Cullumber Construction Company began operations on January 1, 2020. During the year, Cullumber entered into a non-cancellable contract with Bramble Corp. to construct a manufacturing facility. At that time, Cullumber estimated that it would take five year
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Cullumber Construction Company began operations on January 1, 2020. During the year, Cullumber entered into a non-cancellable contract with Bramble Corp. to construct a manufacturing facility. At that time, Cullumber estimated that it would take five year
Sandhill Construction Company has entered into a non-cancellable contract beginning January 1, 2020, to build a...
Sandhill Construction Company has entered into a non-cancellable contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $650,000 and will take three years to construct. The complex will be billed to the purchasing company at $905,000. The following data pertain to the construction period. 2022 $660,000 Costs to date Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date 2020 $292,500 357,500 292,500 262,500 2021 $487,500 162,500...
Bramble Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
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...
question 1 4. Coquel Company has a non-cancellable contract to construct a bridge for an estimated...
question 1
4. Coquel Company has a non-cancellable contract to construct a bridge for an estimated cost of $ 1,950,000. The contract is to start in July 2020, and the bridge is to be completed in September 2022. The following data pertain to the construction period. Assume that progress billings are non-refundable. 2022 2021 2020 $390,000 $ 900,000 $360,000 Costs to date 380,000 1,260,000 Estimated costs to complete 420 Doo -1,200,000 765,000 305,000 Progress billings during the year 2,000,000 760,000...
1- Bridgeport Construction Company began work on a $407,000 construction contract in 2020. During 2020, Bridgeport...
1- Bridgeport Construction Company began work on a $407,000 construction contract in 2020. During 2020, Bridgeport incurred costs of $272,000, billed its customer for $217,000, and collected $177,500. At December 31, 2020, the estimated additional costs to complete the project total $157,020. Prepare Bridgeport’s journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. 2- Waterway, Inc. began work on a $7,071,000 contract in 2020 to construct an office building. Waterway...
On January 1, 2018, the Shagri Company began construction on a new manufacturing facility for its...
On January 1, 2018, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The only interest-bearing debt the company had outstanding during 2018 was long-term bonds with a book value of $10,600,000 and an effective interest rate of 9%. Construction expenditures incurred during 2018 were as follows: January 1 $ 560,000 March 1 636,000 July 31 516,000 September 30 660,000 December 31 360,000 Required: Calculate the amount of interest...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $1,850,000 at 10% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $4,000,000, 14% bonds $1,000,000, 10% long-term note Construction expenditures incurred during 2018 were as follows: January 1 $ 800,000 March 31 1,400,000 June 30 1,040,000 September 30 800,000...
On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its...
On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The company borrowed $2,350,000 at 9% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021: $7,000,000, 14% bonds $3,000,000, 9% long-term note Construction expenditures incurred during 2021 were as follows: January 1 $ 960,000 March 31 1,560,000 June 30 1,232,000 September 30 960,000...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $2,500,000 at 8% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $9,000,000, 9% bonds $6,eee, eee, 8% long-term note Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 $1,000,000 1,600,000...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $1,700,000 at 9% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $6,000,000, 14% bonds $4,000,000, 93 long-term note Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 $ 620,000 1,220,000...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $1,500,000 at 10% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $8,000,000, 15% bonds $2,000,000, 10% long-term note Construction expenditures incurred during 2018 were as follows: January 1 $ 660,000 March 31 1,260,000 June 30 872,000 September 30 660,000...
Sandhill Construction Company has entered into a non-cancellable contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $650,000 and will take three years to construct. The complex will be billed to the purchasing company at $905,000. The following data pertain to the construction period. 2022 $660,000 Costs to date Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date 2020 $292,500 357,500 292,500 262,500 2021 $487,500 162,500...
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...
question 1
4. Coquel Company has a non-cancellable contract to construct a bridge for an estimated cost of $ 1,950,000. The contract is to start in July 2020, and the bridge is to be completed in September 2022. The following data pertain to the construction period. Assume that progress billings are non-refundable. 2022 2021 2020 $390,000 $ 900,000 $360,000 Costs to date 380,000 1,260,000 Estimated costs to complete 420 Doo -1,200,000 765,000 305,000 Progress billings during the year 2,000,000 760,000...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $2,500,000 at 8% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $9,000,000, 9% bonds $6,eee, eee, 8% long-term note Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 $1,000,000 1,600,000...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $1,700,000 at 9% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $6,000,000, 14% bonds $4,000,000, 93 long-term note Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 $ 620,000 1,220,000...
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