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 | $40 | ÷ | $160 | = | 25.00% |
| (40+120) | |||||
| 2022 | $120 | ÷ | $180 | = | 66.67% |
| (40+80) | (40+80+60) | ||||
| 2023 | 170 | 170 | 100.00% | ||
| (40+80+50) | |||||
| 2021 | |||||
| To date (A) | Recognized in prior years (B) | Recognized in 2018 (A-B) | |||
| Construction revenue | $55 | $0 | $55 | ||
| (220X25%) | |||||
| Less: Construction expense | $40 | $0 | $40 | ||
| Gross profit (loss) | $15 | $0 | $15 | ||
| 2022 | |||||
| To date (A) | Recognized in prior years (B) | Recognized in 2019 (A-B) | |||
| Construction revenue | $147 | $55 | $92 | ||
| (220*66.67%) | Prevoius Year | ||||
| Less: Construction expense | $120 | $40 | $80 | ||
| (40+80) | Prevoius Year | ||||
| Gross profit (loss) | $27 | $15 | $12 | ||
| 2023 | |||||
| To date (A) | Recognized in prior years (B) | Recognized in 2020 (A-B) | |||
| Construction revenue | $220 | $147 | $73 | ||
| Contract Value | |||||
| Less: Construction expense | $170 | $120 | $50 | ||
| (40+80+50) | Prevoius Year) | ||||
| Gross profit (loss) | $50 | $27 | $23 | ||
| 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 | $220 | $50 | ||
| (220-170) | ||||
| 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 | $120 | ÷ | $200 | = | 60.00% |
| (40+80) | (40+80+80) | ||||
| 2022 | |||||
| To date | Recognized in prior years | Recognized in 2019 | |||
| Construction revenue | $132 | $55 | $77 | ||
| (220*60%) | |||||
| Less:Construction expense | $120 | $40 | $80 | ||
| (40+80) | |||||
| Gross profit (loss) | $12 | $15 | ($3) | ||
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On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball...
On June 15, 2021, Sanderson Construction entered into a
long-term construction contract to build a baseball stadium in
Washington, D.C., for $370 million. The expected completion date is
April 1, 2023, just in time for the 2023 baseball season. Costs
incurred and estimated costs to complete at year-end for the life
of the contract are as follows ($ in millions):
2021
2022
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Costs incurred during the year
$
70
$
110
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80
Estimated costs
to complete as of...
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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 2022 $60 30 2023 $30 Costs incurred during the year Estimated costs to complete as of December...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $400 million. The expected completion date is April 1, 2023. just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Costs incurred during the year Estimated costs to complete as of December 31 2021 2022 2023 $ 60 $130 $55...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball...
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...
On June 15, 2021. Sanderson Construction entered into a long-term construction contract to build a baseball...
On June 15, 2021. Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington D.C. for $350 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 (5 in millions): 2021 $ 3e 170 Costs incurred during the year Estimated costs to complete as of December 31 2022 $142 0...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $320 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2021 2022 2023 Costs incurred during the year $ 80 $ 40 $ 90 Estimated costs to complete as of...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $320 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2021 2022 2023 Costs incurred during the year $ 80 $ 40 $ 90 Estimated costs to complete as of...
On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball...
On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $360 million. The expected completion date is April 1, 2020, just in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2018 2019 2020 Costs incurred during the year Estimated costs to complete as of December 31 S 30 140 $40...
On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball...
On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $390 million. The expected completion date is April 1, 2020. lust in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Costs incurred during the year Estimated costs to complete as of December 31 2018 2019 2020 $ 60 $130 $70...
Exercise 6-20 (Algo) Long-term contract; revenue recognition over time vs. upon project completion [LO6-9] On June...
Exercise 6-20 (Algo) Long-term contract; revenue recognition over time vs. upon project completion [LO6-9] On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $390 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Costs incurred during the year Estimated...
On June 15, 2021, Sanderson Construction entered into a
long-term construction contract to build a baseball stadium in
Washington, D.C., for $370 million. The expected completion date is
April 1, 2023, just in time for the 2023 baseball season. Costs
incurred and estimated costs to complete at year-end for the life
of the contract are as follows ($ in millions):
2021
2022
2023
Costs incurred during the year
$
70
$
110
$
80
Estimated costs
to complete as of...
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 2022 $60 30 2023 $30 Costs incurred during the year Estimated costs to complete as of December...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $400 million. The expected completion date is April 1, 2023. just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Costs incurred during the year Estimated costs to complete as of December 31 2021 2022 2023 $ 60 $130 $55...
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...
On June 15, 2021. Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington D.C. for $350 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 (5 in millions): 2021 $ 3e 170 Costs incurred during the year Estimated costs to complete as of December 31 2022 $142 0...
On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $360 million. The expected completion date is April 1, 2020, just in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2018 2019 2020 Costs incurred during the year Estimated costs to complete as of December 31 S 30 140 $40...
On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $390 million. The expected completion date is April 1, 2020. lust in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Costs incurred during the year Estimated costs to complete as of December 31 2018 2019 2020 $ 60 $130 $70...
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