1. Percentage of completion
Numerator | Denominator | = | % complete to date | ||
Actual costs to date | Estimated total costs | = | |||
2018 | $40 | $160 | = | 25.00% | |
2019 | 120 | 180 | = | 66.67% | |
2020 | 170 | 170 | = | 100.00% |
2018
To date | Recognized in prior years | Recognized in 2018 | |
Construction revenue | $55 | 0 | $55 |
Construction expense | 40 | 0 | 40 |
Gross profit (loss) | $15 | 0 | $15 |
2019
To date | Recognized in prior years | Recognized in 2018 | |
Construction revenue | $146.67 | $55 | $91.67 |
Construction expense | 120 | 40 | 80 |
Gross profit (loss) | $26.67 | $15 | $11.67 |
2020
To date | Recognized in prior years | Recognized in 2018 | |
Construction revenue | $220 | $146.67 | $73.33 |
Construction expense | 170 | 120 | 50 |
Gross profit (loss) | $50 | $26.67 | $23.33 |
2.
Year | Revenue Recognition |
Gross Profit (loss) recognized |
2018 | 0 | 0 |
2019 | 0 | 0 |
2020 | $220 | $50 |
3.
Percentages of completion | |||||
Numerator | Denominator | = | % complete to date | ||
Actual costs to date | Estimated total costs | ||||
2019 | $120 | $200 | = | 60% | |
2019 | |||||
To date | Recognized in prior years | Recognized in 2019 | |||
Construction revenue | $132 | $55 | $77 | ||
Construction expense | 120 | 40 | 80 | ||
Gross profit (loss) | $12 | $15 | ($3) |
7 On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a...
On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $360 million. The expected completion date is April 1, 2020, just in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2018 2019 2020 Costs incurred during the year $ 60 $ 120 $ 70 Estimated costs to complete as of...
On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $360 million. The expected completion date is April 1, 2020, just in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2018 2019 2020 Costs incurred during the year Estimated costs to complete as of December 31 S 30 140 $40...
On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $390 million. The expected completion date is April 1, 2020. lust in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Costs incurred during the year Estimated costs to complete as of December 31 2018 2019 2020 $ 60 $130 $70...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $320 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2021 2022 2023 Costs incurred during the year $ 80 $ 40 $ 90 Estimated costs to complete as of...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $320 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2021 2022 2023 Costs incurred during the year $ 80 $ 40 $ 90 Estimated costs to complete as of...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $370 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2021 2022 2023 Costs incurred during the year $ 70 $ 110 $ 80 Estimated costs to complete as of...
On June 15, 2021. Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington D.C. for $350 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows (5 in millions): 2021 $ 3e 170 Costs incurred during the year Estimated costs to complete as of December 31 2022 $142 0...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $310 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows $ in millions): 2021 $ 70 2022 $60 30 2023 $30 Costs incurred during the year Estimated costs to complete as of December...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $220 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Costs incurred during the year Estimated costs to complete as of December 31 2021 2022 2023 $ 40 $80 $50...
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $310 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2021 $ 70 130 Costs incurred during the year Estimated costs to complete as of December 31 2022 $60 30...