Question: Tesla began a construction project in 2024 with a contract price of $165 million to be received when the project is completed in 2026.

Tesla began a construction project in 2024 with a contract price of $165 million to be received when the project is completed in 2026. During 2024, Tesla incurred $30 million of costs and estimates an additional $89 million of costs to complete the project. Tesla recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed. In 2025, Tesla incurred additional costs of $52 million and estimated an additional $35 million in costs to complete the project. Tesla: Note: Do not round intermediate calculations.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To calculate the revenue and costs for Teslas construction project in 2025 we need to determine the ... View full answer

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!

Selected stock transactions Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter authorized 250,000 shares of common stock...

Indiana Co. began a construction project in 2018 with a contract price of $162 million to be received when the project is completed in 2020. During 2018, Indiana incurred $39 million of costs and...

If X=121, o 27, and n = 35, construct a 95% confidence interval estimate of the population mean, . sus (Round to two decimal places as needed.)

Indiana Company began a construction project in 2024 with a contract price of $165 million to be received when the project is completed in 2026. During 2024, Indiana incurred $30 million of costs and...

Indiana Company began a construction project in 2 0 2 4 with a contract price of $ 1 6 5 million to be received when the project is completed in 2 0 2 6 . During 2 0 2 4 , Indiana incurred $ 3 6...

Question 1. Prepare all indicated journal entries for 2020 and 2021. NOTE: Please show the proper solution in a good accounting form and write it eligible , thank you. ?? Question 2. 1. Determine ...

Indiana Company began a construction project in 2024 with a contract price of $165 million to be received when the project is completed in 2026. During 2024, Indiana incurred $37 million of costs and...

Kiewit Corporation is an American construction company based in Omaha, Nebraska. Kiewit Corporation began a big construction project in 2024 with a contract price of $165 million to be received when...

Expl Indiana Co began a construction project in 2021 with a contract price of $165 million to be received when the project is completed in 2022. During 2021, Indiana incurred $38 million of costs and...

Consider a monopolist's linear demand function P = 12 -0.2Q, where P is the price of the good and Q is its quantity. The monopolist's total cost function is TC=QQ +17Q+ 25. a) Find the elasticity of...

The Washington Apple Canning Company (WACCO) has purchased 3 000 000 kgs of apples of a total cost of $300 000 of which 20% was rated "A" quality and the remaining 80% was rated "B". WACCO's...

13.05-PR005 Find three Web sites where economic value added (EVA) is a topic. a. State the URL for each of the sites. b. Identify the one you would likely find most useful if you wanted to learn more...

Materials used by the Instrument Division of T_Kong Industries are currently purchased from outside suppliers at a cost of $175 per unit. However, the same materials are available from the Components...

1. Operating and Cash Cycles What impact did this change in payables policy have on BlueSkys operating cycle? Its cash cycle? 2. Operating and Cash Cycles What impact did the announcement have on...

Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2016, in exchange for $342,000 in cash. The subsidiary's stockholders' equity accounts totaled $326,000 and the non-controlling...

Starwood Hotels & Resorts Worldwide provides lodging services around the world. The company is separated into two major divisions. Hotel Ownership: Hotels owned and operated by Starwood. Vacation...

What are some of the characteristics of a firm with a long cash cycle?

6 Theory of Machines 5. A shaft carries five masses A, B, C, D and E which revolve at the same radius in planes which are equidistant from one another. The magnitude of the masses in planes A, C and...

The following events occurred during 2024 for various audit clients of your firm. Consider each event to be independent and the effect of each event to be material. 1. A manufacturing company...

Air FranceKLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AFs financial statements and disclosure notes for the year...

At January 1, 2024, Mahmoud Industries, Inc., owed Second BancCorp $12 million under a 10% note due December 31, 2026. Interest was paid last on December 31, 2022. Mahmoud was experiencing severe...

Below is a critical speed map result from the dimensioned drawing of a two-pole induction motor. What can we say about the work of the motor design engineer? 1000000 100000 Frequency (CPM) 10000 3600...

What will the following equation yield for the preceding critical speed map? ? = motor bracket 1/k + motor foot support 1/k + motor foundation 1/k + subsoil 1/k

Below is a critical speed map of an 800-hp DC motor sitting on a 6- ft-high concrete pedestal. The motor usually operates at 1,000 rpm. The vibration levels, which were excessive, occurred with the...