Homework Answers
Gross profit to be recognized in 2019 = Contract value - Cost incurred upto date
= $19740000 - $13550000
= $6190000
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Oriole, Inc. began work in 2018 on a contract for $19740000. Other data are as follows:...
During 2020, Oriole Company started a construction job with a contract price of $1,590,000. The job...
During 2020, Oriole Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $366,300 623,700 297,000 270,000 2021 $831,440 262,560 894,000 816,000 2022 $1,067,000 -0- 1,590,000 1,417,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ Gross profit recognized...
Riverbed Construction Company uses the percentage-of-completion method of accounting. In 2017, Riverbed began work under contract...
Riverbed Construction Company uses the percentage-of-completion
method of accounting. In 2017, Riverbed began work under contract
#E2-D2, which provided for a contract price of $2,195,000. Other
details follow:
2017
2018
Costs incurred during the year
$695,310
$1,404,000
Estimated costs to complete, as of December 31
921,690
–0–
Billings to date
426,000
2,195,000
Collections during the year
352,000
1,475,000
What portion of the total contract price would be recognized as
revenue in 2017? In 2018?
Revenue recognized in 2017
$
Revenue...
During 2017, Nilsen Company started a construction job with a contract price of $1,600,000. The job...
During 2017, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2019. The following information is available. 2017 2018 2019 Costs incurred to date $400,000 $825,000 $1,070,000 Estimated costs to complete 600,000 275,000 –0– Billings to date 300,000 900,000 1,600,000 Collections to date 270,000 810,000 1,425,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2017 $ Gross profit recognized...
During 2017, Cullumber Company started a construction job with a contract price of $1,610,000. The job...
During 2017, Cullumber Company started a construction job with a contract price of $1,610,000. The job was completed in 2019. The following information is available. 2017 2018 2019 Costs incurred to date $434,300 $859,560 $1,073,000 Estimated costs to complete 575,700 242,440 -0- 1,610,000 Billings to date 301.000 897,000 271,000 1428,000 Collections to date 817,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used $ Gross profit recognized in 2017 $ Gross profit...
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2018,...
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2018, to construct a four-story office building. At that time, Curtiss estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $4,540,000. Curtiss concludes that the contract does not qualify for revenue recognition over time. The building was completed on December 31, 2020. Estimated percentage of completion, accumulated contract costs incurred,...
Question 1 During 2017, Nash Company started a construction job with a contract price of $1,580,000....
Question 1 During 2017, Nash Company started a construction job with a contract price of $1,580,000. The job was completed in 2019. The following information is available. 20172018 2019 Costs incurred to date Estimated costs to complete Billings to date Collections to date $366,300 $802,270 $1,080,000 623,700 296,730 297,000 906,000 1,580,000 270,000 802,000 1,427,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2017 Gross profit recognized in...
On February 1, 2017, Marsh Contractors agreed to construct a building at a contract price of...
On February 1, 2017, Marsh Contractors agreed to construct a
building at a contract price of $5,720,000. Marsh estimated total
construction costs would be $3,936,000 and the project would be
finished in 2019. Information relating to the costs and billings
for this contract is as follows:
2017
2018
2019
Total costs incurred to date
$1,476,000
$2,592,000
$4,560,000
Estimated costs to complete
2,460,000
1,728,000
-0-
Customer billings to date
2,120,000
3,936,000
5,520,000
Collections to date
1,920,000
3,420,000
5,420,000
Fill in the...
Exercise 18-36 Coronado Construction Company uses the percentage-of-completion method of accounting. In 2017, Coronado began work...
Exercise 18-36 Coronado Construction Company uses the percentage-of-completion method of accounting. In 2017, Coronado began work under contract #E2-D2, which provided for a contract price of $2,234,000. Other details follow: 2017 2018 Costs incurred during the year $615,980 $1,420,000 Estimated costs to complete, as of December 31 1,005,020 -0- Billings to date 413,000 2,234,000 Collections during the year 351,000 1,530,000 What portion of the total contract price would be recognized as revenue in 2017? In 2018? Revenue recognized in 2017...
During 2017, Pearl Company started a construction job with a contract price of $1,610,000. The job...
During 2017, Pearl Company started a construction job with a
contract price of $1,610,000. The job was completed in 2019. The
following information is available.
2017
2018
2019
Costs incurred to date
$434,300
$859,560
$1,073,000
Estimated costs to complete
575,700
242,440
–0–
Billings to date
301,000
897,000
1,610,000
Collections to date
271,000
817,000
1,428,000
A) Compute the amount of gross profit to be recognized each
year, assuming the percentage-of-completion method is used.
Gross profit recognized in 2017 $ 258,000
Gross...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,500,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized b...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,500,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below: 2018 2019 Costs incurred during the year $ 340,000 $ 1,940,000 Estimated costs to complete as of 12/31 1,360,000 0 Billings during the year 451,000 1,720,000 Cash collections during the year 270,000 1,800,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in...
During 2020, Oriole Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $366,300 623,700 297,000 270,000 2021 $831,440 262,560 894,000 816,000 2022 $1,067,000 -0- 1,590,000 1,417,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ Gross profit recognized...
Riverbed Construction Company uses the percentage-of-completion
method of accounting. In 2017, Riverbed began work under contract
#E2-D2, which provided for a contract price of $2,195,000. Other
details follow:
2017
2018
Costs incurred during the year
$695,310
$1,404,000
Estimated costs to complete, as of December 31
921,690
–0–
Billings to date
426,000
2,195,000
Collections during the year
352,000
1,475,000
What portion of the total contract price would be recognized as
revenue in 2017? In 2018?
Revenue recognized in 2017
$
Revenue...
During 2017, Cullumber Company started a construction job with a contract price of $1,610,000. The job was completed in 2019. The following information is available. 2017 2018 2019 Costs incurred to date $434,300 $859,560 $1,073,000 Estimated costs to complete 575,700 242,440 -0- 1,610,000 Billings to date 301.000 897,000 271,000 1428,000 Collections to date 817,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used $ Gross profit recognized in 2017 $ Gross profit...
Question 1 During 2017, Nash Company started a construction job with a contract price of $1,580,000. The job was completed in 2019. The following information is available. 20172018 2019 Costs incurred to date Estimated costs to complete Billings to date Collections to date $366,300 $802,270 $1,080,000 623,700 296,730 297,000 906,000 1,580,000 270,000 802,000 1,427,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2017 Gross profit recognized in...
On February 1, 2017, Marsh Contractors agreed to construct a
building at a contract price of $5,720,000. Marsh estimated total
construction costs would be $3,936,000 and the project would be
finished in 2019. Information relating to the costs and billings
for this contract is as follows:
2017
2018
2019
Total costs incurred to date
$1,476,000
$2,592,000
$4,560,000
Estimated costs to complete
2,460,000
1,728,000
-0-
Customer billings to date
2,120,000
3,936,000
5,520,000
Collections to date
1,920,000
3,420,000
5,420,000
Fill in the...
Exercise 18-36 Coronado Construction Company uses the percentage-of-completion method of accounting. In 2017, Coronado began work under contract #E2-D2, which provided for a contract price of $2,234,000. Other details follow: 2017 2018 Costs incurred during the year $615,980 $1,420,000 Estimated costs to complete, as of December 31 1,005,020 -0- Billings to date 413,000 2,234,000 Collections during the year 351,000 1,530,000 What portion of the total contract price would be recognized as revenue in 2017? In 2018? Revenue recognized in 2017...
During 2017, Pearl Company started a construction job with a
contract price of $1,610,000. The job was completed in 2019. The
following information is available.
2017
2018
2019
Costs incurred to date
$434,300
$859,560
$1,073,000
Estimated costs to complete
575,700
242,440
–0–
Billings to date
301,000
897,000
1,610,000
Collections to date
271,000
817,000
1,428,000
A) Compute the amount of gross profit to be recognized each
year, assuming the percentage-of-completion method is used.
Gross profit recognized in 2017 $ 258,000
Gross...
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