In 2014,Amsterdam Builders Began Construction Work Under a Three-Year Contract

question 89

Essay

In 2014,Amsterdam Builders began construction work under a three-year contract at a price of $7,525,000.The firm uses the percentage-of-completion method for financial accounting purposes.The income to be recognized each year is based on the proportion of cost incurred to the total estimated costs for completing the contract.The financial statement presentations relating to this contract on December 31,2014,are:

Determine the
(1)cash collected in 2014.
(2)estimated income on the construction contract.

---

Definitions:

Blood Pressure Medication

Drugs prescribed to manage blood pressure and reduce the risk of heart disease and stroke by lowering or controlling blood pressure.

Maslow

A psychologist known for creating Maslow's hierarchy of needs, a theory in psychology that prioritizes the most fundamental human needs over more advanced needs.

Nutrition

The intake of food and use of nutrients by the body for growth, repair, and maintenance of health.

Emotional Safety

The state of feeling safe and secure in expressing emotions and feelings without fear of judgment or harm.