Question

Check my work mode: This shows what is correct or incorrect for the work you have completed so far. I dou Brady Construction Company contracted to build an apartment complex for a price of $6,300.000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Estimated Costs to Complete (As of the End of the Year 2020 Costs incurred During Year Situation 2018 2019 2020 168021520190 2 1630 1.290 2,920 3 1.630 2,520 2.640 4 630 3.130 1260 5 630 3,130 2,210 6 630 3,130 3,100 2018 2019 37810 1290 3.810 2,920 3,810 2,540 4.410 940 4.410 2.540 5,855 2,870 Required: Complete the following table. (Do not round intermediate calculations. Enter answers in dollars. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.) Answer is not complete. 2020 Gross Profit (Loss) Recognized Revenue Recognized Over Time Revenue Recognized Upon Completion 2018 2019 2020 2018 2019 $ 257684 $ 653,489 0 257,684 227 423 257,684 (244505) 157.500 127 84 157.500 (157,500) (179,725) (185,352)

Answer 1

Gross profit(loss) recognized Revenue recogniszed over time Revenue recognized upon completion Situations 2018 2019 2020 2018 2019 2020 1 $ 257,684$ 398,382 $ 203,934 0 $ 860,000 2 $ 257,684 $ (27,684) $ 230,000 0 $ 460,000 3 $ 257,684 $ (499,612) $ (248,072) 0 $ (490,000) $ (490,000) 4 $ 157,500 $1,122,500 0 $1,280,000 5 $ 157,500 $ (157,500)| $ 330,000 0 $ 330,000 6 $ (17,972) $ (17,972) $ (17,972) $ (17,972) $ (17,972) $ (17,972) Situation 1 : Revenue 2018 = [ 1,630,000/ (1,630,000 +3,810,000)) x 6,300,000 = $1,887,684 Gross profit = 1,887,684 - 1,630,000 = $257,684 Revenue 2019: = [{( 1,630,000 +2,520,000)/(1,630,000 +2,520,000+1,290,000)} x 6,300,000)-1,887,684 = $2,918,382 Gross profit = 2,918,382 - 2,520,000 = $ 398,382 Gross profit for 2020 = ( $6,300,000 - 1,887,684 -2,918,382 ) -1,290,000 = $203,934

Situation 2: Revenue 2018 = [ 1,630,000/ (1,630,000 +3,810,000)] x 6,300,000 = $1,887,684 Gross profit = 1,887,684 - 1,630,000 = $257,684 Revenue 2019: = [{( 1,630,000 +1,290,000)/(1,630,000 +1,290,000 +2,920,000 )} x 6,300,000)-1,887,684 = $ 1,262,316 Gross profit = $1,262,316 - 1,290,000 = $ -27,684 Gross profit for 2020 = ( $6,300,000 - 1,887,684 -1,262,316 ) -2,920,000 = $230,000 Situation 3: Revenue 2018 = { 1,630,000/ (1,630,000 +3,810,000)] x 6,300,000 = $1,887,684 Gross profit = 1,887,684 - 1,630,000 = $257,684 Revenue 2019: = [{( 1,630,000 +2,520,000/(1,630,000 +2,520,000+2,540,000 )} x 6,300,000)-1,887,684 = $2,020,388 Gross profit = 2,020,388 - 2,520,000 = $ - 499,612 Gross profit for 2020 = ( $6,300,000 - 1,887,684 -2,020,388 ) -2,640,000 = $-248,072

Situation 4: Revenue 2018 = [ 630,000/ (630,000 +4,410,000)] x 6,300,000 = $787,500 Gross profit = 787,500-630,000 = $ 157,500 Revenue 2019: = [{( 630,000 +3,130,000)/(630,000 +3,130,000+940,000 )} x 6,300,000)-787,500 = $ 4,252,500 Gross profit = 4,252,500 - 3,130,000 = $ 1,122,500 Gross profit for 2020 = ( $6,300,000 - 787,500 -4,252,500) - 1,260,000 = $ 0 Situation 5: Revenue 2018 = [ 630,000/ (630,000 +4,410,000)] x 6,300,000 = $787,500 Gross profit = 787,500-630,000 = $ 157,500 Revenue 2019: = [{( 630,000 +3,130,000)/(630,000 +3,130,000+2,540,000 )} x 6,300,000)-787,500 = $ 2,972,500 Gross profit = 2,972,500 - 3,130,000 = $ - 157,500 Gross profit for 2020 = ($6,300,000 - 787,500 - 2,972,500) - 2,210,000 = $ 330,000 Situation 6: Revenue 2018 = [ 630,000/ (630,000 +5,855,000)] x 6,300,000 = $612,028 Gross profit = 612,028 - 630,000 = $-17,972

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