Required information [The following information applies to the questions displayed below.] Beavis Construction Company was the...
Required information
[The following information applies to the questions
displayed below.]
Beavis Construction Company was the low bidder on a construction
project to build an earthen dam for $1,750,000. The project was
begun in 2017 and completed in 2018. Cost and other data are
presented below:
| 2017 | 2018 | |||||
| Costs incurred during the year | $ | 469,000 | $ | 1,050,000 | ||
| Estimated costs to complete | 871,000 | 0 | ||||
| Billings during the year | 480,000 | 1,270,000 | ||||
| Cash collections during the year | 380,000 | 1,425,000 | ||||
Assume that Beavis recognizes revenue upon completion of the
project.
Required:
Compute the amount of gross profit recognized during 2017 and 2018.
(Leave no cells blank - be certain to enter "0" wherever
required.)
Gross Profit 2017 ____
Gross Profit 2018 ____
Homework Answers
Gross profit 2017 = 0
Gross profit 2018 = $231,000 [$1,750,000 - 1,519,000 (469,000+1,050,000)]
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Required information [The following information applies to the questions displayed below.] Beavis Construction Company was the...
Required information [The following information applies to the questions displayed below.] Beavis Construction Company was the...
Required information [The following information applies to the questions displayed below.] Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,750,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below: 2017 2018 Costs incurred during the year $ 469,000 $ 1,050,000 Estimated costs to complete 871,000 0 Billings during the year 480,000 1,270,000 Cash collections during the year 380,000 1,425,000 Assume that Beavis recognizes...
Required information SB Problem [The following information applies to the questions displayed below. Beavis Construction Company...
Required information SB Problem [The following information applies to the questions displayed below. Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,740,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below: 2017 2018 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year $405,000 $1,040,000 945,000 475,000 1,265,000 375,000 1,420,000 Problem 5-286 Assume that Beavis...
Required information The following information applies to the questions displayed below.) Beavis Construction Company was the...
Required information The following information applies to the questions displayed below.) Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,830,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2017 2018 441,000 $1,130,000 1,029.000 D 415,000 1,415,000 315,000 2,515,000 Assume that Beavis recognizes revenue on...
Required information SB Problem The following information applies to the questions displayed below.) Beavis Constru...
Required information SB Problem The following information applies to the questions displayed below.) Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below. Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2017 2018 $ 450,000 $1,108, eee 1,050,000 400,000 1,400,000 300,000 1,500,000 Problem 5-284 Assume...
Beavis Construction Company was the low bidder on a construction project to build an earthen dam...
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below. $ Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2017 2018 450,000 $1,100,000 1,050,000 400,000 1,400,000 300,000 1,500,000 Assume that Beavis recognizes revenue upon completion of the project. Required: Compute the amount of gross profit...
Beavis Construction Company was the low bidder on a construction project to build an earthen dam...
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,890,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below: 2017 2018 Costs incurred during the year $ 423,000 $ 1,190,000 Estimated costs to complete 987,000 0 Billings during the year 445,000 1,445,000 Cash collections during the year 345,000 1,545,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion....
Required information [The following information applies to the questions displayed below.] Beavis Construction Company was the...
Required information [The following information applies to the questions displayed below.] Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,730,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below 2018 2017 $476,eee $1,030,e0e 884,e00 470,000 Costs incurred during the year Estimated costs to complete Billings during the yearr Cash collections during the year 1,260,00e 1,415,00e 370,000 Assume that Beavis recognizes revenue on this...
Davis Construction company was a low bidder on a construction project to build and earthen dam...
Davis Construction company was a low bidder on a construction project to build and earthen dam for $2,000,000. The project was begun in 2017. Cost and other are presented bellow. 2017 2018 Costs incurred during the year $450,000 $1,100,000 Total costs 1,050,000 50,000 Percentage of completion 30% 96.875% Billings during the year 500,000 1,400,000 Cash collections during the year 400,000 1,400,000 Assume the Beavis recognizes revenue on the contract over time according to percentage of completion Required 1. Compute the...
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,810,000. The pr...
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,810,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2020 $ 447,000 $1,110,000 1,043,000 405,000 1,405,000 305,000 1,505,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Prepare all...
Davis Construction company was a low bidder on a construction project to build and earthen dam...
Davis Construction company was a low bidder on a construction
project to build and earthen dam for $2,000,000. The project was
begun in 2017. Cost and other are presented bellow.
2017 2018
Costs incurred during the year $450,000 $1,100,000
Total costs 1,050,000 50,000
Percentage of completion 30% 96.875%
Billings during the year 500,000 1,400,000
Cash collections during the year 400,000 1,400,000
Assume the Beavis recognizes revenue on the contract over time
according to percentage of completion
Required
1. Compute the...
Required information SB Problem [The following information applies to the questions displayed below. Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,740,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below: 2017 2018 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year $405,000 $1,040,000 945,000 475,000 1,265,000 375,000 1,420,000 Problem 5-286 Assume that Beavis...
Required information The following information applies to the questions displayed below.) Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,830,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2017 2018 441,000 $1,130,000 1,029.000 D 415,000 1,415,000 315,000 2,515,000 Assume that Beavis recognizes revenue on...
Required information SB Problem The following information applies to the questions displayed below.) Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below. Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2017 2018 $ 450,000 $1,108, eee 1,050,000 400,000 1,400,000 300,000 1,500,000 Problem 5-284 Assume...
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below. $ Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2017 2018 450,000 $1,100,000 1,050,000 400,000 1,400,000 300,000 1,500,000 Assume that Beavis recognizes revenue upon completion of the project. Required: Compute the amount of gross profit...
Required information [The following information applies to the questions displayed below.] Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,730,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below 2018 2017 $476,eee $1,030,e0e 884,e00 470,000 Costs incurred during the year Estimated costs to complete Billings during the yearr Cash collections during the year 1,260,00e 1,415,00e 370,000 Assume that Beavis recognizes revenue on this...
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,810,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2020 $ 447,000 $1,110,000 1,043,000 405,000 1,405,000 305,000 1,505,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Prepare all...
Davis Construction company was a low bidder on a construction
project to build and earthen dam for $2,000,000. The project was
begun in 2017. Cost and other are presented bellow.
2017 2018
Costs incurred during the year $450,000 $1,100,000
Total costs 1,050,000 50,000
Percentage of completion 30% 96.875%
Billings during the year 500,000 1,400,000
Cash collections during the year 400,000 1,400,000
Assume the Beavis recognizes revenue on the contract over time
according to percentage of completion
Required
1. Compute the...
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