McCombs Contractors received a contract to construct a mental health facility for $2,500. Construction was begun in 2017 and completed in 2018. Cost and other data are presented below:

                                                                        2017                2018

Costs incurred during the year                           $1,500               $1,300

Estimated costs to complete                                1,200                        0

Billings during the year                                      1,200                  1,300

Cash collections during the year                          1,000                  1,500

1. Compute the amount of revenue and gross profit recognized during 2017 and 2018.

2. Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Prepare all journal entries for 2017 and 2018 to record costs, billings, collections, profit (loss) recognition, and transferring of the asset when construction is complete. Round your answers to the nearest whole dollar.

3. Assume that McCombs recognizes revenue upon project completion according to the percentage of completion. Prepare all journal entries for 2017 and 2018 to record costs, billings, collections, and profit (loss) recognition, and transferring of the asset when construction is complete. Round your answers to the nearest whole dollar.

McCombs Contractors received a contract to construct a mental health facility for $2,500. Construction was begun in 2017 and completed in 2018. Cost and other data are presented below:

                                                                        2017                2018

Costs incurred during the year                           $1,500               $1,300
Estimated costs to complete                                1,200                        0
Billings during the year                                      1,200                  1,300
Cash collections during the year                          1,000                  1,500

1.Compute the amount of revenue and gross profit recognized during 2017 and 2018.

2.Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Prepare all journal entries for 2017 and 2018 to record costs, billings, collections, profit (loss) recognition, and transferring of the asset when construction is complete. Round your answers to the nearest whole dollar.

3.Assume that McCombs recognizes revenue upon project completion according to the percentage of completion. Prepare all journal entries for 2017 and 2018 to record costs, billings, collections, and profit (loss) recognition, and transferring of the asset when construction is complete. Round your answers to the nearest whole dollar.

Hubbart approach

The Pimlico Hotel is a 200-room hotel and it is projected to cost $15 million including land, building, equipment, and furniture and working capital. The hotel is financed with a $10 million loan at 8% interest rate. The owner’s investment in the property is $5 million. The owners desire a 16% return on investment. The hotel projects 80% occupancy rate and it will be open 365 days a year. The income tax rate is 40%. Room’s department direct expenses

are $10 per room sold.

The following are the fixed and undistributed expenses.

Depreciation expense $300,000

Amortization expense 100,000

Rent Expense 130,000

Administration and general 300,000

Marketing 200,000

Utility costs 200,000

Property Operations and Maintenance 120,000

Insurance 50,000

Property taxes 200,000

Other operated departments’ Income/losses

Food 150,000

Beverage 50,000

Telephone (50,000)

Additional information

Double occupancy 40%

Rate difference (spread) between double and single is $10.

Using the information above find the ADR and determine double rate and single rate for the Pimlico Hotel.

Write paraphrase of this:
Task2:
Noise and Air pollution Caused during Highway Construction and their mitigation measure

Noise Pollution

At the time of highway construction heavy loaded vehicle with material moved so these vehicle create a noise and air pollution due to suspension dust in to the atmosphere .

Fluctuation in traffic is considered as a significant environmental predictor for physical inactivity. The unfit vehicles, engines, cylinders, and horns create the noise and air pollution. Traffic noise pollution along with faulty design and construction of buildings near by roads create physical and mental disturbance and other problems for residents. The traffic noise annoyance is related to lower physical activity.

Mitigation Measure for Noise pollution

We can Reduce Noise pollution by turning off appliances when not in use, use of earplugs, lowering the volume, planting more trees, regular maintenance of vehicles and machines etc. By controlling noise we can control negative health effects that noise pollution has on everyone.

Air pollution

The traffic congestion caused by construction activities and the materials and equipment used in construction may aggravate the air quality problem in non-attainment areas.

Concentrations of air pollutants and adverse respiratory health effects are greater near the road than at some distance away from the road. Road dust kicked up by vehicles may trigger allergic reactions. Carbon dioxide is non-toxic to humans but is a major greenhouse gas and motor vehicle emissions are an important contributor to the growth of CO2 concentrations in the atmosphere and therefore to global warming.

Mitigation measure for air pollution

Construction areas should be enclosed, wherever possible. Green belt along the ROW goes a long way to reduce air/noise pollution effects.

Continuous maintenance of construction site and upkeep of highway will maintain traffic flow and will help to reduce air pollution effects.

On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,000,000. During 2021, costs of $2,000,000 were incurred with estimated costs of $4,000,000 yet to be incurred. Billings of $2,500,000 were sent, and cash collected was $2,250,000.

In 2022, costs incurred were $2,500,000 with remaining costs estimated to be $3,600,000. 2022 billings were $2,750,000, and $2,475,000 cash was collected. The project was completed in 2023 after additional costs of $3,800,000 were incurred. The company’s fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion.

Required:
1. Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022, and 2023 using the percentage of completion method.
2a. Prepare journal entries for 2021 to record the transactions described (credit "various accounts" for construction costs incurred).
2b. Prepare journal entries for 2022 to record the transactions described (credit "various accounts" for construction costs incurred).
3a. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021.
3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022.

Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022, and 2023 using the percentage of completion method. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Round your final answers to the nearest whole dollar.)

Prepare journal entries for 2021 to record the transactions described (credit "various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.)

4. Jellystone National Park is located 10 minutes away from city A and 20 minutes away from city B. Cities A and B have 200; 000 inhabitants each, and residents in both cities have the same income and preferences for national parks. Assume that the cost for an individual to go to a national park is represented by the cost of the time it takes her to get into the park. Also assume that the cost of time for individuals in cities A and B is $:50 per minute. You observe that each inhabitant of city A goes to Jellystone 10 times a year, while each inhabitant of city B goes only 5 times a year. Assume the following: the only people who go to the park are the residents of cities A and B; the cost of running Jellystone is $1; 500; 000 a year; and the social discount rate is 10%. Also assume that the park lasts forever.

(a) Compute the cost per visit to Jellystone for an inhabitant of each city.

(b) Assuming that those two observations (cost per visit and number of visits per inhabitant of city A, and cost per visit and number of visits per inhabitant of city B) correspond to two points on the same linear individual demand curve for visits to Jellystone, derive that individual demand curve (the cost for the price, and the number of visits for the quantity).

(c) With the individual demand curve from (b), calculate the consumer surplus for an inhabitant in city A and in city B, respectively. (Note that inhabitants in the two cities may not pay the same price.) What is the total consumer surplus of the two cities entire population combined?

(d) The total consumer surplus measures the total bene t of the park to the inhabitants in the two cities. There is a timber developer who wants to buy Jellystone to run his business. He is offering $100 million for the park. Should the park be sold? Show the process you obtain your conclusion.

In 2015 The Big Boss Construction Company, started a 3 year project at a fixed contract price of $22,000,000. The estimated construction costs were $15,500,000. The project was completed on time during the 2917 year. The following information is available for the three year period of the construction project.

  2015    2016       2017

Costs Incurred to Date $6,188,000 $12,360,000 $15,875,000

Estimated Costs to Complete 9,282,000    3,090,000        --

Billings to Date 6,400,000   18,890,000   22,000,000

Collections to Date 5,100,000   17,110,000   21,630,000

For each of the three years of 2015, 2016, and 2017:

a. Prepare the Income Statement section for Big Boss Construction reporting percentage of completion information.  

b. Prepare the Balance Sheet section for Big Boss Constriction reporting percentage of completion information.

Nash Construction Company uses the percentage-of-completion method of accounting. In 2017, Nash began work under contract #E2-D2, which provided for a contract price of $2,234,000. Other details follow:

Prepare a complete set of journal entries for 2017 (using the percentage-of-completion method). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. For costs incurred use account Materials, Cash, Payables.)

The Appalachian Bear Center (ABC) is a not-for-profit organization located near the Great Smoky Mountains National Park. ABC’s programs include the rehabilitation of orphaned and injured black bears, as well as research and education about Appalachian black bears. ABC provides the most natural environment possible for rehabilitating black bears before their release back into the wild. Katie Settlage performed a study to learn more about the Appalachian black bear population in the Great Smoky Mountains National Park. She and a team of researchers used a sample of 68 black bears in the park and took measurements such as paw size, weight, and shoulder height. Questions 2 and 3 refer to the following information regarding the shoulder height of the 28 female bears from the study. For these 28 female bears, the sample mean is 75.679 cm and the sample standard deviation is 7.592 cm. Assume the data is normally distributed and the sample is randomly selected.

3. Using an 80% level of confidence, construct the confidence interval for the population standard deviation of the shoulder heights based on the female data and make a statement interpreting these intervals.

show all work plz.