 4 e -4 M/min
Experiment #4: [A] = 0.3M, [B] = 0.4M, [C] = 0.6M, Initial Rate of Formation for D = 3.6 e -3 M/min
If Experiment #2 is repeated at 50 Celsius and the initial rate is measured to be 1.6 e -3 M/min, what is the activation energy?
PLEASE PROVIDE ALL STEPS! :)
In: Chemistry
SuperSports provides you the following pension data for the year 2016.
| Item | |
| Service Cost, 2016 | $248,000 |
| Projected Benefit Obligation, January 2016 | $340,000 |
| Plan Assets (Fair Value), January 1, 2016 | $360,000 |
| Prior Service Cost-AOCI (2016 amortization, $25,000) | $250,000 |
| Net Loss-AOCI (2016 amortization, $10,000) | $110,000 |
| Actual Return on Plan Assets | $45,000 |
| Interest Rate and Expected return on plan assets | 10% |
| Contributions made to plan assets during 2016 | $175,000 |
SuperSports requests you to:
In: Accounting
A round-robin tournament involving n plays is modeled with digraph D where, for every two distinct vertices (players) u and v, either (u,v) is an edge (player u defeats player v) or (v,u) is an edge (player v defeats play u). Prove that if D is acyclic, i.e., no directed cycles, then there always exists a player who has defeated everyone (out-degree is n – 1) and a player who has lost to everyone (in-degree is n – 1).
In: Advanced Math
(3) Let V be a vector space over a field F. Suppose that a ? F, v ? V and av = 0. Prove that a = 0 or v = 0.
(4) Prove that for any field F, F is a vector space over F.
(5) Prove that the set V = {a0 + a1x + a2x 2 + a3x 3 | a0, a1, a2, a3 ? R} of polynomials of degree ? 3 is a vector space over R (with respect to the usual addition and scalar multiplication of polynomials).
In: Math
In: Computer Science