Gunner Construction, Inc has consistently used the percentage-of-completion method of recognizing revenue. During 2014, Gunner started work on a $2,500,000 fixed-price construction contract. The accounting records disclosed the following data for the year ended December 31 . 2014: Costs incurred ........................................ $ 465,000 Estimated cost to complete
............................ 2,085,000 Progress billings ..................................... 550,000 Collections ........................................... 350,000 How much loss should Gunner have recognized in 2014?
a. $15,000
b. $35,000
c. $50,000
d. $315,000
C
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A) They are market followers in small markets. B) They tend to have high manufacturing costs. C) Their return on investment exceeds that in larger markets. D) A nicher achieves high volume as against a mass marketer that achieves high margin. E) They usually experience long-term losses.
If Gwen hands Lisa a detailed offer for the purchase of Lisa's pottery wheel and Lisa signs the offer without changing any of its terms, the parties have created a:
A. unilateral contract. B. multilateral contract. C. contingent contract. D. bilateral contract.
A product line is most likely too long if managers can ________
A) decrease costs by adding items B) increase market share by adding items C) increase profits by dropping items D) decrease costs by dropping items E) increase profits by adding items
The typical audience for an executive summary is usually:
a. executives b. technical experts c. all readers d. none of the above