Bramble Construction Company has entered into a contract
beginning January 1, 2020, to build a parking complex. It has been
estimated that the complex will cost $606,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $902,000. The following data pertain to the construction period.
2020 2021 2022 Costs to date $272,700 $466,620 $618,000 Estimated
costs to complete 333,300 139,380 –0– Progress billings to date
273,000 546,000 902,000 Cash collected to date 243,000 496,000
902,000 (a) Using the percentage-of-completion method, compute the
estimated gross profit that would be recognized during each year of
the construction period. (If answer is 0, please enter 0. Do not
leave any fields blank.) Gross profit recognized in 2020 $ Gross
profit recognized in 2021 $ Gross profit recognized in 2022 $ (b)
Using the completed-contract method, compute the estimated gross
profit that would be recognized during each year of the
construction period. (If answer is 0, please enter 0. Do not leave
any fields blank.) Gross profit recognized in 2020 $ Gross profit
recognized in 2021 $ Gross profit recognized in 2022 $ Click if you
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Bramble Construction Company has entered into a contract
beginning January 1, 2020, to build a parking...
Pearl Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
Pearl Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $606,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $902,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 2021 2022 $272,700 $466,620 $618,000 333,300 139,380 -0- 273,000 546,000 902,000...
Bonita Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
Bonita Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $596,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $902,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 $256,280 339,720 270,000 240,000 2021 $429,120 166,880 555,000 505,000 2022 $606,000...
Grouper Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
Grouper Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $606,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $896,000. The following data pertain to the construction period. 2020 2021 Costs to date Estimated costs to complete Progress billings to date Cash collected to date $266,640 339,360 270,000 240,000 $412,080 193,920 545,000 495,000 2022 $617,000...
Problem 18-09 Shamrock Construction Company has entered into a contract beginning January 1, 2020, to build...
Problem 18-09
Shamrock Construction Company has entered into a contract
beginning January 1, 2020, to build a parking complex. It has been
estimated that the complex will cost $601,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $903,000. The following data pertain to the construction
period.
2020
2021
2022
Costs to date
$270,450
$492,820
$613,000
Estimated costs to complete
330,550
108,180
–0–
Progress billings to date
273,000
550,000
903,000
Cash collected...
Pronghorn Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
Pronghorn Construction Company has entered into a contract
beginning January 1, 2020, to build a parking complex. It has been
estimated that the complex will cost $596,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $894,000. The following data pertain to the construction
period.
2020
2021
2022
Costs to date
$274,160
$417,200
$607,000
Estimated costs to complete
321,840
178,800
–0–
Progress billings to date
272,000
550,000
894,000
Cash collected to date...
Ivanhoe Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
Ivanhoe Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $599,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $905,000. The following data pertain to the construction period 2020 2021 2022 Costs to date $257,570 $413,310 $609,000 Estimated costs to complete 341,430 185,690 –0– Progress billings to date 270,000 551,000 905,000 Cash collected to date...
Waterway Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
Waterway Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $598,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $897,000. The following data pertain to the construction period. 2020 2021 2022 Costs to date $275,080 $412,620 $607,000 Estimated costs to complete 322,920 185,380 –0– Progress billings to date 272,000 545,000 897,000 Cash collected to date...
Whispering Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
Whispering Construction Company has entered into a contract
beginning January 1, 2020, to build a parking complex. It has been
estimated that the complex will cost $599,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $905,000. The following data pertain to the construction
period.
2020
2021
2022
Costs to date
$257,570
$413,310
$609,000
Estimated costs to complete
341,430
185,690
–0–
Progress billings to date
270,000
551,000
905,000
Cash collected to date...
Ayayai Construction Company has entered into a contract beginning January 1, 2017, to build a parking...
Ayayai Construction Company has entered into a contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex will cost $600,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $901,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2017 $246,000 354,000 270,000 240,000 2018 $432,000 168,000 546,000 496,000 2019 $612,000...
Problem 18-09 Sweet Construction Company has entered into a contract beginning January 1, 2020, to build...
Problem 18-09 Sweet Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $605,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $909,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 $254,100 350,900 272,000 242,000 2021 $496,100 108,900 550,000 500,000...
Pearl Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $606,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $902,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 2021 2022 $272,700 $466,620 $618,000 333,300 139,380 -0- 273,000 546,000 902,000...
Bonita Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $596,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $902,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 $256,280 339,720 270,000 240,000 2021 $429,120 166,880 555,000 505,000 2022 $606,000...
Grouper Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $606,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $896,000. The following data pertain to the construction period. 2020 2021 Costs to date Estimated costs to complete Progress billings to date Cash collected to date $266,640 339,360 270,000 240,000 $412,080 193,920 545,000 495,000 2022 $617,000...
Problem 18-09
Shamrock Construction Company has entered into a contract
beginning January 1, 2020, to build a parking complex. It has been
estimated that the complex will cost $601,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $903,000. The following data pertain to the construction
period.
2020
2021
2022
Costs to date
$270,450
$492,820
$613,000
Estimated costs to complete
330,550
108,180
–0–
Progress billings to date
273,000
550,000
903,000
Cash collected...
Pronghorn Construction Company has entered into a contract
beginning January 1, 2020, to build a parking complex. It has been
estimated that the complex will cost $596,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $894,000. The following data pertain to the construction
period.
2020
2021
2022
Costs to date
$274,160
$417,200
$607,000
Estimated costs to complete
321,840
178,800
–0–
Progress billings to date
272,000
550,000
894,000
Cash collected to date...
Whispering Construction Company has entered into a contract
beginning January 1, 2020, to build a parking complex. It has been
estimated that the complex will cost $599,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $905,000. The following data pertain to the construction
period.
2020
2021
2022
Costs to date
$257,570
$413,310
$609,000
Estimated costs to complete
341,430
185,690
–0–
Progress billings to date
270,000
551,000
905,000
Cash collected to date...
Ayayai Construction Company has entered into a contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex will cost $600,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $901,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2017 $246,000 354,000 270,000 240,000 2018 $432,000 168,000 546,000 496,000 2019 $612,000...
Problem 18-09 Sweet Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $605,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $909,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 $254,100 350,900 272,000 242,000 2021 $496,100 108,900 550,000 500,000...
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