In spring 2014, parmac engineering company signed a $160 million contract with the city of parkersburg, to construct a new city hall. parmac expects to construct the building within two years and incur expenses of $120 million. the city of parkersburg paid $40 million when the contract was signed, $80 million within the next six months, and the final $40 million exactly one year from the signing of the contract. parmac incurred $48 million in costs during 2014 and rest in 2015 to complete the contract on time. (numerical calculations required)
using the percentage-of-completion method how much revenue should parmac recognize in 2014? select one:

a. $40 million
b. $120 million
c. $64 million
d. $80 million
e. none of the above

Acompany using the perpetual inventory system purchased inventory worth $540,000 on account with credit terms of 2/15, n/45. defective inventory of $40,000 was returned 2 days later, and the accounts were appropriately adjusted. if the company paid the invoice 20 days later, the journal entry to record the payment would be

Trey morgan is an employee who is paid monthly. for the month of january of the current year, he earned a total of $4,538. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year, and the fica tax rate for medicare is 1.45% of all earnings for both the employee and the employer. the amount of federal income tax withheld from his earnings was $680.70. his net pay for the month is .

Jason started last week with $900 in his checking account. during the week, he wrote the checks below. at the end of the week, jason received a paycheck for $534.59. he recorded all of these transactions in his check register. trans typ./ check no. date description of transaction payment/ debit deposit/ credit (+) balance 900 00 241 12/4 miller's food market 53.21 53 21 groceries 846 79 242 12/7 frank's auto parts 24.05 24 05 oil and filter 822 74 243 12/8 mike's barber shop 15.00 15 00 haircut 807 74 deposit 12/9 paycheck 534.59 534 59 1,342 33 evaluate jason's check register. a. jason did a good job; everything is correct. b. the final balance is wrong; jason did not add everything correctly. c. jason should have written debit instead of deposit for the transaction type. d. jason entered the amount for his paycheck in the wrong column.