Homework Answers
| % Completion | 40.00% | =637600/1594000 |
| Revenue recognized in 20X0 | $ 878,000 | =2195000*40% |
| Correct answer is option 2. | ||
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Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2020, Hamilton began work on the...
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...
Exercise 18-36 Marin Construction Company uses the percentage of completion method of accounting in 2017, Marin...
Exercise 18-36 Marin Construction Company uses the percentage of completion method of accounting in 2017, Marin began work under contract E2-02, which provided for a contract price of 52,195,000. Other details follow 2017 2018 Costs incurred during the year 5695,310 $1,404,000 Estimated costs to complete, as of December 31921,690 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...
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...
Tamarisk Construction Company uses the percentage-of-completion method of accounting. In 2017, Tamarisk began work under contract...
Tamarisk Construction Company uses the percentage-of-completion method of accounting. In 2017, Tamarisk began work under contract #E2-D2, which provided for a contract price of $2,227,000. Other details follow: 2017 2018 Cost incurred during the year $660240 $1422000 Estimated costs to complete, as of December 31 911760 0 Billings to date 425000 2227000 Collections during the year 347000 1523000 What portion of the total contract price would be recognized as revenue in 2017? In 2018? Revenue recognized in 2017 $______________ Revenue...
Cady Construction received a contract to construct a hospital for $2,500,000. Construction began in 2019 and...
Cady Construction received a contract to construct a hospital for $2,500,000. Construction began in 2019 and ended in 2020. Cost and other data are presented below: 2019 2020 Costs incurred during the year $1,500,000 $1,300,000 Estimated costs to complete 1,200,000 0 Billings during the year 1,200,000 1,300,000 Cash collections during the year 1,000,000 1,500,000 What is gross profit recognized during 2020 if Cady recognizes revenue over time according to percentage of completion? a. $100,000 b. $200,000 c. ($200,000) d. $0...
CCS is a construction company that builds roads in the Northwest Territories (NWT). CCS uses the...
CCS is a construction company that builds roads in the Northwest Territories (NWT). CCS uses the percentage of completion method and measures completion on the basis of kilometres completed. In November 20X9, CCS signed an agreement with the NWT government to build 170 kilometres of new road for a total cost of $160 million. The contract would likely take three years to complete and would start in the spring of 20x0. Over the next three years, 51 kilometres were completed...
Question 10 Blossom Construction Company uses the percentage-of-completion method. During 2018, the company entered into a...
Question 10 Blossom Construction Company uses the percentage-of-completion method. During 2018, the company entered into a fixed-price contract to construct a building for Sherman Company for $22870000. The following details pertain to the contract: At December 31, 2018 At December 31, 2019 Percentage of completion 20% 55% Estimated total cost of $14065000 $17130000 contract Gross profit recognized to 2120000 3470000 date The amount of construction costs incurred during 2019 was O $6685000. O $3065000. $9421500. O $6608500.
In 2010, Concrete Inc. began a three year construction contract for $3,500,000. Cement uses the percentage-of-completion...
In 2010, Concrete Inc. began a three year construction contract for $3,500,000. Cement uses the percentage-of-completion method. 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 presentation relating to this contract for calendar 2010 follow: Statement of Financial Position Current Assets: Accounts receivable $150,000 Contract asset/liability 105,000 (Contract cost $425,000 less Billings of $320,000) Income Statement Income (before tax) on the contract recognized...
Exercise 18-37 Your answer is partially correct. Try again. Yanmei Construction Company began operations on January...
Exercise 18-37 Your answer is partially correct. Try again. Yanmei Construction Company began operations on January 1, 2017. During the year, Yanmei Construction entered into a contract with Lundquist Corp. to construct a manufacturing facility. At that time, Yanmei estimated that it would take 5 years to complete the facility at a total cost of $4,500,000. The total contract price for construction of the facility is $6,000,000. During the year, Yanmei incurred $1,185,800 in construction costs related to the construction...
Prachce Problem 9 In Year 1, Amber Construction Corporation began construction work under a three-year contract....
Prachce Problem 9 In Year 1, Amber Construction Corporation began construction work under a three-year contract. The contract price is $1,610,000. Long uses the percentage-of-completion method for financial reporting purposes. The financial statement presentation relating to this contract at December 31, year 1, is as follows: Balance Sheet $30,000 Accounts receivable (from construction progress billings) Construction in progress Less: Billings on Construction Contract $100,000 (93,000) 7,000 Cost of uncompleted contracts in excess of billings Income Statement $24,000 Income (before tax)...
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...
Exercise 18-36 Marin Construction Company uses the percentage of completion method of accounting in 2017, Marin began work under contract E2-02, which provided for a contract price of 52,195,000. Other details follow 2017 2018 Costs incurred during the year 5695,310 $1,404,000 Estimated costs to complete, as of December 31921,690 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...
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...
CCS is a construction company that builds roads in the Northwest Territories (NWT). CCS uses the percentage of completion method and measures completion on the basis of kilometres completed. In November 20X9, CCS signed an agreement with the NWT government to build 170 kilometres of new road for a total cost of $160 million. The contract would likely take three years to complete and would start in the spring of 20x0. Over the next three years, 51 kilometres were completed...
Question 10 Blossom Construction Company uses the percentage-of-completion method. During 2018, the company entered into a fixed-price contract to construct a building for Sherman Company for $22870000. The following details pertain to the contract: At December 31, 2018 At December 31, 2019 Percentage of completion 20% 55% Estimated total cost of $14065000 $17130000 contract Gross profit recognized to 2120000 3470000 date The amount of construction costs incurred during 2019 was O $6685000. O $3065000. $9421500. O $6608500.
Exercise 18-37 Your answer is partially correct. Try again. Yanmei Construction Company began operations on January 1, 2017. During the year, Yanmei Construction entered into a contract with Lundquist Corp. to construct a manufacturing facility. At that time, Yanmei estimated that it would take 5 years to complete the facility at a total cost of $4,500,000. The total contract price for construction of the facility is $6,000,000. During the year, Yanmei incurred $1,185,800 in construction costs related to the construction...
Prachce Problem 9 In Year 1, Amber Construction Corporation began construction work under a three-year contract. The contract price is $1,610,000. Long uses the percentage-of-completion method for financial reporting purposes. The financial statement presentation relating to this contract at December 31, year 1, is as follows: Balance Sheet $30,000 Accounts receivable (from construction progress billings) Construction in progress Less: Billings on Construction Contract $100,000 (93,000) 7,000 Cost of uncompleted contracts in excess of billings Income Statement $24,000 Income (before tax)...
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