Question Details

(Solved by Expert Tutors) Heineken Co. began a construction project i


Heineken Co. began a construction project in 2014 at a total contract price of $150

million.?The project is scheduled for completion by 2016. ?During 2014, Heineken incurred $36 million of costs and estimates an additional $84 million of costs to complete the project.?In 2015, Heineken incurred costs of $58.5 million and estimated an additional $40.5 million in costs to complete the project. Heineken uses the percentage-of-completion method to account for its projects.

?

_____12.???????In their 2014 income statement, Heineken would:

A)????????Recognized no gross profit or loss on the project.

B)????????Recognized a $6 million loss on the project.

C)????????Recognized $9 million gross profit on the project.

D)????????Recognized $36 million loss on the project.


_____ 13.?????????In their 2015 income statement, Heineken would:

A)????????Recognized $15 million gross profit on the project.

B)????????Recognized $13.5 million gross profit on the project.

C)????????Recognized $6 million gross profit on the project.

D)????????Recognized $1.5 million gross profit on the project.


_____ 14.?????????Assume that Heineken incurred costs of $63.75 million in 2015 and estimated it would cost an additional $42.75 million to complete the project. ?In their 2015 income statement, Heineken would:

A)????????Recognize a $3.75 million loss on the project.

B)????????Recognize a $5.25 million gross profit on the project.

C)????????Recognize a $7.5 million gross profit on the project.

D)????????Recognize no gross profit or loss on the project.

 


Solution details:

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Apr 19, 2020

EXPERT

Tutor

ANSWER RATING

YES, THIS IS LEGAL

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now