A general contractor has a contract to construct the water line for a new subdivision. The...
A general contractor has a contract to construct the water line for a new subdivision. The original estimate for the water line was $189,000 and no changes have been made to the budget. The water line has been installed by the general contractor itself and the costs to date for the water line are $119,000 and it is estimated that it will take another $22,000 to complete the water line.
What is the total committed cost of the water line for the general contractor? (Answer with a number only)
Homework Answers
the committed cost is any cost that a business entity has already made and connot recover by any means as well as the obligations that a business has already made and can not get out of.
hence, the committed cost here is what the contractor has already made and have to be made i.e. 119000+22000 = $ 141000 .
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A general contractor
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2018
2019
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2020
2021
2022
Costs to date
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$417,200
$607,000
Estimated costs to complete
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178,800
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Progress billings to date
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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...
Cheyenne 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 $596,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $895,000. The following data pertain to the construction
period.
2017
2018
2019
Costs to date
$268,200
$482,760
$605,000
Estimated costs to
complete
327,800
113,240
–0–
Progress billings to
date
267,000
552,000
895,000
Cash collected to date...
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...
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