VISA 1Q99 Lecture Notes - Beehive Tomb, Peplos Kore, Kritios

121 views5 pages

mauvepug452

14 Nov 2011

School

Department

Course

Professor

For unlimited access to Class Notes, a Class+ subscription is required.

Document Summary

Funerary mask of tutankhamun, ruled 1332-1322 bce: died at 19, changed his name. Tomb had lots of art, items of value. Mummy wrapping of a young bou, c. 100-120 ce roman period: conquered by. Alexander the great, a lot of different mixing of egyptian art and greek/roman art. In crete, the first center of power and wealth would develop, the minoan civilization. Crete is the largest of the islands and was very self sufficient. In the 1900"s, arthur evans purchased the site and excavated it. Reconstruction of the palace complex, knossos, crete: we do not know the structure of the society, so it may be misleading to think of this as a place complex. There were courtyards, workshops, storage space, and even tablets were found. Bull jumping, reconstructed wall painting from palace complex, knossos, crete. Minoan period, c. 1550-1450 bce: the bull has a flying gallop position. Animals are depicted with four limbs flying outwards.

Related Questions

Swifty Supply Company, a newly formed corporation, incurred thefollowing expenditures related to Land, to Buildings, and toMachinery and Equipment. Abstract companyâs fee for title search$936 Architectâs fees 5,706 Cash paid for land and dilapidatedbuilding thereon 156,600 Removal of old building $36,000 Less:Salvage 9,900 26,100 Interest on short-term loans duringconstruction 13,320 Excavation before construction for basement34,200 Machinery purchased (subject to 2% cash discount, which wasnot taken) 99,000 Freight on machinery purchased 2,412 Storagecharges on machinery, necessitated by noncompletion of buildingwhen machinery was delivered 3,924 New building constructed(building construction took 6 months from date of purchase of landand old building) 873,000 Assessment by city for drainage project2,880 Hauling charges for delivery of machinery from storage to newbuilding 1,116 Installation of machinery 3,600 Trees, shrubs, andother landscaping after completion of building (permanent innature) 9,720 Determine the amounts that should be debited to Land,to Buildings, and to Machinery and Equipment. Assume the benefitsof capitalizing interest during construction exceed the cost ofimplementation. Company uses net method to record discount. (Pleaseleave spaces blank if there is no answer. Do not enter zeros inthose spaces.) Land Buildings Machinery and Equipment OtherAbstract companyâs fee for title search $ $ $ $ Architectâs feesCash paid for land and old building Removal of old buildingInterest on short-term loans during construction Excavation beforeconstruction for basement Machinery purchased Freight on machinerypurchased Storage charges on machinery New building constructedAssessment by city for drainage project Hauling chargesInstallation of machinery Trees, shrubs, and other landscaping $ $$ $

grayrat725

The city of Greendale wants to contract with your company to build a new baseball stadium. They have received a bond issue that will provide for $100M for the project. The proposal is that 5 equal payments of $20M will be paid over the course of the project. The initial investment that your company will require is $20M. The projected annual labor and materials budget is $10M. Additionally, you will need to make a capital outlay of $10M in year 3 for new equipment. The company requires a rate of return of 15%.

The stadium is an outdoor structure with a retractable roof. The project begins with clearing the site. Once the site is clear, work can start simultaneously on the structure itself and demolishing an adjacent building site. This demolition is necessary to create a construction stage for storing materials and equipment. The work on the stadium begins by driving 160 support pilings. Next comes the pouring of the lower concrete bowl. Once this is done the construction site has been set up, then the pouring of the main concourse, the installation of the playing field, and the construction of the upper steel bowl can occur.

Once the concourse and upper bowl are completed, work can start simultaneously on building the luxury boxes, installing the sets, installing the jumbotron, and installing the stadium infrastructure which includes: bathrooms, lockers, restaurants, etc. Once the seats are installed then the steel canopy can be constructed followed by the installation of the lights. The retractable roof represents the most significant technical challenge to the project.

Building the roof track supports can begin after the lower concrete bowl is constructed. At this time the dimensions of the roof can be finalized and the construction of the roof at a separate site can begin. After the roof supports are completed then the roof tracks can be installed. Once the tracks and the roof are complete then the roof can be installed and made operational. Once all activities are completed a final inspection is required prior to occupancy. For purposes of this case assume the following:

1. The following holidays are observed: January 1, Memorial Day (last Monday in May), July 4th, Labor Day (first Monday in September), Thanksgiving Day (4th Thursday in November), December 25 and 26.

2. If a holiday falls on a Saturday then Friday will be given as an extra day off and if it falls on a Sunday then Monday will be given as a day off.

3. The construction crew work Monday through Friday.

4. As soon as the bid is accepted work will begin on May 1, 2017.

5. All duration and relationship data is located in the posted spreadsheet.

Information given: TABLE 1

Greendale Baseball Stadium

ID ---------------------------------------Task Duration ---------------Predecessors

2. Clear Site ---------------------------------150 ----------------------------0

3. Demolish Building -----------------------75 -----------------------------2

4. Set up Construction Site --------------150 ----------------------------3

5. Drive support piles ----------------------250 ---------------------------2

6. Pour lower concrete bowl -------------250 ---------------------------5

7. Pour main concourse -------------------250 ---------------------------6,3

8. Installation of playing field --------------210 --------------------------6,3

9. Construction upper steel bowl --------250 ---------------------------3,6

10. Install seats -----------------------------300 ---------------------------7,9

11. Build luxury boxes ---------------------210 ---------------------------7,9

12. Install Scoreboard ---------------------75 ----------------------------7,9

13. Stadium infrastructure ----------------250 --------------------------7,9

14. Construct steel canopy ---------------175 ---------------------------10

15. Light installation ------------------------75 ---------------------------14

16. Build roof supports --------------------210 ---------------------------6

17. Construct roof --------------------------350 --------------------------16

18. Install roof tracks -----------------------210 --------------------------16

19. Install roof -------------------------------210 -------------------------17,18

20. Final inspection ------------------------ 40 ---------------------------19,15,11,13,8

PROBLEMS:

1. Perform an NPV assessment to first determine whether your company should accept the contract.

2. If you decide to proceed what is the expected NPV value of the contract.

3. Develop a scope statement for this project.

4. Then develop a work breakdown structure that reflects the information in table 1.

5. What is the expected duration of the project and assuming you will begin construction on October 1, 2016, what date do you expect to complete?

6. What is the critical path for the project?

7. Prepare a Gantt chart for the project schedule.

greenbear862

Citation Builders, Inc., builds office buildings andsingle-family homes. The office buildings are constructed undercontract with reputable buyers. The homes are constructed indevelopments ranging from 10â20 homes and are typically sold duringconstruction or soon after. To secure the home upon completion,buyers must pay a deposit of 10% of the price of the home with theremaining balance due upon completion of the house and transfer oftitle. Failure to pay the full amount results in forfeiture of thedown payment. Occasionally, homes remain unsold for as long asthree months after construction. In these situations, sales pricereductions are used to promote the sale.

During 2016, Citation began construction of an office buildingfor Altamont Corporation. The total contract price is $20 million.Costs incurred, estimated costs to complete at year-end, billings,and cash collections for the life of the contract are asfollows:

Percentage of completion Costs incurred to date Estimated coststo complete Billings to Axelrod, to date

Required:

At 12-31-2016

10% $ 350,000 3,150,000 720,000

At 12-31-2017

60% $2,500,000 1,700,000 2,170,000

At 12-31-2018

100% $4,250,000 â0â 3,600,000

Costs incurred during the year
Estimated costs to complete as of year-end Billings during theyear
Cash collections during the year

2016

$ 4,000,000 12,000,000 2,000,000 1,800,000

2017

$ 9,500,000 4,500,000 10,000,000 8,600,000

2018

$4,500,000 â 8,000,000 9,600,000

Also during 2016, Citation began a development consisting of 12identical homes. Citation estimated that each home will sell for$600,000, but individual sales prices are negotiated with buyers.Deposits were received for eight of the homes, three of which werecompleted during 2016 and paid for in full for $600,000 each by thebuyers. The completed homes cost $450,000 each to construct. Theconstruction costs incurred during 2016 for the nine uncompletedhomes totaled $2,700,000.

Required:

1. Briefly explain the difference between recognizing revenueover time and upon project completion when accounting for long-termconstruction contracts.

2. Answer the following questions assuming that Citationconcludes it does not qualify for revenue recognition over time forits office building contracts:

a. How much revenue related to this contract will Citationreport in its 2016 and 2017 income statements?

b. What is the amount of gross profit or loss to be recognizedfor the Altamont contract during 2016 and

2017?

c. What will Citation report in its December 31, 2016, balancesheet related to this contract? (Ignore cash.)

3. Answer requirements 2a through 2c assuming that Citationrecognizes revenue over time according to per- centage ofcompletion for its office building contracts.

4. Assume the same information for 2016 and 2017, but that as ofyear-end 2017 the estimated cost to complete the office building is$9,000,000. Citation recognizes revenue over time according topercentage of comple- tion for its office building contracts.

a. How much revenue related to this contract will Citationreport in the 2017 income statement?

b. What is the amount of gross profit or loss to be recognizedfor the Altamont contract during 2017?
c. What will Citation report in its 2017 balance sheet related tothis contract? (Ignore cash.)
5. When should Citation recognize revenue for the sale of itssingle-family homes?
6. What will Citation report in its 2016 income statement and 2016balance sheet related to the single-family home business (ignorecash in the balance sheet)?

VISA 1Q99 Lecture Notes - Beehive Tomb, Peplos Kore, Kritios

Document Summary

Get access

Related Documents

HIST 2100 Lecture : Minoan and Mycenaean Greece-The Bronze Age

HISTORY 1M03 Lecture : January 10, 2013-Minoan and Mycenaean Greece-The Bronze Age.docx

CLCV 1003 Lecture Notes - Knossos

Related Questions