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Homework Answers
Revenue Recognition over time
| Situation-1 | ||||
| 2018 | 2019 | 2020 | ||
| A | Cumulative Cost incurred for up to the end of year (cost for the year +previous year cumulative cost | 1630 | 4150 | 5440 |
| B | Expected to incurred for the remaining | 3810 | 1290 | 0 |
| C | Total Expected /Actual cost at completion (A+B) | 5440 | 5440 | 5440 |
| D | Project value | 6300 | 6300 | 6300 |
| E | Total Expected Gross profit (D)-(C) | 860 | 860 | 860 |
| F | Cumulative Expected Gross profit/Loss to be recognised up to this year (See Note) | 257.68 | 656.07 | 860.00 |
| G | Gross profit recognised up to previous year (Previous year F) | 0 | 257.6838235294 | 656.0661764706 |
| H | Gross profit to be recognised for the year ($'000) (F)-(G) | 257.6838235294 | 398.3823529412 | 203.9338235294 |
| I | Gross profit in $ (H*1000) | 257,684 | 398,382 | 203,934 |
| . | ||||
| Situation-2 | ||||
| 2018 | 2019 | 2020 | ||
| A | Cumulative Cost incurred for up to the end of year (cost for the year +previous year cumulative cost | 1630 | 2920 | 5840 |
| B | Expected to incurred for the remaining | 3810 | 2920 | 0 |
| C | Total Expected /Actual cost at completion (A+B) | 5440 | 5840 | 5840 |
| D | Project value | 6300 | 6300 | 6300 |
| E | Total Expected Gross profit (D)-(C) | 860 | 460 | 460 |
| F | Cumulative Expected Gross profit/Loss to be recognised up to this year (See Note) | 257.684 | 230.000 | 460.00 |
| G | Gross profit recognised up to previous year (Previous year F) | 0 | 257.684 | 230.000 |
| H | Gross profit to be recognised for the year ($'000) (F)-(G) | 257.684 | -27.684 | 230.00 |
| I | Gross profit in $ (H*1000) | 257,684 | -27,684 | 230,000 |
| Situation-3 | ||||
| 2018 | 2019 | 2020 | ||
| A | Cumulative Cost incurred for up to the end of year (cost for the year +previous year cumulative cost | 1630 | 4150 | 6790 |
| B | Expected to incurred for the remaining | 3810 | 2540 | 0 |
| C | Total Expected /Actual cost at completion (A+B) | 5440 | 6690 | 6790 |
| D | Project value | 6300 | 6300 | 6300 |
| E | Total Expected Gross profit (D)-(C) | 860 | -390 | -490 |
| F | Cumulative Expected Gross profit/Loss to be recognised up to this year (See Note) | 257.68 | -390.00 | -490.00 |
| G | Gross profit recognised up to previous year (Previous year F) | 0 | 257.6838235294 | -390 |
| H | Gross profit to be recognised for the year ($'000) (F)-(G) | 257.6838235294 | -647.6838235294 | -100 |
| I | Gross profit in $ (H*1000) | 257,684 | -647,684 | -100,000 |
| Situation-4 | ||||
| 2018 | 2019 | 2020 | ||
| A | Cumulative Cost incurred for up to the end of year (cost for the year +previous year cumulative cost | 630 | 3760 | 5020 |
| B | Expected to incurred for the remaining | 4410 | 940 | 0 |
| C | Total Expected /Actual cost at completion (A+B) | 5040 | 4700 | 5020 |
| D | Project value | 6300 | 6300 | 6300 |
| E | Total Expected Gross profit (D)-(C) | 1260 | 1600 | 1280 |
| F | Cumulative Expected Gross profit/Loss to be recognised up to this year (See Note) | 157.50 | 1280.00 | 1280.00 |
| G | Gross profit recognised up to previous year (Previous year F) | 0 | 157.5 | 1280 |
| H | Gross profit to be recognised for the year ($'000) (F)-(G) | 157.5 | 1122.5 | 0 |
| I | Gross profit in $ (H*1000) | 157,500 | 1,122,500 | 0 |
| Situation-5 | ||||
| 2018 | 2019 | 2020 | ||
| A | Cumulative Cost incurred for up to the end of year (cost for the year +previous year cumulative cost | 630 | 3760 | 5970 |
| B | Expected to incurred for the remaining | 4410 | 2540 | 0 |
| C | Total Expected /Actual cost at completion (A+B) | 5040 | 6300 | 5970 |
| D | Project value | 6300 | 6300 | 6300 |
| E | Total Expected Gross profit (D)-(C) | 1260 | 0 | 330 |
| F | Cumulative Expected Gross profit/Loss to be recognised up to this year (See Note) | 157.50 | 0.00 | 330.00 |
| G | Gross profit recognised up to previous year (Previous year F) | 0 | 157.5 | 0 |
| H | Gross profit to be recognised for the year ($'000) (F)-(G) | 157.5 | -157.5 | 330 |
| I | Gross profit in $ (H*1000) | 157,500 | -157,500 | 330,000 |
| Situation-6 | ||||
| 2018 | 2019 | 2020 | ||
| A | Cumulative Cost incurred for up to the end of year (cost for the year +previous year cumulative cost | 630 | 3760 | 6860 |
| B | Expected to incurred for the remaining | 5855 | 2870 | 0 |
| C | Total Expected /Actual cost at completion (A+B) | 6485 | 6630 | 6860 |
| D | Project value | 6300 | 6300 | 6300 |
| E | Total Expected Gross profit (D)-(C) | -185 | -330 | -560 |
| F | Cumulative Expected Gross profit/Loss to be recognised up to this year (See Note) | -185.00 | -330.00 | -560.00 |
| G | Gross profit recognised up to previous year (Previous year F) | 0 | -185 | -330 |
| H | Gross profit to be recognised for the year ($'000) (F)-(G) | -185 | -145 | -230 |
| I | Gross profit in $ (H*1000) | -185,000 | -145,000 | -230,000 |
| Note:- (F) | ||||
| Cumulative Expected Gross profit/Loss to be recognised up to this year (See Note) | ||||
| If the figure E (Expected Gross profit ) is negative , then entire loss is to be considered | ||||
| If the figure E (Expected Gross profit ) is positive , then this figure is arrived by the following formula: | ||||
| =total expected gross profit('E') * cumulative cost incurred up to end of the YEAR ('A')/total expected cost('C') |
Revenue Recognition at a time:-
| 2018 | 2019 | 2020 | |
| Situation-1 | 0 | 0 | 860000 |
| Situation-2 | 0 | 0 | 460000 |
| Situation-3 | 0 | 0 | -490000 |
| Situation-4 | 0 | 0 | 1280000 |
| Situation-5 | 0 | 0 | 330000 |
| Situation-6 | 0 | 0 | -230000 |
Note:- The loss or profit will recognise only at the end of the project
Add Answer to:
project completion [LO5-9 Brady Construction Company contracted to build an apartment complex for a price of...
Check my work mode: This shows what is correct or incorrect for the work you have...
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...
Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO5-9)...
Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO5-9) 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 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Costs Incurred During Year Situation 2018 2019 2020 1 1,630 2,520 1,290 2 1,630 1,290...
Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO5-9)...
Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO5-9) 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 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Costs incurred During Year Situation 2018 2019 2020 1 1,630 2,520 1,290 2 1630 1,290...
5-HW O Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project...
5-HW O Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO5-9) 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 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Year Estimated costs to Complete Costs incurred During (As of the End of...
Just need help with the four that are incorrect. Thank you! CICLAY WUIHUUU. HIS SUUWS...
Just need help with the four that are incorrect. Thank
you!
CICLAY WUIHUUU. HIS SUUWS will is LUMELUI CURELIUI Lie wUIR you dve completed so lol. Il uue HOL Holtate comple Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO5-9) 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...
I just need help with situation 6, the two that are incorrect. thank you! Exercise 5-21...
I just need help with situation 6, the two that are
incorrect.
thank you!
Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO5-9) 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 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Costs...
Brady Construction Company contracted to build an apartment complex for a price of $5,300,000. Construction began...
Brady Construction Company contracted to build an apartment complex for a price of $5,300,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 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) Costs Incurred During Year Situation 2018 2019 2020 2018 2019 2020 11,530 2,220 990 3,210 990 2 1,530 990 2,520...
Brady Construction Company contracted to build an apartment complex for a price of $6,100,000. Construction began...
Brady Construction Company contracted to build an apartment complex for a price of $6,100,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Costs Incurred During Year Situation 2018 2019 2020 1,610 2,460 1,230 1,610 1,230 2,840 3 1,610 2,460 2,480 4 6103,110 1,220 610 3,110 2,070 6 610 3,110 2,900 Estimated Costs to...
Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. Construction began...
Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. Construction began in 2021 and was completed in 2023. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Situation Costs Incurred During Year 2021 2022 2023 1,540 2,250 1,020 1,540 1,020 2,560 1,540 2,250 1,920 540 3,040 1,080 540 3,040 1,580 540 3,040 2,200 Estimated costs to Complete (As...
Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began...
Brady Construction Company contracted to build an apartment
complex for a price of $5,000,000. Construction began in 2021 and
was completed in 2023. The following is a series of independent
situations, numbered 1 through 6, involving differing costs for the
project. All costs are stated in thousands of dollars.
Estimated Costs to Complete
Costs Incurred During Year
(As of the End of the Year)
Situation
2021
2022
2023
2021
2022
2023
1
1,500
2,100
900
3,000
900
—
2
1,500...
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...
Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO5-9) 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 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Costs Incurred During Year Situation 2018 2019 2020 1 1,630 2,520 1,290 2 1,630 1,290...
Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO5-9) 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 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Costs incurred During Year Situation 2018 2019 2020 1 1,630 2,520 1,290 2 1630 1,290...
5-HW O Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO5-9) 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 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Year Estimated costs to Complete Costs incurred During (As of the End of...
Just need help with the four that are incorrect. Thank
you!
CICLAY WUIHUUU. HIS SUUWS will is LUMELUI CURELIUI Lie wUIR you dve completed so lol. Il uue HOL Holtate comple Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO5-9) 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...
I just need help with situation 6, the two that are
incorrect.
thank you!
Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO5-9) 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 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Costs...
Brady Construction Company contracted to build an apartment complex for a price of $5,300,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 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) Costs Incurred During Year Situation 2018 2019 2020 2018 2019 2020 11,530 2,220 990 3,210 990 2 1,530 990 2,520...
Brady Construction Company contracted to build an apartment complex for a price of $6,100,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Costs Incurred During Year Situation 2018 2019 2020 1,610 2,460 1,230 1,610 1,230 2,840 3 1,610 2,460 2,480 4 6103,110 1,220 610 3,110 2,070 6 610 3,110 2,900 Estimated Costs to...
Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. Construction began in 2021 and was completed in 2023. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Situation Costs Incurred During Year 2021 2022 2023 1,540 2,250 1,020 1,540 1,020 2,560 1,540 2,250 1,920 540 3,040 1,080 540 3,040 1,580 540 3,040 2,200 Estimated costs to Complete (As...
Brady Construction Company contracted to build an apartment
complex for a price of $5,000,000. Construction began in 2021 and
was completed in 2023. The following is a series of independent
situations, numbered 1 through 6, involving differing costs for the
project. All costs are stated in thousands of dollars.
Estimated Costs to Complete
Costs Incurred During Year
(As of the End of the Year)
Situation
2021
2022
2023
2021
2022
2023
1
1,500
2,100
900
3,000
900
—
2
1,500...
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