1. If a country signs a trade agreement so that employment in some industries rises and employment in some industries fall, then
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a. |
structural unemployment rises permananently. |
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b. |
frictional unemployment rises temporarily. |
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c. |
frictional unemployment rises permanently. |
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d. |
structual unemployment rises temporarily. |
2.Between 2002 and 2014, employment
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a. |
increased in construction and manufacturing. |
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b. |
declined in construction and increased in manufacturing. |
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c. |
declined in construction and manufacturing. |
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d. |
declined in manufacturing and increased in construction. |
3. According to 2014 data on the U.S. population, which of the following was correct for the adult population of prime working age, ages 25-54?
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a. |
Black females had similar labor-force participation rates and higher unemployment rates compared to white females. |
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b. |
Black females had higher labor-force participation rates and lower unemployment rates compared to white females. |
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c. |
Black females had lower labor-force participation rates and higher unemployment rates compared to white females. |
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|
d. |
Black females had both lower labor-force participation rates and lower unemployment rates compared to white females. |
In: Economics
On February 1, 2021, Arrow Construction Company entered into a
three-year construction contract to build a bridge for a price of
$8,375,000. During 2021, costs of $2,150,000 were incurred, with
estimated costs of $4,150,000 yet to be incurred. Billings of
$2,680,000 were sent, and cash collected was $2,400,000.
In 2022, costs incurred were $2,680,000 with remaining costs
estimated to be $3,825,000. 2022 billings were $2,930,000, and
$2,625,000 cash was collected. The project was completed in 2023
after additional costs of $3,950,000 were incurred. The company’s
fiscal year-end is December 31. This project does not qualify for
revenue recognition over time.
Required:
1. Calculate the amount of revenue and gross
profit or loss to be recognized in each of the three years.
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.
In: Accounting
On February 1, 2021, Arrow Construction Company entered into a
three-year construction contract to build a bridge for a price of
$8,475,000. During 2021, costs of $2,190,000 were incurred, with
estimated costs of $4,190,000 yet to be incurred. Billings of
$2,728,000 were sent, and cash collected was $2,440,000.
In 2022, costs incurred were $2,728,000 with remaining costs
estimated to be $3,885,000. 2022 billings were $2,978,000, and
$2,665,000 cash was collected. The project was completed in 2023
after additional costs of $3,990,000 were incurred. The company’s
fiscal year-end is December 31. This project does not qualify for
revenue recognition over time.
Required:
1. Calculate the amount of revenue and gross
profit or loss to be recognized in each of the three years.
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.
In: Accounting
On February 1, 2018, Arrow Construction Company entered into a
three-year construction contract to build a bridge for a price of
$8,425,000. During 2018, costs of $2,170,000 were incurred, with
estimated costs of $4,170,000 yet to be incurred. Billings of
$2,704,000 were sent, and cash collected was $2,420,000.
In 2019, costs incurred were $2,704,000 with remaining costs
estimated to be $3,855,000. 2019 billings were $2,954,000, and
$2,645,000 cash was collected. The project was completed in 2020
after additional costs of $3,970,000 were incurred. The company’s
fiscal year-end is December 31. This project does not qualify for
revenue recognition over time.
Required:
1. Calculate the amount of revenue and gross
profit or loss to be recognized in each of the three years.
2a. Prepare journal entries for 2018 to record the
transactions described (credit "various accounts" for construction
costs incurred).
2b. Prepare journal entries for 2019 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, 2018.
3b. Prepare a partial balance sheet to show the
presentation of the project as of December 31, 2019.
In: Accounting
On February 1, 2021, Arrow Construction Company entered into a
three-year construction contract to build a bridge for a price of
$8,175,000. During 2021, costs of $2,070,000 were incurred, with
estimated costs of $4,070,000 yet to be incurred. Billings of
$2,584,000 were sent, and cash collected was $2,320,000.
In 2022, costs incurred were $2,584,000 with remaining costs
estimated to be $3,705,000. 2022 billings were $2,834,000, and
$2,545,000 cash was collected. The project was completed in 2023
after additional costs of $3,870,000 were incurred. The company’s
fiscal year-end is December 31. This project does not qualify for
revenue recognition over time.
Required:
1. Calculate the amount of revenue and gross
profit or loss to be recognized in each of the three years.
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.
In: Accounting
On February 1, 2018, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,400,000. During 2018, costs of $2,160,000 were incurred, with estimated costs of $4,160,000 yet to be incurred. Billings of $2,692,000 were sent, and cash collected was $2,410,000. In 2019, costs incurred were $2,692,000 with remaining costs estimated to be $3,840,000. 2019 billings were $2,942,000, and $2,635,000 cash was collected. The project was completed in 2020 after additional costs of $3,960,000 were incurred. The company’s fiscal year-end is December 31. This project does not qualify for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years. 2a. Prepare journal entries for 2018 to record the transactions described (credit "various accounts" for construction costs incurred). 2b. Prepare journal entries for 2019 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, 2018. 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2019.
In: Accounting
On February 1, 2021, Arrow Construction Company entered into a
three-year construction contract to build a bridge for a price of
$8,375,000. During 2021, costs of $2,150,000 were incurred, with
estimated costs of $4,150,000 yet to be incurred. Billings of
$2,680,000 were sent, and cash collected was $2,400,000.
In 2022, costs incurred were $2,680,000 with remaining costs
estimated to be $3,825,000. 2022 billings were $2,930,000, and
$2,625,000 cash was collected. The project was completed in 2023
after additional costs of $3,950,000 were incurred. The company’s
fiscal year-end is December 31. This project does not qualify for
revenue recognition over time.
Required:
1. Calculate the amount of revenue and gross
profit or loss to be recognized in each of the three years.
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.
In: Accounting
On February 1, 2018, Arrow Construction Company entered into a
three-year construction contract to build a bridge for a price of
$8,500,000. During 2018, costs of $2,200,000 were incurred, with
estimated costs of $4,200,000 yet to be incurred. Billings of
$2,740,000 were sent, and cash collected was $2,450,000.
In 2019, costs incurred were $2,740,000 with remaining costs
estimated to be $3,900,000. 2019 billings were $2,990,000, and
$2,675,000 cash was collected. The project was completed in 2020
after additional costs of $4,000,000 were incurred. The company’s
fiscal year-end is December 31. This project does not qualify for
revenue recognition over time.
Required:
1. Calculate the amount of revenue and gross
profit or loss to be recognized in each of the three years.
2a. Prepare journal entries for 2018 to record the
transactions described (credit "various accounts" for construction
costs incurred).
2b. Prepare journal entries for 2019 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, 2018.
3b. Prepare a partial balance sheet to show the
presentation of the project as of December 31, 2019.
In: Accounting
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,350,000. During 2021, costs of $2,140,000 were incurred, with estimated costs of $4,140,000 yet to be incurred. Billings of $2,668,000 were sent, and cash collected was $2,390,000.
In 2022, costs incurred were $2,668,000 with remaining costs estimated to be $3,810,000. 2022 billings were $2,918,000, and $2,615,000 cash was collected. The project was completed in 2023 after additional costs of $3,940,000 were incurred. The company’s fiscal year-end is December 31. This project does not qualify for revenue recognition over time.
Required:
1. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years.
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.
In: Accounting
On February 1, 2018, Arrow Construction Company entered into a
three-year construction contract to build a bridge for a price of
$8,075,000. During 2018, costs of $2,030,000 were incurred, with
estimated costs of $4,030,000 yet to be incurred. Billings of
$2,536,000 were sent, and cash collected was $2,280,000.
In 2019, costs incurred were $2,536,000 with remaining costs
estimated to be $3,645,000. 2019 billings were $2,786,000, and
$2,505,000 cash was collected. The project was completed in 2020
after additional costs of $3,830,000 were incurred. The company’s
fiscal year-end is December 31. This project does not qualify for
revenue recognition over time.
Required:
1. Calculate the amount of revenue and gross
profit or loss to be recognized in each of the three years.
2a. Prepare journal entries for 2018 to record the
transactions described (credit "various accounts" for construction
costs incurred).
2b. Prepare journal entries for 2019 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, 2018.
3b. Prepare a partial balance sheet to show the
presentation of the project as of December 31, 2019.
In: Accounting