Assume That Madison Corp

question 46

Essay

Assume that Madison Corp. has agreed to construct a new basketball arena for Gator Town for $70 million dollars. Construction of the new arena begins in July, 2012 and is expected to be completed in March 2009. At the signing of the contract Madison Corp. estimates that the new arena will cost $60 million dollars to build. Given the following cost and building schedule determine the cumulative degree of completion and how much revenue and gross margin Madison Corp. should recognize in years 2012, 2013 and 2014.

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Definitions:

Academic Skill

Abilities or competencies in learning and performing well in educational settings, encompassing both intellectual and practical skills.

Reflective Practice

A method used by counselors that emphasizes careful consideration of theoretical and empirical sources of knowledge, as well as one’s own beliefs and assumptions, as a precursor to practice.

Reflect

The act of thinking deeply or carefully about something, often leading to insights or reconsideration of attitudes, behaviors, or beliefs.

Theoretical Knowledge

Knowledge that is based on theories and principles, often contrasted with practical knowledge or experience.