Use the Following Information for Questions

question 288

Short Answer

Use the following information for questions. In 2014, Violin Inc.began a three year construction contract for $7,000,000.Violin uses the percentage-of-completion method.The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract.The financial statement presentation relating to this contract for calendar 2014 follow:
-Cornet Construction Corp.uses the percentage-of-completion method.In 2014, Cornet began work on a contract for $1,650,000 which was completed in 2015.Data on the costs are:

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Definitions:

Number of Steps

Refers to the total count of individual actions or sequences in a process or procedure, often used in programming to outline complexity or length.

U.S. Government Bonds

These are securities issued by the United States Department of the Treasury, which represent loans made by investors to the federal government.

Fine Art

A category of art that is considered to be created primarily for aesthetic and intellectual purposes and judged for its beauty and meaningfulness.

Silver

A precious metal used for investment, industrial applications, and jewelry, known for its conductivity and antibacterial properties.