McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2023 and completed in 2024. Cost and other data are presented below: 2023 2024 Costs incurred during the year $ 1,500,000 $ 1,300,000 Estimated costs to complete 1,200,000 0 Billings during the year 1,200,000 1,300,000 Cash collections during the year 1,000,000 1,500,000 Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Required:
Prepare all journal entries to record costs, billings, collections, and profit (loss) recognition.

If the ceo of a large, diversified, firm were filling out a fitness report on a division manager (i.e., "grading" the manager), which of the following situations would be likely to cause the manager to receive a better grade? in all cases, assume that other things are held constant.a. the division's basic earning power ratio is above the average of other firms in its industry.b. the division's total assets turnover ratio is below the average for other firms in its industry.c. the division's debt ratio is above the average for other firms in the industry.d. the division's inventory turnover is 6, whereas the average for its competitors is 8.e. the division's dso (days' sales outstanding) is 40, whereas the average for its competitors is 30.