Brady Construction Company contracted to build an apartment
complex for a price of $5,600,000. 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 | 1,560 | 2,310 | 1,080 | 3,390 | 1,080 | — | ||||||
| 2 | 1,560 | 1,080 | 2,640 | 3,390 | 2,640 | — | ||||||
| 3 | 1,560 | 2,310 | 2,080 | 3,390 | 1,980 | — | ||||||
| 4 | 560 | 3,060 | 1,120 | 3,920 | 905 | — | ||||||
| 5 | 560 | 3,060 | 1,720 | 3,920 | 1,980 | — | ||||||
| 6 | 560 | 3,060 | 2,400 | 5,200 | 2,240 | — | ||||||
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.)
Homework Answers
Solution:
| Computation of % of completion, revenue recognition and Gross Profit - Brady Construction Company (Situation 1) | |||||||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) | % of completion (D) (B/C) |
Contract Price (E) |
Total Revenue to be recoganized (F) (E * D) | Revenue for current period (G) | Gross Profit (H) (G - A) | |
| 2021 | $1,560,000 | $1,560,000 | $4,950,000 | 31.52% | $5,600,000 | $1,764,848 | $1,764,848 | $204,848 | |
| 2022 | $2,310,000 | $3,870,000 | $4,950,000 | 78.18% | $5,600,000 | $4,378,182 | $2,613,333 | $303,333 | |
| 2023 | $1,080,000 | $4,950,000 | $4,950,000 | 100.00% | $5,600,000 | $5,600,000 | $1,221,818 | $141,818 | |
| Computation of % of completion, revenue recognition and Gross Profit - Brady Construction Company (Situation 2) | |||||||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) | % of completion (D) (B/C) |
Contract Price (E) |
Total Revenue to be recoganized (F) (E * D) | Revenue for current period (G) | Gross Profit (H) (G - A) | |
| 2021 | $1,560,000 | $1,560,000 | $4,950,000 | 31.52% | $5,600,000 | $1,764,848 | $1,764,848 | $204,848 | |
| 2022 | $1,080,000 | $2,640,000 | $5,280,000 | 50.00% | $5,600,000 | $2,800,000 | $1,035,152 | -$44,848 | |
| 2023 | $2,640,000 | $5,280,000 | $5,280,000 | 100.00% | $5,600,000 | $5,600,000 | $2,800,000 | $160,000 | |
| Computation of % of completion, revenue recognition and Gross Profit - Brady Construction Company (Situation 3) | |||||||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) | % of completion (D) (B/C) |
Contract Price (E) |
Total Revenue to be recoganized (F) (E * D) | Revenue for current period (G) | Gross Profit (H) | |
| 2021 | $1,560,000 | $1,560,000 | $4,950,000 | 31.52% | $5,600,000 | $1,764,848 | $1,764,848 | $204,848 | $1,764,848 - $1,560,000 |
| 2022 | $2,310,000 | $3,870,000 | $5,850,000 | 66.15% | $5,600,000 | $3,704,615 | $1,939,767 | -$454,848 | $5,600,000 - $5,850,000 - $204,848 |
| 2023 | $2,080,000 | $5,950,000 | $5,950,000 | 100.00% | $5,600,000 | $5,600,000 | $1,895,385 | -$100,000 | $5,600,000 - $5,950,000 - $204,848 + $454,848 |
| Computation of % of completion, revenue recognition and Gross Profit - Brady Construction Company (Situation 4) | |||||||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) | % of completion (D) (B/C) |
Contract Price (E) |
Total Revenue to be recoganized (F) (E * D) | Revenue for current period (G) | Gross Profit (H) (G - A) | |
| 2021 | $560,000 | $560,000 | $4,480,000 | 12.50% | $5,600,000 | $700,000 | $700,000 | $140,000 | |
| 2022 | $3,060,000 | $3,620,000 | $4,525,000 | 80.00% | $5,600,000 | $4,480,000 | $3,780,000 | $720,000 | |
| 2023 | $1,120,000 | $4,740,000 | $4,740,000 | 100.00% | $5,600,000 | $5,600,000 | $1,120,000 | $0 | |
| Computation of % of completion, revenue recognition and Gross Profit - Brady Construction Company (Situation 5) | |||||||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) | % of completion (D) (B/C) |
Contract Price (E) |
Total Revenue to be recoganized (F) (E * D) | Revenue for current period (G) | Gross Profit (H) (G - A) | |
| 2021 | $560,000 | $560,000 | $4,480,000 | 12.50% | $5,600,000 | $700,000 | $700,000 | $140,000 | |
| 2022 | $3,060,000 | $3,620,000 | $5,600,000 | 64.64% | $5,600,000 | $3,620,000 | $2,920,000 | -$140,000 | |
| 2023 | $1,720,000 | $5,340,000 | $5,340,000 | 100.00% | $5,600,000 | $5,600,000 | $1,980,000 | $260,000 | |
| Computation of % of completion, revenue recognition and Gross Profit - Brady Construction Company (Situation 6) | |||||||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) | % of completion (D) (B/C) |
Contract Price (E) |
Total Revenue to be recoganized (F) (E * D) | Revenue for current period (G) | Gross Profit (H) | |
| 2021 | $560,000 | $560,000 | $5,760,000 | 9.72% | $5,600,000 | $544,444 | $544,444 | -$160,000 | $5,600,000 - 5,760,000 |
| 2022 | $3,060,000 | $3,620,000 | $5,860,000 | 61.77% | $5,600,000 | $3,459,386 | $2,914,941 | -$100,000 | $5,600,000 - 5,860,000 + $160,000 |
| 2023 | $2,400,000 | $6,020,000 | $6,020,000 | 100.00% | $5,600,000 | $5,600,000 | $2,140,614 | -$160,000 | $5,600,000 - 6,020,000 + $160,000 + $100,000 |
| Computation of Gross Profit - Revenue on completion - Brady Construction Company (Situation 1) | |||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) |
Contract Price (D) |
Gross Profit |
| 2021 | $1,560,000 | $1,560,000 | $4,950,000 | $5,600,000 | $0 |
| 2022 | $2,310,000 | $3,870,000 | $4,950,000 | $5,600,000 | $0 |
| 2023 | $1,080,000 | $4,950,000 | $4,950,000 | $5,600,000 | $650,000 |
| Computation of Gross Profit - Revenue on completion - Brady Construction Company (Situation 2) | |||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) |
Contract Price (D) |
Gross Profit |
| 2021 | $1,560,000 | $1,560,000 | $4,950,000 | $5,600,000 | $0 |
| 2022 | $1,080,000 | $2,640,000 | $5,280,000 | $5,600,000 | $0 |
| 2023 | $2,640,000 | $5,280,000 | $5,280,000 | $5,600,000 | $320,000 |
| Computation of Gross Profit - Revenue on completion - Brady Construction Company (Situation 3) | |||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) |
Contract Price (D) |
Gross Profit |
| 2021 | $1,560,000 | $1,560,000 | $4,950,000 | $5,600,000 | $0 |
| 2022 | $2,310,000 | $3,870,000 | $5,850,000 | $5,600,000 | -$250,000 |
| 2023 | $2,080,000 | $5,950,000 | $5,950,000 | $5,600,000 | -$100,000 |
| Computation of Gross Profit - Revenue on completion - Brady Construction Company (Situation 4) | |||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) |
Contract Price (D) |
Gross Profit |
| 2021 | $560,000 | $560,000 | $4,480,000 | $5,600,000 | $0 |
| 2022 | $3,060,000 | $3,620,000 | $4,525,000 | $5,600,000 | $0 |
| 2023 | $1,120,000 | $4,740,000 | $4,740,000 | $5,600,000 | $860,000 |
| Computation of Gross Profit - Revenue on completion - Brady Construction Company (Situation 5) | |||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) |
Contract Price (D) |
Gross Profit |
| 2021 | $560,000 | $560,000 | $4,480,000 | $5,600,000 | $0 |
| 2022 | $3,060,000 | $3,620,000 | $5,600,000 | $5,600,000 | $0 |
| 2023 | $1,720,000 | $5,340,000 | $5,340,000 | $5,600,000 | $260,000 |
| Computation of Gross Profit - Revenue on completion - Brady Construction Company (Situation 6) | |||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) |
Contract Price (D) |
Gross Profit |
| 2021 | $560,000 | $560,000 | $5,760,000 | $5,600,000 | -$160,000 |
| 2022 | $3,060,000 | $3,620,000 | $5,860,000 | $5,600,000 | -$100,000 |
| 2023 | $2,400,000 | $6,020,000 | $6,020,000 | $5,600,000 | -$160,000 |
| Gross Profit (Loss) Recognized | ||||||
| Situation | Revenue Recognized over time | Revenue recognized upon completion | ||||
| 2021 | 2022 | 2023 | 2021 | 2022 | 2023 | |
| 1 | $204,848 | $303,333 | $141,818 | $0 | $0 | $650,000 |
| 2 | $204,848 | -$44,848 | $160,000 | $0 | $0 | $320,000 |
| 3 | $204,848 | -$454,848 | -$100,000 | $0 | -$250,000 | -$100,000 |
| 4 | $140,000 | $720,000 | $0 | $0 | $0 | $860,000 |
| 5 | $140,000 | -$140,000 | $260,000 | $0 | $0 | $260,000 |
| 6 | -$160,000 | -$100,000 | -$160,000 | -$160,000 | -$100,000 | -$160,000 |
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