Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
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 Accounts receivable 248,247 145,026 Costs 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 116,030 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 MacBook Pro N 3 4 5 Other non-current assets.net 163 309 Total assets $ 961.040 5482.573 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 11018.4841 1927 335 1868.866) Gross profit 107,794 110,332 89,092 General and administrative expense (49.2001 (48.220) (46,552) (4,695) (2.400) (1.799) Intangible asset amortization Other operating expense.net 116.148) (17101) (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 for completed contact, or Unsure if you are not able to determine POC 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

Step: 3

blur-text-image

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

Auditing Text And Cases

Authors: W. Robert Knechel, Knechel

1st Edition

0538819340, 9780538819343

More Books

Students also viewed these Accounting questions