Use the Following Information for Questions

question 36

Short Answer

Use the following information for questions.The contract calls for progress billings and payments of $620,000 each quarter.The total contract price is $7,440,000 and Seasons estimates total costs of $7,100,000.Seasons estimates that the building will take 3 years to complete, and commences construction on January 2, 2010.
-Seasons Construction completes the remaining 25% of the building construction on December 31, 2012, as scheduled.At that time the total costs of construction are $7,500,000.What is the total amount of Revenue from Long-Term Contracts and Construction Expenses that Seasons will recognize for the year ended December 31, 2012?

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Definitions:

International Company

A business enterprise that operates in multiple countries beyond its original or home country.

Environmentally Responsible

The commitment to making decisions and taking actions that are in the best interests of protecting the natural world, with a particular emphasis on preserving the capability of the environment to support human life.

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The representation or perception of someone or something in the mind of the public or specific groups of people.

Ethical Dilemmas

Situations in which a person is required to choose between two conflicting moral principles, making it difficult to decide the right course of action.