Use the Following Information for Questions 65-68

question 16

Short Answer

Use the following information for questions 65-68:
Seasons Construction is constructing an office building under contract for Cannon Company. The contract calls for progress billings and payments of $1,240,000 each quarter. The total contract price is $14,880,000 and Seasons estimates total costs of $14,200,000. Seasons estimates that the building will take 3 years to complete, and commences construction on January 2, 2014.
-At December 31, 2014, Seasons estimates that it is 30% complete with the construction, based on costs incurred. What is the total amount of Revenue from Long-Term Contracts recognized for 2014 and what is the balance in the Accounts Receivable account assuming Cannon Cafe has not yet made its last quarterly payment?

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Definitions:

Arthritis

A medical condition characterized by inflammation of the joints, causing pain and stiffness.

Modified-Wave Scheduling

A scheduling system similar to the wave system, with patients arriving at planned intervals during the hour, allowing time to catch up before the next hour begins.

Double-Booking

Scheduling two or more appointments or reservations for the same time slot, leading to conflicts.

Wave Scheduling

A method of appointment scheduling in which patients are booked at the same time within a given hour to smooth out the flow throughout the day.