I posted this question before too but answer was wrong can you please make sure the answer is right
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below.]
In 2018, 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 2020. Information related to the contract is
as follows:
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,204,000 | $ | 3,192,000 | $ | 2,424,400 | |||
| Estimated costs to complete as of year-end | 5,396,000 | 2,204,000 | 0 | ||||||
| Billings during the year | 2,140,000 | 3,256,000 | 4,604,000 | ||||||
| Cash collections during the year | 1,870,000 | 3,200,000 | 4,930,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
rev: 09_15_2017_QC_CS-99734
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.)
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,204,000 | $ | 3,870,000 | $ | 3,270,000 | |||
| Estimated costs to complete as of year-end | 5,396,000 | 3,170,000 | 0 |
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In: Accounting
You are the new accounting manager at the Barry Transport Company. Your CFO has asked you to provide input on the company's income tax position based on the following: Pretax accounting income was $75 million and taxable income was $13 million for the year ended December 31, 2018. The difference was due to three items: Tax depreciation exceeds book depreciation by $60 million in 2018 for the business complex acquired that year. This amount is scheduled to be $70 million in 2019 and to reverse as ($70 million) and ($60 million) in 2020, and 2021, respectively. Insurance of $10 million was paid in 2018 for 2019 coverage. A $8 million loss contingency was accrued in 2018, to be paid in 2020. No temporary differences existed at the beginning of 2018. The tax rate is 40%. Required: 1. Determine the amounts necessary to record income taxes for 2018 and prepare the appropriate journal entry. 2. Assume the enacted federal income tax law specifies that the tax rate will change from 40% to 35% in 2020. When scheduling the reversal of the depreciation difference, you were uncertain as to how to deal with the fact that the difference will continue to originate in 2019 before reversing the next two years. Upon consulting PricewaterhouseCoopers' Comperio database, you found:
In: Accounting
9. Let S = {[ x y]; in R2 : xy ≥ 0} . Determine whether S is a subspace of R2.
(A) S is a subspace of R2.
(B) S is not a subspace of R2 because it does not contain the zero vector.
(C) S is not a subspace of R2 because it is not closed under vector addition.
(D) S is not a subspace of R2 because it is not closed under scalar multiplication.
In: Advanced Math
Provide an example
1) A nested sequence of closed, nonempty sets whose intersection
is empty.
2) A set A that is not compact and an open set B such that A ∪ B is
compact.
3) A set A that is not open, but removing one point from A produces an open set.
4) A set with infinitely many boundary points.
5) A closed set with exactly one boundary point
In: Advanced Math
In: Economics
Let⇀F(x,y) =xi+yj/(e^(x^2+y^2))−1. Let C be a positively oriented simple closed path that encloses the origin.
(a) Show that∫F·Tds= 0.
(b) Is it true that ∫F·Tds= 0 for any positively oriented simple closed path that does not pass through or enclose the origin? Justify your response completely.
In: Advanced Math
The Taft-Hartley Act outlawed the "closed shop," a term describing an employer who agrees to hire only those employees who are already union members. The purpose of the Taft-Hartley Act was to balance the rights and duties of both unions and employers. Explain to a 12-year-old what the terms "closed shop" and "yellow-dog contracts" mean. Give an example
In: Operations Management
Show that Turing-decidable languages are closed under the following operations:
union
concatenation
star
Show that Turing-recognizable languages are closed under the following operations:
union
concatenation
star
Each answer needs only be a short informal description of a Turing Machine (but it must still be sufficiently precise so someone could reconstruct a formal machine if needed).
In: Computer Science
1. Let (X,d) be a metric space.
2: Let (X,d) be a metric space. Show that a subset A of X is d-open if and only if it is the union of a (possibly empty) set of open d-balls.
In: Advanced Math
Cool Cargo Corporation is considering going public. Managers want to estimate common stock value. Cool Cargo’s CFO has collected data for valuation using the free cash flow method as follows…
The firm’s weighted average cost of capital is 11%, and it has $1.5 million of debt at market value, and $500,000 of preferred stock also at market value. The estimated free cash flows over the next 5 years, 2017-2021, are given as follows:
Year Estimated Free Cash Flow
2017 $200,000
2018 $250,000
2019 $310,000
2020 $350,000
2021 $390,000
After 2020, to infinity, the firm expects free cash flow to grow at a rate of 3% per year.
Estimate the value of Cool Cargo’s entire company using the free cash flow valuation model.
Use your finding in part (a), along with the data provided above, to find Cool Cargo’s common stock value.
If the firm has 200,000 shares of common stock outstanding, what is its estimated value per common share?
Cool Cargo Corporation is too small to immediately become part of the S&P 500. How are stocks weighted in the S&P 500, and how is this different from the DJIA and NASDAQ 100? Which of the three indices is most representative of the U.S. stock market?
The above Free Cash Flow estimates were based on the 2017 tax code (i.e., before the recent income tax cuts were passed). Describe how you think the new corporate and personal income tax cuts passed by the Trump Administration and Congress effective 2018 will help or hurt Cool Cargo Corporation.
In: Finance