Homework Answers
Answer:-
b) Net of Construction in Progress and Billings on CIP under Current Assets with a balance of $120000.
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23. Assuming that the percentage-of-completion method is used, which of the following is reported on the...
Question: Question:1. When the percentage-of-completion method of accounting for long-term contracts, the percentage of completion used to...
Question: Question:1. When the percentage-of-completion method of accounting for long-term contracts, the percentage of completion used to recognize gross profit in the first year usually is determined by measuring: a. costs incurred in the first year, divided by estimated remaining costs to complete the project. b. costs incurred in the first year, divided by estimated total cost of the completed project. c. costs incurred in the first year, divided by estimated gross profit. d. none of the above. 2.As of...
Question 3: Percentage of Completion Method (12 marks) On January 1, 2017, Eagle Construction Ltd. started...
Question 3: Percentage of Completion Method (12 marks) On January 1, 2017, Eagle Construction Ltd. started a construction project for $4,500,000. Relevant data for 2017 and 2018 are as follows: 2017 2018 Current year construction costs $3,300,000 $ 620,000 Estimated remaining costs to complete 600,000 -0- Current year billings 3,100,000 1,400,000 Current year collections 3,000,000 1,500,000 Required: Calculate the following amounts for each method: Completed Percentage-of Contract Completion 2017 2018 2017 2018 a) Gross Profit $ $ $ ...
Griffin Constructors, Inc. has consistently used the percentage-of-completion method of recognizing income. In 2018, Gri...
Griffin Constructors, Inc. has consistently used the percentage-of-completion method of recognizing income. In 2018, Griffin started work on a $49,000,000 construction contract that was completed in 2019. The following information was taken from Griffin's 2018 accounting records: Progress billings $15,400,000 Costs incurred 14,700,000 Collections 9,600,000 Estimated costs to complete 29,400,000 How much was the Company over/under billed for the year ended December 31, 2018 (round percentage complete to 2 decimal points (example .513655555 = .51))? a. 770,000 b. 1,633,333 c....
n 2016, Long Construction Corporation began construction work under a three-year contract. The contract price is...
n 2016, Long Construction Corporation began construction work under a three-year contract. The contract price is $1,600,000. Long recognizes revenue over time according to percentage of completion for financial reporting purposes. The financial statement presentation relating to this contract at December 31, 2016, is as follows: Balance Sheet Accounts receivable (from construction progress billings) $ 30,000 Construction in progress $ 100,000 Less: Billings on construction contract (94,000 ) Cost and profit of uncompleted contracts in excess of billings 6,000 Income...
Oriole Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion...
Oriole Construction is constructing an office building under
contract for Cannon Company and uses the percentage-of-completion
method. The contract calls for progress billings and payments of
$1700000 each quarter. The total contract price is $18762000 and
Oriole estimates total costs of $17900000. Oriole estimates that
the building will take 3 years to complete, and commences
construction on January 2, 2021.
At December 31, 2021, Oriole estimates that it is 20% complete with
the construction, based on costs incurred. What is...
Prachce Problem 9 In Year 1, Amber Construction Corporation began construction work under a three-year contract....
Prachce Problem 9 In Year 1, Amber Construction Corporation began construction work under a three-year contract. The contract price is $1,610,000. Long uses the percentage-of-completion method for financial reporting purposes. The financial statement presentation relating to this contract at December 31, year 1, is as follows: Balance Sheet $30,000 Accounts receivable (from construction progress billings) Construction in progress Less: Billings on Construction Contract $100,000 (93,000) 7,000 Cost of uncompleted contracts in excess of billings Income Statement $24,000 Income (before tax)...
1. Assurning a long-term construction project makes an overall profit, during the interim years, percentage of...
1. Assurning a long-term construction project makes an overall profit, during the interim years, percentage of completion method accounting has impact on construction company's: Income Statement ONLY X Balance Sheet ONLY BOTH Income Statement and Balance Sheet None of the above 2. When a company write-off a bad debt under GAAP, it has impact on this company's: Income Statement ONLY Balance Sheet ONLY BOTH Income Statement and Balance Sheet Cash Flow Statement ONLY х 3. For a construction company working...
Question6. Long-term contract based on percentage of completion method (32 (4) Prepare journal entry to record...
Question6. Long-term contract based on percentage of completion method (32 (4) Prepare journal entry to record gross profit for 2017(6 points) (5) Show at end of 2017 and 2018, what are the balance af CIP ( points) points) lim's Construction Co. has a $85,000,000 contract to build a new football stadium The project began on January 1, 2016 with an expected completion date of October 31, 2018. The following table provides infomation gathered during the construction period. Jim uses the...
Uncollectible Accounts—Percentage of Sales and Percentage of Receivables At the completion of the current fiscal year...
Uncollectible Accounts—Percentage of Sales and Percentage of Receivables At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Yang's Gift Shop was $28,250. Credit sales for the year were $355,200. Required: Make the necessary adjusting entry in general journal form under each of the following assumptions. Show calculations for the amount of each adjustment and the resulting net realizable value. 1. Allowance for Doubtful Accounts has a credit balance of $345. a. The...
Required information [The following information applies to the questions displayed below] Pert 3 of 5 In...
Required information [The following information applies to the questions displayed below] Pert 3 of 5 In 2018, 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 2020. Information related to the contract is as follows: polnts 2018 2019 2020 $2,072,000 5,328, 000 2,160,000 1,880,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the ye ar Cash collections during the year...
Oriole Construction is constructing an office building under
contract for Cannon Company and uses the percentage-of-completion
method. The contract calls for progress billings and payments of
$1700000 each quarter. The total contract price is $18762000 and
Oriole estimates total costs of $17900000. Oriole estimates that
the building will take 3 years to complete, and commences
construction on January 2, 2021.
At December 31, 2021, Oriole estimates that it is 20% complete with
the construction, based on costs incurred. What is...
Prachce Problem 9 In Year 1, Amber Construction Corporation began construction work under a three-year contract. The contract price is $1,610,000. Long uses the percentage-of-completion method for financial reporting purposes. The financial statement presentation relating to this contract at December 31, year 1, is as follows: Balance Sheet $30,000 Accounts receivable (from construction progress billings) Construction in progress Less: Billings on Construction Contract $100,000 (93,000) 7,000 Cost of uncompleted contracts in excess of billings Income Statement $24,000 Income (before tax)...
1. Assurning a long-term construction project makes an overall profit, during the interim years, percentage of completion method accounting has impact on construction company's: Income Statement ONLY X Balance Sheet ONLY BOTH Income Statement and Balance Sheet None of the above 2. When a company write-off a bad debt under GAAP, it has impact on this company's: Income Statement ONLY Balance Sheet ONLY BOTH Income Statement and Balance Sheet Cash Flow Statement ONLY х 3. For a construction company working...
Question6. Long-term contract based on percentage of completion method (32 (4) Prepare journal entry to record gross profit for 2017(6 points) (5) Show at end of 2017 and 2018, what are the balance af CIP ( points) points) lim's Construction Co. has a $85,000,000 contract to build a new football stadium The project began on January 1, 2016 with an expected completion date of October 31, 2018. The following table provides infomation gathered during the construction period. Jim uses the...
Required information [The following information applies to the questions displayed below] Pert 3 of 5 In 2018, 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 2020. Information related to the contract is as follows: polnts 2018 2019 2020 $2,072,000 5,328, 000 2,160,000 1,880,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the ye ar Cash collections during the year...
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