Craft Construction
Craft Construction Entered into a Contract to Construct

question 75

Essay

Craft Construction
Craft Construction entered into a contract to construct a generator station for a utility customer. The project was started in 2016 and completed in 2017. Cost and other information is presented below.
$$\begin{array} { l r c } & \underline { 2016 } & \underline { 2017 } \\\text { Costs incurred during the year } & \$ 225,000 & \$ 550,000 \\\text { Estimated costs to complete } & 450,000 & - 0 - \\\text { Billings during the year } & 200,000 & 700,000 \\\text { Cash collections during the year } & 150,000 & 750,000\end{array}$$
-Refer to Craft Construction. Assume that Craft uses the completed-contract method for revenue recognition. Make the appropriate journal entries for 2016 and 2017 for Craft Company.

Identify the different types of radiator fans and their operations.

Explain the purpose and operation of thermostats in vehicle cooling systems.

Understand the components and functions of the vehicle's cooling and refrigeration systems.

Describe the role of the heater core in a vehicle's HVAC system.

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Definitions:

Profit Expectations

Anticipations or forecasts about the profits a business aims to achieve in a future period.

Loanable Funds

The loanable funds market is a concept in economics where the supply of and demand for loans determine the interest rate, including all forms of credit like loans, bonds, or savings deposits.

Savings

The portion of disposable income not spent on consumption of goods and services, set aside for future use or emergencies.

Investment Funds

Pools of capital from multiple investors used to collectively purchase securities while each investor retains ownership and control of their own shares.