These are the questions I have today:

1 - A company approaches the end of year with the year to date revenue of $1,200. Its customers are typically given 30 days credit, accordingly the balance of accounts receivable is $100. The usual AR/Sales ratio is 0.083. To increase reported revenue (and earnings), the company ships $50 of additional merchandise and reports it as revenue. Which of the following statement is correct?

2 -

On 1/1/2015, the firm signed on a three-year-contract with a total billings of $1,500. 2015 2016 2017 Contract price 1,5? 1,5? 1,5? Costs to date 500 900 1,200 Estimated completion costs 500 400 0 Under the percentage of completion method, the net income reported for 2016 is E dollars