1. Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below:

                                                                          2017                           2018

Costs incurred during the year                    $ 450,000                  $1,100,000

Estimated costs to complete                       1,050,000                                  0

Billings during the year                                 400,000                    1,400,000

Cash collections during the year                    300,000                    1,500,000

Assume that Beavis recognizes revenue on this contract over time according to percentage of completion.

Required:

Prepare all journal entries to record costs, billings, collections, and profit recognition for 2017 and 2018.

2. Answer each of the following unrelated questions.

1) Bill wants to give Maria a $500,000 gift in seven years. If money is worth 6% compounded semiannually, what is Maria's gift worth today?

2) At the end of each quarter, Patti deposits $500 into an account that pays 12% interest compounded quarterly. How much will Patti have in the account in three years?

*In the following questions, the interest is compounded annually.

3) Spielberg Inc. signed a $200,000 noninterest-bearing note due in five years from a production company eager to do business. Comparable borrowings have carried an 11% interest rate. What is the value of this debt at its inception?

4) Mustard's Inc. sold the rights to use one of its patented processes that will result in cash receipts of $2,500 at the end of each of the next four years and a lump sum receipt of $4,000 at the end of the fifth year. The total present value of these payments if interest is at 9% is:

5) Claudine Corporation will deposit $5,000 into a money market sinking fund at the end of each year for the next five years. How much will accumulate by the end of the fifth and final payment if the sinking fund earns 9% interest?

6) Fenland Co. plans to retire $100 million in bonds in five years, so it wishes to fund a savings account at the beginning of each year during that period for which it expects to earn 8% annually. At the end of the five years, there will be enough money in the account to pay off the bonds. What amount does Fenland need to invest each year?

7) Polo Publishers purchased a multi-color offset press with terms of $50,000 to be paid at the date of purchase, and a noninterest-bearing note requiring payment of $20,000 at the end of each year for five years. The interest rate implicit in the purchase contract is 11%. Polo would record the asset at:

The Ambivalent CEO of the Construction Company

jim Symanski, 55, owns a construction company in the Northeast. Despite the slowed economy in his part of the country, jim has been able to maintain his company's substantial profitability as a result of selective bidding, minimal debt, and other good management techniques.

Even though his business is very successful, jim is completely at a loss over what to do about two sons in the business. Alan and Harry, both in their mid-30s, have each begun to press their father for an opportunity to lead the company. But jim has taken no action, and his sons have begun to believe that he has no appreciation for their contribution to the success of the company. The sons also see jim as passive and indecisive, qualities they resent.

Although Alan and Harry have both demonstrated solid technical expertise over the years, their management skills have not been tested. jim is just not sure what their leadership capabilities are. But more than that, they are the children from his first marriage—to a woman whose alcohol abuse left scars on jim and his entire family.

jim is happily remarried, and children from the second marriage are beginning to push for roles in the company. jim is afraid that giving Alan and Harry stronger roles will result in anxiety in his new family. But he's just as sure that not doing so will escalate the tension between jim and his older sons as well as reopen wounds from the first marriage.

jim regrets his inability to act—it reminds him of his frustration with his own father, who seemed equally indecisive when jim worked for him in another business. jim wants to please everyone and avoid a further split in the family.

Consider the desirable attributes and interests of next-generation successors. Can jim make a decision on how the future of his company based on these as they relate to Alan and Harry?

You are a construction manager for You can Do It Construction, and have been given an 135,000 square foot, 6-story, medical office and laboratory building project in Santa Fe to manage. The project is located at the southeast quadrant of US 599 and Airport Rd, which is just NW of I-40. The building itself is in the EAST corner of the parcel.

The plans call for a structural steel framework with exterior walls of imported Italian marble. The plans, which were done by a firm in North Dakota, also call for two stories of underground parking constructed with precast concrete components trucked in from Amarillo, Tx.

Write 3 paragraphs on what you’d consider when laying out the jobsite and who you might consult with. Be thorough and concise.

For a given AD curve, a reduction in the availability of labor or raw materials would cause the short run aggregate supply to shift to the left which would cause prices to fall and output to increase in the short run.

Select one:

True

False

According to the AD/AS model, an economic contraction caused by a leftward shift of aggregate demand remedies itself over time as the expected price level falls, shifting the short run aggregate supply rightward.

Select one:

True

False

According to the AD/AS model, if the long-run aggregate supply curve is vertical then the economy will always return to the level of output that occurs when the rate of unemployment is at its natural level.

Select one:

True

False

The sticky price theory of short-run aggregate supply says that when the price level falls unexpectedly, some firms will have higher than desired prices which increases their sales.

Select one:

True

False

As the United States entered World War II in the early 1940s, the U.S government increased military expenditures that caused the aggregate demand curve in the U.S. to shift to the left and that caused the rate of unemployment to rise to historic levels.

Select one:

True

False

Which of the following statements regarding absorption cost pricing formulas is/are true?
i. Absorption cost pricing formulas provide a justifiable price that tends to be perceived as equitable by all parties.
ii. Since absorption cost information is necessary for external reporting, it is cost effective to use it for pricing.
iii. Absorption cost-plus pricing formulas generally will result in a higher mark-up percentage than variable manufacturing cost formulas.

use muller's method to find the roots of the equation f(x) = sin x - x/2 =0 near x=2

Explain and discuss what stall is and what causes an airfoil to stall. Why are commercial aircraft not allowed to fly at conditions near stall?

Explain and discuss what stall is and what causes an airfoil to stall. Why are commercial aircraft not allowed to fly at conditions near stall?

What pressure allows fine beach sand to have good bearing capacity at low tide on the flat area near the water?