Homework Answers
Concept check: percentage completion
Answer is 33.33%
Calculations:
| Year | Cost incurred |
Estimated Additional Cost to complete |
Total estimated costs |
| 2021 | $3,000,000 | $6,000,000 | $9,000,000 |
Percentage completion in 2021 = Total cost incurred/Total estimated costs
= $3,000,000/$9,000,000
= 33.33%
Concept check: percentage completion (2)
Answer is 33.33%
Calculations:
| Year | Cost incurred |
Estimated Additional Cost to complete |
Total estimated costs |
| 2021 | $3,000,000 | $6,000,000 | $9,000,000 |
Percentage completion in 2021 = Total cost incurred/Total estimated costs
= $3,000,000/$9,000,000
= 33.33%
Concept check: percentage completion (3)
Answer is 80%
Calculations:
| Year | Cost incurred |
Estimated Additional Cost to complete |
Total estimated costs |
| 2021 | $3,000,000 | ||
| 2022 | $5,000,000 | ||
| Total | $8,000,000 | $2,000,000 | $10,000,000 |
Percentage completion in 2022 = Total cost incurred/Total estimated costs
= $8,000,000/$10,000,000
= 80%
Add Answer to:
LOS-9 Concept Check: Percentage Completion Robertson Construction entered into a contract to construct a tunnel for...
LO5-9 Concept Check: Revenue Recognition Over Time Robertson Construction entered into a contract to construct a...
LO5-9 Concept Check: Revenue Recognition Over Time Robertson Construction entered into a contract to construct a tunnel for a fixed price of $12,000,000. Robertson recognizes revenue over time according to percentage of completion. Here are some facts: Estimated Additional Cost to Complete $6,000,000 2,000,000 Cost incurred $ 3,000,000 5,000,000 2,500,000 2021 2022 2023 How much revenue would Robertson recognize in 2021? a. $4,000,000 b. $5,000,000 $6,000,000 d. $12,000,000 LO5-9 Concept Check: Revenue Recognition Robertson Construction entered into a contract to...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2021 2022 2023 Cost incurred during the year $ 2,400,000 $ 3,600,000 $ 2,200,000 Estimated costs to complete as of year-end 5,600,000 2,000,000 0 Billings during the year 2,000,000 4,000,000 4,000,000 Cash collections during the year 1,800,000 3,600,000 4,600,000 Westgate recognizes revenue over time according to...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $2,259,400 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,291,000 5,609,000 2,110,000 1,855,000 2022 $3,555,000 2,054,000 3,736,000 3,500,000 4,154,000 4,645,000 Westgate recognizes revenue over time according to percentage of completion. 3....
Help In 2021, the Westgate Construction Company entered into a contract to construct a road for...
Help In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $2,613,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,016,000 5,184,000 2,180,000 1,890,000 2022 $2,808,000 2,376,000 2,644,000 2,500,000 0 5,176,000 5,610,000 Westgate recognizes revenue over time according to percentage of...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $2,008,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,490,000 5,810,000 2,030,000 1,815,000 2022 $3,984,000 1,826,000 4,444,000 3,900,000 3,526,000 4,285,000 Westgate recognizes revenue over time according to percentage of completion. Problem...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2021 2022 2023 Cost incurred during the year $2,550,000 $4,250,000 $ 1,870,000 Estimated costs to complete as of year-end 5,950,000 1,700,000 0 Billings during the year 2,050,000 4,750,000 3,200,000 Cash collections during the year 1,825,000 4,100,000 4,075,000 Westgate recognizes revenue over time according to percentage of...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $2,926,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,640,000 6,160,000 2,080,000 1,840,000 2022 $2,300,000 2,660,000 2,860,000 2,800,000 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion. Problem...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2021 2022 2023 Cost incurred during the year $ 2,490,000 $ 3,984,000 $ 2,008,600 Estimated costs to complete as of year-end 5,810,000 1,826,000 0 Billings during the year 2,030,000 4,444,000 3,526,000 Cash collections during the year 1,815,000 3,900,000 4,285,000 Westgate recognizes revenue over time according to...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $2,008,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,490,000 5,810,000 2,030,000 1,815,000 2022 $3,984,000 1,826,000 4,444,000 3,900,000 3,526,000 4,285,000 Westgate recognizes revenue over time according to percentage of completion. 4....
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $ 2,490,000 5,810,000 2,030,000 1,815,000 2022 $3,984,000 1,826,000 4,444,000 3,900,000 2023 $2,008,600 0 3,526,000 4,285,000 Westgate recognizes revenue over time according to percentage of...
LO5-9 Concept Check: Revenue Recognition Over Time Robertson Construction entered into a contract to construct a tunnel for a fixed price of $12,000,000. Robertson recognizes revenue over time according to percentage of completion. Here are some facts: Estimated Additional Cost to Complete $6,000,000 2,000,000 Cost incurred $ 3,000,000 5,000,000 2,500,000 2021 2022 2023 How much revenue would Robertson recognize in 2021? a. $4,000,000 b. $5,000,000 $6,000,000 d. $12,000,000 LO5-9 Concept Check: Revenue Recognition Robertson Construction entered into a contract to...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $2,259,400 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,291,000 5,609,000 2,110,000 1,855,000 2022 $3,555,000 2,054,000 3,736,000 3,500,000 4,154,000 4,645,000 Westgate recognizes revenue over time according to percentage of completion. 3....
Help In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $2,613,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,016,000 5,184,000 2,180,000 1,890,000 2022 $2,808,000 2,376,000 2,644,000 2,500,000 0 5,176,000 5,610,000 Westgate recognizes revenue over time according to percentage of...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $2,008,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,490,000 5,810,000 2,030,000 1,815,000 2022 $3,984,000 1,826,000 4,444,000 3,900,000 3,526,000 4,285,000 Westgate recognizes revenue over time according to percentage of completion. Problem...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $2,926,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,640,000 6,160,000 2,080,000 1,840,000 2022 $2,300,000 2,660,000 2,860,000 2,800,000 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion. Problem...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $2,008,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,490,000 5,810,000 2,030,000 1,815,000 2022 $3,984,000 1,826,000 4,444,000 3,900,000 3,526,000 4,285,000 Westgate recognizes revenue over time according to percentage of completion. 4....
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $ 2,490,000 5,810,000 2,030,000 1,815,000 2022 $3,984,000 1,826,000 4,444,000 3,900,000 2023 $2,008,600 0 3,526,000 4,285,000 Westgate recognizes revenue over time according to percentage of...
Most questions answered within 3 hours.
-
A chemist had a bottle of HCl (aq) of unknown concentration. She
performed a titration experiment...
asked 23 minutes ago -
According to the network system security, please explain:
1- What is canary and how it does...
asked 1 hour ago -
Study the provided BagInterface and the methods implemented in
the ResizableArrayBag
For the following methods that...
asked 1 hour ago -
Enter your answer in the provided box. To what fraction of its
original volume, Vfinal/Vinitial, must...
asked 2 hours ago -
Can you figure out if any R functions used to subset a time
series 1 or...
asked 2 hours ago -
Which of the following is correct?
A. APC + MPS = 1
B. APS + MPS...
asked 2 hours ago -
Given a regression sum of squares equal to 2373.59 and a total
sum of squares equal...
asked 4 hours ago -
Compare and contrast the linear motion and angular motion
equations F ma and . That is,...
asked 3 hours ago -
Now that this course has taken you on a journey of introduction
to the world of...
asked 4 hours ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 6 hours ago -
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 6 hours ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 8 hours ago