Homework Answers
| % Completion of 2021 | 46.00% | |
| Estimated Gross profit | 3,000,000 | =37000000-34000000 |
| Construction in process amount at Dec.31,2021 | $ 1,380,000 | =3000000*46% |
| Correct answer is option 3. |
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iew Policies urrent Attempt in Progress Carla Vista Construction Company had a contract starting April...
urgent -) !! uestion 14 of 20 Fiew Policies Current Attempt in Progress In 2021. Cullumber...
urgent
-) !! uestion 14 of 20 Fiew Policies Current Attempt in Progress In 2021. Cullumber Corporation began construction work under a three-year contract. The contract price is $7400000. Cullumber uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2021, follow: $309000 Balance Sheet Accounts receivable-construction contract...
grand construction company was awarded a contact to construct an interchange at the junction of u.s...
grand construction company was awarded a contact to construct
an interchange at the junction of u.s 94 and highway 30 at atotoal
contract price of 8000000$. the estimated total cost to complete
the project were 6000000$.
Cooper Construction Company had a contract starting April 2012, to construct a $9,000,000 building that is expected to be completed in September 2014, at an estimated cost of $8,250,000. At the end of 2012, the costs to date were $3,795,000 and the estimated total...
Question 12 --/1 View Policies Current Attempt in Progress During 2020, Headland Company started a construction...
Question 12 --/1 View Policies Current Attempt in Progress During 2020, Headland Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date Estimated costs to complete $410,000 $901,180 $1,067,000 590,000 197,820 -O- 297,000 903,000 1,590,000 271,000 805,000 1,434,000 Billings to date Collections to date Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used....
Next > ada Weekly Question 6 View Policies Current Attempt in Progress Carla Vista Company provides...
Next > ada Weekly Question 6 View Policies Current Attempt in Progress Carla Vista Company provides the following information for the month ended October 31, 2021: sales on credit $275.000 cash sales $93.000, les discount $4.900, and sales returns and allowances $10.100. Prepare the sales section of the income statement based on this information lons CARLA VISTA COMPANY Income Statement Support e Textbook and Media Attempts: 0 of 3 used Save for Later Submit Answer ING
Curtiss Construction Company, Inc., entered into a fixed price contract with Axelrod Associates on July 1,...
Curtiss Construction Company, Inc., entered into a fixed price contract with Axelrod Associates on July 1, 2021, lo construct a four- story office building. At that time, Curtiss estimated that it would take belween two and three years to complete the project. The total contract price for construction of the building is $5.080,000. Curliss concludes that the contract does not qually for revenue recognition over time. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract...
Curtiss Construction Company, Inc., entered into a fixed price contract with Axelrod Associates on July 1,...
Curtiss Construction Company, Inc., entered into a fixed price contract with Axelrod Associates on July 1, 2021, to construct a four-stor 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 $4,240,000. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Axelrod under...
Bob Ltd signs a contract on 1 April 2018 to build an office building. The construction...
Bob Ltd signs a contract on 1 April 2018 to build an office building. The construction is scheduled to commence 1 July 2018 and the estimated date of completion is 30 June 2021. The cost of the building is estimated to be $155m and the total contract price is fixed at $180m. The following data relates to the construction period: For the year ended 30 June 2019 2020 2021 $’000 $’000 $’000 Costs to date 46,500 108,500 155,000 Estimated Costs...
Чuestion/ Question 26 of 40 -/5.63 View Policies Current Attempt in Progress Carla Vista Corporation reported...
Чuestion/ Question 26 of 40 -/5.63 View Policies Current Attempt in Progress Carla Vista Corporation reported the following results from the sale of 7080 units in March: sales $354000, variable costs $212400, fixed costs $106200, and operating in come $35400. Assume that Carla Vista increases the selling price by 8% on April 1. How many units will have to be sold in April to maintain the same level of operating income? 0 5900. 0 7080. O 6372 0 3540 Save...
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021,...
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021, 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 $4,600,000. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Axelrod under the...
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021,...
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021, 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 $4,420,000. Curtiss concludes that the contract does not qualify for revenue recognition over time. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract costs incurred,...
urgent
-) !! uestion 14 of 20 Fiew Policies Current Attempt in Progress In 2021. Cullumber Corporation began construction work under a three-year contract. The contract price is $7400000. Cullumber uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2021, follow: $309000 Balance Sheet Accounts receivable-construction contract...
grand construction company was awarded a contact to construct
an interchange at the junction of u.s 94 and highway 30 at atotoal
contract price of 8000000$. the estimated total cost to complete
the project were 6000000$.
Cooper Construction Company had a contract starting April 2012, to construct a $9,000,000 building that is expected to be completed in September 2014, at an estimated cost of $8,250,000. At the end of 2012, the costs to date were $3,795,000 and the estimated total...
Question 12 --/1 View Policies Current Attempt in Progress During 2020, Headland Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date Estimated costs to complete $410,000 $901,180 $1,067,000 590,000 197,820 -O- 297,000 903,000 1,590,000 271,000 805,000 1,434,000 Billings to date Collections to date Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used....
Next > ada Weekly Question 6 View Policies Current Attempt in Progress Carla Vista Company provides the following information for the month ended October 31, 2021: sales on credit $275.000 cash sales $93.000, les discount $4.900, and sales returns and allowances $10.100. Prepare the sales section of the income statement based on this information lons CARLA VISTA COMPANY Income Statement Support e Textbook and Media Attempts: 0 of 3 used Save for Later Submit Answer ING
Curtiss Construction Company, Inc., entered into a fixed price contract with Axelrod Associates on July 1, 2021, lo construct a four- story office building. At that time, Curtiss estimated that it would take belween two and three years to complete the project. The total contract price for construction of the building is $5.080,000. Curliss concludes that the contract does not qually for revenue recognition over time. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract...
Curtiss Construction Company, Inc., entered into a fixed price contract with Axelrod Associates on July 1, 2021, to construct a four-stor 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 $4,240,000. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Axelrod under...
Чuestion/ Question 26 of 40 -/5.63 View Policies Current Attempt in Progress Carla Vista Corporation reported the following results from the sale of 7080 units in March: sales $354000, variable costs $212400, fixed costs $106200, and operating in come $35400. Assume that Carla Vista increases the selling price by 8% on April 1. How many units will have to be sold in April to maintain the same level of operating income? 0 5900. 0 7080. O 6372 0 3540 Save...
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021, 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 $4,420,000. Curtiss concludes that the contract does not qualify for revenue recognition over time. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract costs incurred,...
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