Homework Answers
Solution a:
| Computation of % of completion, revenue recognition and Gross Profit - Grouper Construction Company | ||||||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) | % of completion (D) (B/C) |
Contract Price (E) |
Total Revenue to be recoganized (F) (E * D) | Revenue for current period (G) | Gross Profit (H) (G-A) |
| 2020 | $266,640 | $266,640 | $606,000 | 44.00% | $896,000 | $394,240 | $394,240 | $127,600 |
| 2021 | $145,440 | $412,080 | $606,000 | 68.00% | $896,000 | $609,280 | $215,040 | $69,600 |
| 2022 | $204,920 | $617,000 | $617,000 | 100.00% | $896,000 | $896,000 | $286,720 | $81,800 |
Solution b:
| Computation of Gross Profit - Revenue on completion - Grouper Construction Company | |||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) |
Contract Price (D) |
Gross Profit |
| 2020 | $266,640 | $266,640 | $606,000 | $896,000 | $0 |
| 2021 | $145,440 | $412,080 | $606,000 | $896,000 | $0 |
| 2022 | $204,920 | $617,000 | $617,000 | $896,000 | $279,000.00 |
Add Answer to:
Grouper Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
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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...
Pearl Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
Pearl 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. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 2021 2022 $272,700 $466,620 $618,000 333,300 139,380 -0- 273,000 546,000 902,000...
Bonita Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
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Pronghorn Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
Pronghorn 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 $596,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $894,000. The following data pertain to the construction
period.
2020
2021
2022
Costs to date
$274,160
$417,200
$607,000
Estimated costs to complete
321,840
178,800
–0–
Progress billings to date
272,000
550,000
894,000
Cash collected to date...
Ivanhoe Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
Ivanhoe 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 $599,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $905,000. The following data pertain to the construction period 2020 2021 2022 Costs to date $257,570 $413,310 $609,000 Estimated costs to complete 341,430 185,690 –0– Progress billings to date 270,000 551,000 905,000 Cash collected to date...
Whispering Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
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beginning January 1, 2020, to build a parking complex. It has been
estimated that the complex will cost $599,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $905,000. The following data pertain to the construction
period.
2020
2021
2022
Costs to date
$257,570
$413,310
$609,000
Estimated costs to complete
341,430
185,690
–0–
Progress billings to date
270,000
551,000
905,000
Cash collected to date...
Problem 18-09 Shamrock Construction Company has entered into a contract beginning January 1, 2020, to build...
Problem 18-09
Shamrock 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 $601,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $903,000. The following data pertain to the construction
period.
2020
2021
2022
Costs to date
$270,450
$492,820
$613,000
Estimated costs to complete
330,550
108,180
–0–
Progress billings to date
273,000
550,000
903,000
Cash collected...
Problem 18-09 Sweet Construction Company has entered into a contract beginning January 1, 2020, to build...
Problem 18-09 Sweet 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 $605,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $909,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 $254,100 350,900 272,000 242,000 2021 $496,100 108,900 550,000 500,000...
Swifty Construction Company has entered into a contract beginning January 1, 2017, 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 $896,000. The following data pertain to the construction period. 2019 Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2017 $266,640 339,360 270,000 240,000 2018 $412,080 193,920 545,000 495,000 $617,000...
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...
Pearl 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. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 2021 2022 $272,700 $466,620 $618,000 333,300 139,380 -0- 273,000 546,000 902,000...
Bonita 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 $596,000 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. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 $256,280 339,720 270,000 240,000 2021 $429,120 166,880 555,000 505,000 2022 $606,000...
Pronghorn 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 $596,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $894,000. The following data pertain to the construction
period.
2020
2021
2022
Costs to date
$274,160
$417,200
$607,000
Estimated costs to complete
321,840
178,800
–0–
Progress billings to date
272,000
550,000
894,000
Cash collected to date...
Whispering 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 $599,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $905,000. The following data pertain to the construction
period.
2020
2021
2022
Costs to date
$257,570
$413,310
$609,000
Estimated costs to complete
341,430
185,690
–0–
Progress billings to date
270,000
551,000
905,000
Cash collected to date...
Problem 18-09
Shamrock 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 $601,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $903,000. The following data pertain to the construction
period.
2020
2021
2022
Costs to date
$270,450
$492,820
$613,000
Estimated costs to complete
330,550
108,180
–0–
Progress billings to date
273,000
550,000
903,000
Cash collected...
Problem 18-09 Sweet 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 $605,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $909,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 $254,100 350,900 272,000 242,000 2021 $496,100 108,900 550,000 500,000...
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