Hello,
Can you please help me with this problem and give an explanation for each required tab (1-3)? Thank you.
Homework Answers
| Statement showing computation of Gross Profit recognizze over time assuming percebtage of completion method | |||||
| Percentages of completion | |||||
| Choose numerator | ÷ | Choose denominator | = | % complete to date | |
| Actual costs to date | Estimated total costs | ||||
| 2021 | $90 | ÷ | $250 | = | 36.00% |
| (90+160) | |||||
| 2022 | $160 | ÷ | $200 | = | 80.00% |
| (90+70) | (160+40) | ||||
| 2023 | 100.00% | ||||
| 2021 | |||||
| To date (A) | Recognized in prior years (B) | Recognized in 2018 (A-B) | |||
| Construction revenue | $119 | $0 | $119 | ||
| (330X36%) | |||||
| Less: Construction expense | $90 | $0 | $90 | ||
| Gross profit (loss) | $29 | $0 | $29 | ||
| 2022 | |||||
| To date (A) | Recognized in prior years (B) | Recognized in 2019 (A-B) | |||
| Construction revenue | $264 | $119 | $145 | ||
| (330X80%) | Prevoius Year | ||||
| Less: Construction expense | $160 | $90 | $70 | ||
| (90+70) | Prevoius Year | ||||
| Gross profit (loss) | $104 | $29 | $75 | ||
| 2023 | |||||
| To date (A) | Recognized in prior years (B) | Recognized in 2020 (A-B) | |||
| Construction revenue | $330 | $264 | $66 | ||
| Contract Value | |||||
| Less: Construction expense | $205 | $160 | $45 | ||
| (90+70+45) | Prevoius Year) | ||||
| Gross profit (loss) | $125 | $104 | $21 | ||
| 2. Statement showing revenue and gross profit assuming this project does not qualify for revenue recognition over time. ( $ in Million) | ||||
| Year | Revenue recognized | Gross Profit (Loss) recognized | ||
| 2021 | $0 | $0 | ||
| 2022 | $0 | $0 | ||
| 2023 | $330 | $125 | ||
| (330-205) | ||||
| Part-3 : Computation of Revenue and gross profit or loss to be recognized in 2022 (using the percentage of completion ) | |||||
| Percentages of completion | |||||
| Choose numerator | ÷ | Choose denominator | = | % complete to date | |
| Actual costs to date | Estimated total costs | ||||
| 2022 | $160 | ÷ | $320 | = | 50.00% |
| (90+70) | (90+70+160) | ||||
| 2022 | |||||
| To date | Recognized in prior years | Recognized in 2019 | |||
| Construction revenue | $165 | $119 | $46 | ||
| (330*50%) | |||||
| Less:Construction expense | $160 | $90 | $70 | ||
| (90+70) | |||||
| Gross profit (loss) | $5 | $29 | ($24) | ||
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of the contract are as follows ($ in millions):
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On June 15, 2021, Sanderson Construction entered into a
long-term construction contract to build a baseball stadium in
Washington, D.C., for $370 million. The expected completion date is
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incurred and estimated costs to complete at year-end for the life
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2021
2022
2023
Costs incurred during the year
$
70
$
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Estimated costs
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On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $310 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2021 $ 70 130 Costs incurred during the year Estimated costs to complete as of December 31 2022 $60 30...
Hello,
Can you please help me with this problem and give an explanation
for the required tabs (1,2 and 3)? Thank you
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