I am lost. This all that I have so far......
Homework Answers
Following is the calculation :
For 2019 & 2020, while arriving value of Revenue, Revenue already recognise is reduced.
| Particulars | 2018 | 2019 | 2020 |
| Contract value (a) | 8,060,000.00 | ||
| Cost incurred till date (b) | 2,020,000.00 | 4,540,000.00 | |
| Cost incurred in the year (c ) | 2,020,000.00 | 2,520,000.00 | 3,820,000.00 |
| To be incurred (d) | 4,020,000.00 | 3,630,000.00 | |
| % of Completion e= (b+c)/(b+c+d) | 33.44% | 55.57% | |
| Billing (f) | 2,520,000.00 | 2,770,000.00 | 2,770,000.00 |
| Collection (g) | 2,270,000.00 | 2,495,000.00 | 3,295,000.00 |
| Reveune to be recognised (h=a*e) | 2,695,562.91 | 1,783,311.02 | 3,581,126.07 |
| Cost (i=c ) | 2,020,000.00 | 2,520,000.00 | 3,820,000.00 |
| Gross Profit (j=h-i) | 675,562.91 | (736,688.98) | (238,873.93) |
Journal Entries : The number in Journal entry are from above table
| Particulars | 2018 | 2019 | 2020 |
| CIP A/c Dr | 2,020,000.00 | 2,520,000.00 | 3,820,000.00 |
| Various Accounts Cr | 2,020,000.00 | 2,520,000.00 | 3,820,000.00 |
| Account Receivable Dr | 2,520,000.00 | 2,770,000.00 | 2,770,000.00 |
| Billing in CIP Cr | 2,520,000.00 | 2,770,000.00 | 2,770,000.00 |
| Cash Dr | 2,270,000.00 | 2,495,000.00 | 3,295,000.00 |
| Account Receivable Cr | 2,270,000.00 | 2,495,000.00 | 3,295,000.00 |
| Construction expenses Dr | 2,020,000.00 | 2,520,000.00 | 3,820,000.00 |
| CIP Dr | 675,562.91 | (736,688.98) | (238,873.93) |
| Construction revenue Cr | 2,695,562.91 | 1,783,311.02 | 3,581,126.07 |
| Billing in CIP Dr | 8,060,000.00 | ||
| CIP A/c Cr | 8,060,000.00 |
Balance Sheet Extract 2018 & 2019
| Extract of Balance Sheet | 31st Dec 2018 | 31st Dec 2019 |
| Assets | ||
| CIP | 2,695,562.91 | 4,478,873.93 |
| A/c Receivable | 250,000.00 | 525,000.00 |
| Cash | 2,270,000.00 | 4,765,000.00 |
| Liabilities | ||
| Billing in CIP | 2,520,000.00 | 5,290,000.00 |
Add Answer to:
I am lost. This all that I have so far......
On February 1, 2018, Arrow Construction...
On February 1, 2018, Arrow Construction Company entered into a three-year construction contract to build a...
On February 1, 2018, Arrow Construction Company entered into a
three-year construction contract to build a bridge for a price of
$8,060,000. During 2018, costs of $2,020,000 were incurred with
estimated costs of $4,020,000 yet to be incurred. Billings of
$2,520,000 were sent, and cash collected was $2,270,000.
In 2019, costs incurred were $2,520,000 with remaining costs
estimated to be $3,630,000. 2019 billings were $2,770,000 and
$2,495,000 cash was collected. The project was completed in 2020
after additional costs of...
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3.
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three-year construction contract to build a bridge for a price of
$8,060,000. During 2018, costs of $2,020,000 were incurred with
estimated costs of $4,020,000 yet to be incurred. Billings of
$2,520,000 were sent, and cash collected was $2,270,000.
In 2019, costs incurred were $2,520,000 with remaining costs
estimated to be $3,630,000. 2019 billings were $2,770,000 and
$2,495,000 cash was collected. The project was completed in 2020
after additional costs of...
it says it's incomplete, please help
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On February 1, 2018, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,300,000. During 2018, 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 2019, costs incurred were $2,600,000 with remaining costs estimated to be $3,750,000. 2019 billings were $2,850,000 and $2,575,000 cash was collected. The project was completed in 2020 after additional costs...
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On February 1, 2018, Arrow Construction Company entered into a
three-year construction contract to build a bridge for a price of
$8,125,000. During 2018, costs of $2,050,000 were incurred, with
estimated costs of $4,050,000 yet to be incurred. Billings of
$2,560,000 were sent, and cash collected was $2,300,000. In 2019,
costs incurred were $2,560,000 with remaining costs estimated to be
$3,675,000. 2019 billings were $2,810,000, and $2,525,000 cash was
collected. The project was completed in 2020 after additional costs
of...
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