Homework Answers
| 1 | C. A Cash dividend | |
| Explanation: When a cash dividend is declared and paid the amount of dividend | ||
| to be less from retained earnings, so the overall decrease in stockholders' equity | ||
| always take place when a frim declares cash dividend. | ||
| 2 | b. $700,000 | |
| Costs incurred to date | $4,000,000 | |
| Estimated cost to complete | $6,000,000 | |
| Total estimated costs | $10,000,000 | |
| Contract Price | $13,000,000 | |
| Expected gross profit | $3,000,000 | |
| Percentage-of-completion = $ 4,000,000/$10,000,000 | 40.00% | |
| Gross Profit recognition | $1,200,000 | |
| (40.00% x $3,000,000) | ||
| Less: Profit already recognized | $500,000 | |
| Profit to be recognized in the second year | $700,000 | |
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