Homework Answers
Solution :
| Computation of % of completion, revenue recognition and Gross Profit - Brady Construction Company (Situation 1) | ||||||||
| 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) |
| 2018 | $1,530,000 | $1,530,000 | $4,740,000 | 32.28% | $5,300,000 | $1,710,759 | $1,710,759 | $180,759 |
| 2019 | $2,220,000 | $3,750,000 | $4,740,000 | 79.11% | $5,300,000 | $4,193,038 | $2,482,278 | $262,278 |
| 2020 | $990,000 | $4,740,000 | $4,740,000 | 100.00% | $5,300,000 | $5,300,000 | $1,106,962 | $116,962 |
| Computation of % of completion, revenue recognition and Gross Profit - Brady Construction Company (Situation 2) | ||||||||
| 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) |
| 2018 | $1,530,000 | $1,530,000 | $4,740,000 | 32.28% | $5,300,000 | $1,710,759 | $1,710,759 | $180,759 |
| 2019 | $990,000 | $2,520,000 | $5,040,000 | 50.00% | $5,300,000 | $2,650,000 | $939,241 | -$50,759 |
| 2020 | $2,520,000 | $5,040,000 | $5,040,000 | 100.00% | $5,300,000 | $5,300,000 | $2,650,000 | $130,000 |
| Computation of % of completion, revenue recognition and Gross Profit - Brady Construction Company (Situation 3) | |||||||||
| 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) | |
| 2018 | $1,530,000 | $1,530,000 | $4,740,000 | 32.28% | $5,300,000 | $1,710,759 | $1,710,759 | $180,759 | $1,710,759 - $1,530,000 |
| 2019 | $2,220,000 | $3,750,000 | $5,490,000 | 68.31% | $5,300,000 | $3,620,219 | $1,909,459 | -$370,759 | $5,300,000 - $5,490,000 - $180,759 |
| 2020 | $1,840,000 | $5,590,000 | $5,590,000 | 100.00% | $5,300,000 | $5,300,000 | $1,679,781 | -$100,000 | $5,300,000 - $5,590,000 - $180,759 + $370,759 |
| Computation of % of completion, revenue recognition and Gross Profit - Brady Construction Company (Situation 4) | ||||||||
| 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) |
| 2018 | $530,000 | $530,000 | $4,240,000 | 12.50% | $5,300,000 | $662,500 | $662,500 | $132,500 |
| 2019 | $3,030,000 | $3,560,000 | $4,450,000 | 80.00% | $5,300,000 | $4,240,000 | $3,577,500 | $547,500 |
| 2020 | $1,060,000 | $4,620,000 | $4,620,000 | 100.00% | $5,300,000 | $5,300,000 | $1,060,000 | $0 |
| Computation of % of completion, revenue recognition and Gross Profit - Brady Construction Company (Situation 5) | ||||||||
| 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) |
| 2018 | $530,000 | $530,000 | $4,240,000 | 12.50% | $5,300,000 | $662,500 | $662,500 | $132,500 |
| 2019 | $3,030,000 | $3,560,000 | $5,300,000 | 67.17% | $5,300,000 | $3,560,000 | $2,897,500 | -$132,500 |
| 2020 | $1,510,000 | $5,070,000 | $5,070,000 | 100.00% | $5,300,000 | $5,300,000 | $1,740,000 | $230,000 |
| Computation of % of completion, revenue recognition and Gross Profit - Brady Construction Company (Situation 6) | |||||||||
| 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) | |
| 2018 | $530,000 | $530,000 | $5,430,000 | 9.76% | $5,300,000 | $517,311 | $517,311 | -$130,000 | $5,300,000 - $5,430,000 |
| 2019 | $3,030,000 | $3,560,000 | $5,530,000 | 64.38% | $5,300,000 | $3,411,935 | $2,894,624 | -$100,000 | $5,300,000 - $5,530,000 + $130,000 |
| 2020 | $2,100,000 | $5,660,000 | $5,660,000 | 100.00% | $5,300,000 | $5,300,000 | $1,888,065 | -$130,000 | $5,300,000 - $5,660,000 + $130,000 + $100,000 |
| Computation of Gross Profit - Revenue on completion - Brady Construction Company (Situation 1) | |||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) |
Contract Price (D) |
Gross Profit |
| 2018 | $1,530,000 | $1,530,000 | $4,740,000 | $5,300,000 | $0 |
| 2019 | $2,220,000 | $3,750,000 | $4,740,000 | $5,300,000 | $0 |
| 2020 | $990,000 | $4,740,000 | $4,740,000 | $5,300,000 | $560,000 |
| Computation of Gross Profit - Revenue on completion - Brady Construction Company (Situation 2) | |||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) |
Contract Price (D) |
Gross Profit |
| 2018 | $1,530,000 | $1,530,000 | $4,740,000 | $5,300,000 | $0 |
| 2019 | $990,000 | $2,520,000 | $5,040,000 | $5,300,000 | $0 |
| 2020 | $2,520,000 | $5,040,000 | $5,040,000 | $5,300,000 | $260,000 |
| Computation of Gross Profit - Revenue on completion - Brady Construction Company (Situation 3) | |||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) |
Contract Price (D) |
Gross Profit |
| 2018 | $1,530,000 | $1,530,000 | $4,740,000 | $5,300,000 | $0 |
| 2019 | $2,220,000 | $3,750,000 | $5,490,000 | $5,300,000 | -$190,000 |
| 2020 | $1,840,000 | $5,590,000 | $5,590,000 | $5,300,000 | -$100,000 |
| Computation of Gross Profit - Revenue on completion - Brady Construction Company (Situation 4) | |||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) |
Contract Price (D) |
Gross Profit |
| 2018 | $530,000 | $530,000 | $4,240,000 | $5,300,000 | $0 |
| 2019 | $3,030,000 | $3,560,000 | $4,450,000 | $5,300,000 | $0 |
| 2020 | $1,060,000 | $4,620,000 | $4,620,000 | $5,300,000 | $680,000 |
| Computation of Gross Profit - Revenue on completion - Brady Construction Company (Situation 5) | |||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) |
Contract Price (D) |
Gross Profit |
| 2018 | $530,000 | $530,000 | $4,240,000 | $5,300,000 | $0 |
| 2019 | $3,030,000 | $3,560,000 | $5,300,000 | $5,300,000 | $0 |
| 2020 | $1,510,000 | $5,070,000 | $5,070,000 | $5,300,000 | $230,000 |
| Computation of Gross Profit - Revenue on completion - Brady Construction Company (Situation 6) | |||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) |
Contract Price (D) |
Gross Profit |
| 2018 | $530,000 | $530,000 | $5,430,000 | $5,300,000 | -$130,000 |
| 2019 | $3,030,000 | $3,560,000 | $5,530,000 | $5,300,000 | -$100,000 |
| 2020 | $2,100,000 | $5,660,000 | $5,660,000 | $5,300,000 | -$130,000 |
Add Answer to:
Brady Construction Company contracted to build an apartment complex for a price of $5,300,000. Construction began...
Brady Construction Company contracted to build an apartment complex for a price of $6,100,000. Construction began...
Brady Construction Company contracted to build an apartment complex for a price of $6,100,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Costs Incurred During Year Situation 2018 2019 2020 1,610 2,460 1,230 1,610 1,230 2,840 3 1,610 2,460 2,480 4 6103,110 1,220 610 3,110 2,070 6 610 3,110 2,900 Estimated Costs to...
project completion [LO5-9 Brady Construction Company contracted to build an apartment complex for a price of...
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Brady Construction Company contracted to build an apartment complex for a price of $5,600,000. Construction began...
Brady Construction Company contracted to build an apartment
complex for a price of $5,600,000. Construction began in 2021 and
was completed in 2023. The following is a series of independent
situations, numbered 1 through 6, involving differing costs for the
project. All costs are stated in thousands of dollars.
Estimated Costs to Complete
Costs Incurred During Year
(As of the End of the Year)
Situation
2021
2022
2023
2021
2022
2023
1
1,560
2,310
1,080
3,390
1,080
—
2
1,560...
Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began...
Brady Construction Company contracted to build an apartment
complex for a price of $5,000,000. Construction began in 2016 and
was completed in 2018. The following is a series of independent
situations, numbered 1 through 6, involving differing costs for the
project. All costs are stated in thousands of dollars.
Required:
Copy and complete the following table.
Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began...
Brady Construction Company contracted to build an apartment
complex for a price of $5,000,000. Construction began in 2021 and
was completed in 2023. The following is a series of independent
situations, numbered 1 through 6, involving differing costs for the
project. All costs are stated in thousands of dollars.
Estimated Costs to Complete
Costs Incurred During Year
(As of the End of the Year)
Situation
2021
2022
2023
2021
2022
2023
1
1,500
2,100
900
3,000
900
—
2
1,500...
Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. Construction began...
Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. Construction began in 2021 and was completed in 2023. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Situation Costs Incurred During Year 2021 2022 2023 1,540 2,250 1,020 1,540 1,020 2,560 1,540 2,250 1,920 540 3,040 1,080 540 3,040 1,580 540 3,040 2,200 Estimated costs to Complete (As...
brady construction company contracted to build an apartment for a price of $6,000,000. Brady Construction Company...
brady construction company contracted to build an apartment for a
price of $6,000,000.
Brady Construction Company contracted to build an apartment complex for a price of $6,000,000. Construction began in 2021 and was completed in 2023. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Estimated Costs to Complete Costs Incurred (As of the End During Year of the Year) Situation 2021 2022...
Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began...
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Brady Construction Company contracted to build an apartment complex for a price of $6,700,000. Construction began...
Brady Construction Company contracted to build an apartment complex for a price of $6,700,000. Construction began in 2021 and was completed in 2023. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Estimated Costs to Complete Costs Incurred During Year (As of the End of the Year) Situation 2021 2022 2023 2021 2022 2023 1 1,670 2,640 1,410 4,050 1,410 — 2 1,670...
2. Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction...
2. Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2021 and was completed in 2023. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Situation о» от дома Costs Incurred During Year 2021 2022 2023 1,500 2,100 900 1,500 900 2,400 1,500 2,100 1,600 500 3,000 1,000 500 3,000 1,300 500 3,000 1,800 Estimated...
Brady Construction Company contracted to build an apartment complex for a price of $6,100,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Costs Incurred During Year Situation 2018 2019 2020 1,610 2,460 1,230 1,610 1,230 2,840 3 1,610 2,460 2,480 4 6103,110 1,220 610 3,110 2,070 6 610 3,110 2,900 Estimated Costs to...
project completion [LO5-9 Brady Construction Company contracted to build an apartment complex for a price of $6.300,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Costs incurred During Year Situation 2018 2019 2020 1 1630 2,520 1.290 2 1.630 1290 2,920 3 1,630 2.520 2.640 4 630 3.130 1.260 5 630 3.130 2.210 6...
Brady Construction Company contracted to build an apartment
complex for a price of $5,600,000. Construction began in 2021 and
was completed in 2023. The following is a series of independent
situations, numbered 1 through 6, involving differing costs for the
project. All costs are stated in thousands of dollars.
Estimated Costs to Complete
Costs Incurred During Year
(As of the End of the Year)
Situation
2021
2022
2023
2021
2022
2023
1
1,560
2,310
1,080
3,390
1,080
—
2
1,560...
Brady Construction Company contracted to build an apartment
complex for a price of $5,000,000. Construction began in 2016 and
was completed in 2018. The following is a series of independent
situations, numbered 1 through 6, involving differing costs for the
project. All costs are stated in thousands of dollars.
Required:
Copy and complete the following table.
Brady Construction Company contracted to build an apartment
complex for a price of $5,000,000. Construction began in 2021 and
was completed in 2023. The following is a series of independent
situations, numbered 1 through 6, involving differing costs for the
project. All costs are stated in thousands of dollars.
Estimated Costs to Complete
Costs Incurred During Year
(As of the End of the Year)
Situation
2021
2022
2023
2021
2022
2023
1
1,500
2,100
900
3,000
900
—
2
1,500...
Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. Construction began in 2021 and was completed in 2023. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Situation Costs Incurred During Year 2021 2022 2023 1,540 2,250 1,020 1,540 1,020 2,560 1,540 2,250 1,920 540 3,040 1,080 540 3,040 1,580 540 3,040 2,200 Estimated costs to Complete (As...
brady construction company contracted to build an apartment for a
price of $6,000,000.
Brady Construction Company contracted to build an apartment complex for a price of $6,000,000. Construction began in 2021 and was completed in 2023. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Estimated Costs to Complete Costs Incurred (As of the End During Year of the Year) Situation 2021 2022...
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