Question: please help due soon During 2021, Blossom Corp. started a construction job with a total contract price of $14500000. The job was completed on December

please help due soon
please help due soon During 2021, Blossom Corp. started a construction

During 2021, Blossom Corp. started a construction job with a total contract price of $14500000. The job was completed on December 15, 2022. Additional data are as follows: Under the completed-contract method, what amount should Biossom recognize as gross proft for 2022? $1150000$2050000$250000$575000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Lucy Motion is going to be taking a trip around the world next month. She needs to know what to pack for her trip. She will be travelling in all of the seasons. Can you help her? Each team should...

Q:

please answer ASAPPPP Pink Corp. has provided the following information about one of its products: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory 100 $ 12 6/5 Purchase 400 $...

Q:

PLEASE ANSWER ASAP Pom May 2, Silver Inc, made a $40,000 sale on account with the following terms: 215, n/30. Silver Inc. collected payment from the customer on May 14. Assume that siver Inc. treats...

Q:

During 2021, Pharoah Corp. started a construction job with a total contract price of $17000000. The job was completed on December 15, 2022. Additional data are as follows: 2021 2022 Actual costs...

Q:

1)The concept of commercial substance in purchase and sales transactions means that the entity's cash flows are expected to change. the transaction is a bona fide purchase and sale, and the entity's...

Q:

1)The concept of commercial substance in purchase and sales transactions means that the entity's cash flows are expected to change. the transaction is a bona fide purchase and sale, and the entity's...

Q:

During 2020, Bing Corp. started a construction job with a total contract price of $1,050,000. Bing has consistently used the completed contract method. The job was completed on December 15, 2021....

Q:

During 2020, Bing Corp. started a construction job with a total contract price of $1,050,000. Bing has consistently used the completed contract method. The job was completed on December 15, 2021....

Q:

During 2020, Bing Corp. started a construction job with a total contract price of $1,050,000. Bing has consistently used the completed contract method. The job was completed on December 15, 2021....

Q:

During 2020, Bing Corp. started a construction job with a total contract price of $1,050,000. Bing has consistently used the completed contract method. The job was completed on December 15, 2021....

Q:

During 2020, Bing Corp. started a construction job with a total contract price of $1,050,000. Bing has consistently used the completed contract method. The job was completed on December 15, 2021....

Q:

On January 1, 2015, Shay issues $700,000 of 10%, 15-year bonds at a price of 9734. Six years later, on January 1, 2021, Shay retires 20% of these bonds by buying them on the open market at 10412. All...

Q:

Consider the following game. Player 1 Player 2 L CR U 5,0 1,1 4, 2 M 3,4 2,2 2,3 D 1, 3 0,2 3,0 (a) Does either player have a strictly dominant strategy? A strictly dominated strategy? (b) Use the...

Q:

If the wage paid to all units of labor is $4.50, how many units of labor are hired? (A) 1 (B) 2 (C) 3 (D) 4 (E) 5

Q:

SIMAD UNIVERSITY Class: BACC25 Subject: Islamic Accounting Instructions: a) Follow The Instructions. Midterm Exam Instructor: All Ibrahim Date: 6-4-2022 b) You Have 1.5 Hrs. To Complete This Test. c)...

Q:

(Appendices) What kind of account is allowance for uncollectible accounts? What does it represent? LO86

Q:

(Appendices) How do the periodic and perpetual inventory accounting systems differ from each other? LO64

Q:

(Appendices) Write the formulas for the calculation of accounts receivable turnover and inventory turnover. What do these calculations tell us about accounts receivable and inventory? LO53