Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help ASAP Sterling Silver Construction builds dormitories on college campuses. For the most recent years ended December 31st, SSC reports the following on their

image text in transcribedimage text in transcribed

Need help ASAP

Sterling Silver Construction builds dormitories on college campuses. For the most recent years ended December 31st, SSC reports the following on their balance sheet and income statement: STERLING SILVER CONSTRUCTION COMPANY, INC. & SUBSIDIARIES Excerpts from the CONSOLIDATED BALANCE SHEETS Assets Dec 31, 2019 Dec 31, 2018 Current assets: Cash and cash equivalents $ 45,733 $ 94,095 O Accounts receivable 248.247 145,026 Costs and estimated earnings in excess of billings 42,555 41,542 Other current assets 20.986 21,953 Total current assets 357,521 302,616 Property and equipment, net 116,036 51,999 Operating lease right-of-use assets 13,979 Goodwill 191,892 85,231 Other intangibles, net 256,323 42,418 Deferred tax asset, net 26,012 STERLING SILVER CONSTRUCTION COMPANY, INC. & SUBSIDIARIES Excerpts from the CONSOLIDATED STATEMENTS OF OPERATIONS Years Ended December 31, 2019 2018 2017 Revenues $ 1,126,278 $ 1,037,667 $ 957,958 Cost of revenues (1,018.484) (927,335) (868,866) Gross profit 107,794 110.332 89,092 General and administrative expense (49,200) (48,220) (46,552) Intangible asset amortization (4,695) (2,400) (1,799) Other operating expense, net (16.148) (17,101) (14,565) Operating income 37,751 42,611 26,176 Based on the above information, what method of revenue recognition does SSC use? Enter either POC for percentage of completion, CC for completed contact, or Unsure if you are not able to determine. On average, how long did it take for SSC to be paid for its services after billing in the most recent period? Round to the nearest integer. Sterling Silver Construction builds dormitories on college campuses. For the most recent years ended December 31st, SSC reports the following on their balance sheet and income statement: STERLING SILVER CONSTRUCTION COMPANY, INC. & SUBSIDIARIES Excerpts from the CONSOLIDATED BALANCE SHEETS Assets Dec 31, 2019 Dec 31, 2018 Current assets: Cash and cash equivalents $ 45,733 $ 94,095 O Accounts receivable 248.247 145,026 Costs and estimated earnings in excess of billings 42,555 41,542 Other current assets 20.986 21,953 Total current assets 357,521 302,616 Property and equipment, net 116,036 51,999 Operating lease right-of-use assets 13,979 Goodwill 191,892 85,231 Other intangibles, net 256,323 42,418 Deferred tax asset, net 26,012 STERLING SILVER CONSTRUCTION COMPANY, INC. & SUBSIDIARIES Excerpts from the CONSOLIDATED STATEMENTS OF OPERATIONS Years Ended December 31, 2019 2018 2017 Revenues $ 1,126,278 $ 1,037,667 $ 957,958 Cost of revenues (1,018.484) (927,335) (868,866) Gross profit 107,794 110.332 89,092 General and administrative expense (49,200) (48,220) (46,552) Intangible asset amortization (4,695) (2,400) (1,799) Other operating expense, net (16.148) (17,101) (14,565) Operating income 37,751 42,611 26,176 Based on the above information, what method of revenue recognition does SSC use? Enter either POC for percentage of completion, CC for completed contact, or Unsure if you are not able to determine. On average, how long did it take for SSC to be paid for its services after billing in the most recent period? Round to the nearest integer

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Financial Accounting

Authors: Richard Lewis, David Pendrill

5th Edition

0273622919, 978-0273622918

More Books

Students also viewed these Accounting questions

Question

What do their students end up doing when they graduate?

Answered: 1 week ago