Homework Answers
Solution:
% of completion in first year = Cost incurred / total estimated costs = $12 / ($12 + $28) = 30%
Revenue to be recognized in the first year of contract = $46*30% = $13.80 million
Gross profit = $13.80 - $12 = $1.80 million
Add Answer to:
A construction company entered into a fixed-price contract to build an office building for $46 million....
A construction company entered into a fixed price contract to build an office building for $46...
A construction company entered into a fixed price contract to build an office building for $46 million. Construction costs incurred during the first year were $12 million and estimated costs to complete at the end of the year were $28 million. The company recognizes revenue over time according to percentage of completion. How much revenue and gross profit or loss will appear in the company's income statement in the first year of the contract? (Enter your answer in whole dollars.)...
A construction company entered into a fixed-price contract to build an office building for $12 million....
A construction company entered into a fixed-price contract to build an office building for $12 million. Construction costs incurred during the first year were $4 million and estimated costs to complete at the end of the year were $6 million. The company recognizes revenue over time according to percentage of completion. How much revenue and gross profit or loss will appear in the company's income statement in the first year of the contract? (Enter your answer in whole dollars.) Revenue
A construction company entered into a fixed price contract to build an office building for $16...
A construction company entered into a fixed price contract to build an office building for $16 milion. Construction costs incurred during the first year were $3 million and estimated costs to complete at the end of the year were $7 million. The company recognizes revenue over time according to percentage of completion How much revenue and gross profit or loss will appear in the company's income statement in the first year of the contract? (Enter your answer in whole dollars.)...
A construction company entered into a fixed-price contract to build an office building for $48 million....
A construction company entered into a fixed-price contract to build an office building for $48 million. Construction costs incurred during the first year were $18 million and estimated costs to complete at the end of the year were $27 million. The building was completed during the second year. Construction costs incurred during the second year were $28 million. How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue...
1) A construction company entered into a fixed-price contract to build an office building for $20...
1) A construction company entered into a fixed-price contract to build an office building for $20 million. Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million. The building was completed during the second year. Construction costs incurred during the second year were $10 million. How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes...
A construction company entered into a fixed-price contract to build an office building for $10 million....
A construction company entered into a fixed-price contract to build an office building for $10 million. Construction costs incurred during the first year were $2 million and estimated costs to complete at the end of the year were $3 million. The building was completed during the second year. Construction costs incurred during the second year were $4 million. How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue...
A construction company entered into a fixed-price contract to build an office building for $20 million....
A construction company entered into a fixed-price contract to build an office building for $20 million. Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million. The building was completed during the second year. Construction costs incurred during the second year were $10 million. How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue...
A construction company entered into a fixed-price contract to build an office building for $44 million....
A construction company entered into a fixed-price contract to build an office building for $44 million. Construction costs incurred during the first year were $14 million and estimated costs to complete at the end of the year were $21 million. The building was completed during the second year. Construction costs incurred during the second year were $22 million. How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue...
Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $46 million. Construction...
Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $46 million. Construction costs incurred in the first year were $36 million and estimated remaining costs to complete at the end of the year were $23 million. How much gross profit or loss will Franklin recognize in the first year if it recognizes revenue over time according to percentage of completion method? (Enter your answer in millions.) Gross loss million How much gross profit or loss will...
A construction company entered into a fixed-price contract to build an office building for $30 million....
A construction company entered into a fixed-price contract to build an office building for $30 million. Construction costs incurred during the first year were $10 million and estimated costs to complete at the end of the year were $15 million. During the first year the company billed its customer $11 million, of which $3 million was collected before year-end. What would appear in the year-end balance sheet related to this contract using the percentage-of-completion method? (Enter you answers in whole...
A construction company entered into a fixed price contract to build an office building for $46 million. Construction costs incurred during the first year were $12 million and estimated costs to complete at the end of the year were $28 million. The company recognizes revenue over time according to percentage of completion. How much revenue and gross profit or loss will appear in the company's income statement in the first year of the contract? (Enter your answer in whole dollars.)...
A construction company entered into a fixed-price contract to build an office building for $12 million. Construction costs incurred during the first year were $4 million and estimated costs to complete at the end of the year were $6 million. The company recognizes revenue over time according to percentage of completion. How much revenue and gross profit or loss will appear in the company's income statement in the first year of the contract? (Enter your answer in whole dollars.) Revenue
A construction company entered into a fixed price contract to build an office building for $16 milion. Construction costs incurred during the first year were $3 million and estimated costs to complete at the end of the year were $7 million. The company recognizes revenue over time according to percentage of completion How much revenue and gross profit or loss will appear in the company's income statement in the first year of the contract? (Enter your answer in whole dollars.)...
A construction company entered into a fixed-price contract to build an office building for $48 million. Construction costs incurred during the first year were $18 million and estimated costs to complete at the end of the year were $27 million. The building was completed during the second year. Construction costs incurred during the second year were $28 million. How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue...
A construction company entered into a fixed-price contract to build an office building for $10 million. Construction costs incurred during the first year were $2 million and estimated costs to complete at the end of the year were $3 million. The building was completed during the second year. Construction costs incurred during the second year were $4 million. How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue...
Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $46 million. Construction costs incurred in the first year were $36 million and estimated remaining costs to complete at the end of the year were $23 million. How much gross profit or loss will Franklin recognize in the first year if it recognizes revenue over time according to percentage of completion method? (Enter your answer in millions.) Gross loss million How much gross profit or loss will...
A construction company entered into a fixed-price contract to build an office building for $30 million. Construction costs incurred during the first year were $10 million and estimated costs to complete at the end of the year were $15 million. During the first year the company billed its customer $11 million, of which $3 million was collected before year-end. What would appear in the year-end balance sheet related to this contract using the percentage-of-completion method? (Enter you answers in whole...
Most questions answered within 3 hours.
-
Python Assignment: Write a program that uses stacks to solve
postfix equations.Read the below in a...
asked 11 minutes ago -
Q45 What do you understand by standardized tool of research? [1
Mark]
asked 14 minutes ago -
For the movie my big fat greek wedding
1. Locate and describe three instances of non-verbal...
asked 21 minutes ago -
When a bank makes its loans, if it screens its borrowers it will
collect repayment revenue...
asked 19 minutes ago -
A customer has requested that Lewelling Corporation fill a
special order for 2,400 units of product...
asked 42 minutes ago -
What are two strengths and two weaknesses of hardware,
software, and/or data?
How can the weaknesses...
asked 45 minutes ago -
A and B face the choice of working in a safe
mine at €200/wk or an...
asked 1 hour ago -
True or false: couldnt figure out these few
- When charges are only located OUTSIDE an...
asked 1 hour ago -
Given the following function:
int fun1(int count){
int Num ;
for (i = 0; i <...
asked 1 hour ago -
Please submit your paper topic so that I can review it and make
any necessary suggestions...
asked 1 hour ago -
Why are there so many theories of addiction? (Consider the
adequacy of each theory in relation...
asked 1 hour ago -
22mL of 0.1020M Naoh is used in a titration against an unknown
1M acid (30mL). Determine...
asked 1 hour ago