Bower Construction Comp Required (Show Calculations):
1 $2012 .$

question 14

Essay

Bower Construction Comp.has consistently used the percentage-of-completion method for recognizing revenue on its long-term contracts.During 2010 Bower entered into a fixed-price contract to construct an office building for $8,000,000.Information relating to the contract is as follows:
$\begin{array}{l}\begin{array}{lll}\\ \text { Percent Complete}\\ \text { Estimated Total Cost at Completion }\\ \text { Gross Profit Recognized to date}\\\end{array}\begin{array}{lll}2010&2011&2012\\25 \% & 70 \% & 100 \% \\\$ 5,600,000 & \$ 6,400,000 & \$ 6,500,000 \\600,000 & 1,120,000 & ?\end{array}\end{array}$
Required (Show Calculations):
1. Compute contract costs incurred during 2010, 2011 and $2012 .$
2. Determine how much gross profit Bower should recognize in 2012 .
3. Under what conditions would it not be reasonable for a company to use the percentage of completion method of recognizing revenue on long-term contracts?
4. If Bower had used the completed contract method of accounting for this long-term contract how much gross profit would it have earned in 2010,2011 and $2012 ?$

Recognize the role of economic factors, such as joint-stock companies, in promoting overseas colonization.

Analyze the impact of colonization on native populations, including cultural changes and conflicts.

Identify significant events and figures in the early colonization of North America.

Examine the relationship between colonial powers and indigenous peoples, including alliances and conflicts.

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Definitions:

Social Distance

The measure of perceived or desired closeness or remoteness between individuals or groups in social contexts.

Ethnic Groups

Groups of people who share a common culture, language, ancestry, or other social characteristics.

White

Pertains to a racial classification and social identity typically associated with people of European descent.

Genocide

The calculated and methodical elimination of a community distinguished by its national, racial, political or cultural distinctions.