![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 $6,200,000. 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 11,620 2,490 1,260 3,750 1,260 2 1,620 1,260 2,880 3,750 2,880 3 1,620 2,490 2,560 3,750 2,460 4 620 3,120 1,240 4,340 935 5 620 3,120 2,140 4,340 2,460 6 620 3,120 3,000 5,755 2,780 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.) Gross Profit (Loss) Recognized Revenue Recognized Over Time Revenue Recognized Upon Completion Situation 201 8 2019 2020 2018 2019 2020 2 4 6](http://img.homeworklib.com/questions/ccd071f0-c952-11ea-8cca-2f86fb7466c6.png?x-oss-process=image/resize,w_560)
Homework Answers
Add Answer to:
Exercise 5-21 Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion [LO5-9]...
Exercise 6-23 (Algo) Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion...
Exercise 6-23 (Algo) Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO6-9] Brady Construction Company contracted to build an apartment complex for a price of $6,200,000. 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 1 2 3 4 5 6 Costs Incurred During Year 2021 2022 2023...
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...
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...
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...
Exercise 6-23 (Algo) Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion...
Exercise 6-23 (Algo) Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO6-9) Brady Construction Company contracted to build an apartment complex for a price of $6,800,000. 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 1 2 3 4 5 6 Costs Incurred During Year 2021 2022 2023...
Exercise 5-18 Long-term contract; revenue recognition over time vs. upon project completion [LO5-9] On June 15,...
Exercise 5-18 Long-term contract; revenue recognition over time vs. upon project completion [LO5-9] On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington D.С., for $270 million. The expected completion date is April 1, 2020, just in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2018 2019 2020 $ 50 $100 60...
Exercise 6-23 (Static) Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion...
Exercise 6-23 (Static) Income (loss) recognition; Long-term
contract; revenue recognition over time vs. upon project completion
[LO6-9] 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.
Situation 1 2 3 4 Costs Incurred During Year 2021 2022 2023 1,500 2,100...
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...
6 Problem 5-11 Long-term contract; revenue recognition upon completion [LO5-9) In 2018, the Westgate Construction Company...
6 Problem 5-11 Long-term contract; revenue recognition upon completion [LO5-9) In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $30,000000 The road was completed in 2020 Information related to the contract is as folows Billings during the year Cash cellections during the year 1,800,0003,690,84,600,0 SeferencesWestgate Construction uses the completed contract method of accounting for long-term construction contrects Required: 1. Calculate the amount of revenue and gross profit (oss) to be...
Exercise 6-21 (Algo) Long-term contract; revenue recognition over time; loss projected on entire project [LO6-9] On...
Exercise 6-21 (Algo) Long-term contract; revenue recognition over time; loss projected on entire project [LO6-9] On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,300,000. During 2021, costs of $2,100,000 were incurred with estimated costs of $4,100,000 yet to be incurred. Billings of $2,600,000 were sent, and cash collected was $2,350,000. In 2022, costs incurred were $2,600,000 with remaining costs estimated to be $3,750,000. 2022 billings were $2,850,000...
Exercise 6-23 (Algo) Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO6-9] Brady Construction Company contracted to build an apartment complex for a price of $6,200,000. 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 1 2 3 4 5 6 Costs Incurred During Year 2021 2022 2023...
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...
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...
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...
Exercise 6-23 (Algo) Income (loss) recognition; Long-term contract; revenue recognition over time vs. upon project completion (LO6-9) Brady Construction Company contracted to build an apartment complex for a price of $6,800,000. 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 1 2 3 4 5 6 Costs Incurred During Year 2021 2022 2023...
Exercise 5-18 Long-term contract; revenue recognition over time vs. upon project completion [LO5-9] On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington D.С., for $270 million. The expected completion date is April 1, 2020, just in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2018 2019 2020 $ 50 $100 60...
Exercise 6-23 (Static) Income (loss) recognition; Long-term
contract; revenue recognition over time vs. upon project completion
[LO6-9] 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.
Situation 1 2 3 4 Costs Incurred During Year 2021 2022 2023 1,500 2,100...
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...
6 Problem 5-11 Long-term contract; revenue recognition upon completion [LO5-9) In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $30,000000 The road was completed in 2020 Information related to the contract is as folows Billings during the year Cash cellections during the year 1,800,0003,690,84,600,0 SeferencesWestgate Construction uses the completed contract method of accounting for long-term construction contrects Required: 1. Calculate the amount of revenue and gross profit (oss) to be...
Exercise 6-21 (Algo) Long-term contract; revenue recognition over time; loss projected on entire project [LO6-9] On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,300,000. During 2021, costs of $2,100,000 were incurred with estimated costs of $4,100,000 yet to be incurred. Billings of $2,600,000 were sent, and cash collected was $2,350,000. In 2022, costs incurred were $2,600,000 with remaining costs estimated to be $3,750,000. 2022 billings were $2,850,000...
Most questions answered within 3 hours.
-
What are the variety of forms of products dispensed with aerosol
spray?
asked 1 minute from now -
Pyruvate Kinase, an allosteric enzyme, accelerates the
conversion of phosphoenolpyruvate to pyruvate.
1) Draw curves describing...
asked 1 minute ago -
question 1
Which of the following is an example of a bottom-up technique
for developing promotional...
asked 18 minutes ago -
1)In FM modulation, what aspect of the carrier is being
modulated?
2)Explain in your own words,...
asked 14 minutes ago -
Andromeda Galaxy, M31, is considered a sister galaxy to Milky
Way galaxy. One similarirty is their...
asked 20 minutes ago -
How does temperature affect ADH during enzyme
kinetics?
asked 28 minutes ago -
A $1000 par value convertible bond has a conversion price of
$25. It is currently selling...
asked 36 minutes ago -
Write a java program that declares 10 element array (of type
integers), creates and initializes the...
asked 34 minutes ago -
import java.util.Arrays;
import java.util.Random;
import java.util.Scanner;
/**
* TODO Write a summary of the role of...
asked 39 minutes ago -
Sodium hydroxide is a strong base and ammonium hydroxide is a
weak base. Which of the...
asked 44 minutes ago -
Glycerol, C3H8O3, is a substance used extensively in the
manufacture of cosmetics, foodstuffs, antifreeze, and plastics....
asked 47 minutes ago -
After moving through Chapter 1 of our textbook, what is a social
issue/area of concern that...
asked 47 minutes ago