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Record the preceding transactions in MSK’s books assuming it recognizes revenue over time and uses costs incurred to measure the extent to which its performance obligation has been satisfied

MSK Construction Company contracted to construct a factory building for $525,000. Construction started during 20X1 and was completed in 20X2. Information relating to the contract follows:

                                                                                                           20X1                     20X2

Costs incurred during the year                                                  $290,000                $150,000 

Estimated additional cost to complete                                     145,000                     —

Billings during the year                                                                   260,000                  265,000 

Cash collections during the year                                                    240,000                   285,000 

Required:

  1. Record the preceding transactions in MSK’s books assuming it recognizes revenue over time and uses costs incurred to measure the extent to which its performance obligation has been satisfied.
  2. Record the preceding transactions in MSK’s books assuming it recognizes revenue at a point in time when control of the completed factory is transferred to the customer at the end of the project.

Prepare the entry to record the construction costs incurred. Hint: Use Cash, payables, materials, etc.

Prepare the entry to record the amounts billed to the customer.

Prepare the entry to record the cash receipts from the customer.

Prepare the entry to record the construction costs incurred. Hint: Use Cash, payables, materials, etc.

Prepare the entry to record the amounts billed to the customer.

Prepare the entry to record the cash receipts from the customer

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  • Record the preceding transactions in MSK’s books assuming it recognizes revenue over time and uses costs incurred to measure the extent to which its performance obligation has been satisfied

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    What is the probability of getting 2 kings assuming that the first one is not replaced?

    Finding a conditional Probability:

    Don’t use the numbers in this example post in your post.  Please make sure all posts are unique and use different numbers.

    It is important to go back and read follow up responses from your instructor.

    Example

    Let’s look at a standard deck of 52 cards.

    What is the probability of getting 2 kings assuming that the first one is not replaced?

    4/52 * 3/51 = 1/13*1/17= 1/221

    What is the probability of getting 2 kings assuming that the first one is replaced?

    4/52 * 4/52 = 1/13 * 1/13 = 1/169

    Instructions

    Now for your main post do a similar problem using with replacement and without replacement. You can use a card problem as long as it is not 2 kings. Try your best to be original. Do not solve your own problems. Leave them for your classmates to work

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    The Rybczynski theorem says that in a two-good world, assuming that product prices are constant, growth in one factor of production has two effects

    According to the product cycle hypothesis, when a product is first invented

    Most research and development is done in

    The Rybczynski theorem says that in a two-good world, assuming that product prices are constant, growth in one factor of production has two effects

    While differences in the availability of factors of production are a basis for comparative advantage, another basis for comparative advantage is

    The reduction in a country’s demand for an imported good

    Growth in a country’s production capabilities, whether as the result of increased factors of production or improved technology, causes

    One of the odd effects of growth on trade is that an increase in only one of a country’s factors of production

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