Homework Answers
Swifty Construction Company
(a) Percentage-of-completion method:
| Gross profit recognized in 2017 | 127600 |
| Gross profit recognized in 2018 | 69600 |
| Gross profit recognized in 2019 | 81800 |
Working:
| 2017 | 2018 | 2019 | |
| Costs incurred to date (a) | 266640 | 412080 | 617000 |
| Estimated additional costs to complete (b) | 339360 | 193920 | 0 |
| Estimated total costs (c) = (a) + (b) | 606000 | 606000 | 617000 |
| Percentage of completion (d) = (a)/(c) | 44% | 68% | 100% |
| Revenue recognized to date (e) = (d) x $896000 | 394240 | 609280 | 896000 |
| Revenue recognized during the year | 394240 | 215040 | 286720 |
| Less: Costs incurred during the year | 266640 | 145440 | 204920 |
| Gross profit for the year | 127600 | 69600 | 81800 |
(b) Completed-contract method:
| Gross profit recognized in 2017 | 0 |
| Gross profit recognized in 2018 | 0 |
| Gross profit recognized in 2019 | 279000 |
Under the completed contract method, the entire gross profit will be recognized in 2019 when the contract is completed.
Gross profit = Revenue - Actual costs incurred = $896000 - $617000 = $279000
Per HOMEWORKLIB RULES the first question has been answered. Please post each of the remaining independent questions separately. Thank you.
Add Answer to:
Swifty Construction Company has entered into a contract beginning January 1, 2017, to build a parking...
Swifty Construction Company has entered into a contract beginning January 1, 2017, to build a parking...
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...
Ayayai Construction Company has entered into a contract beginning January 1, 2017, to build a parking...
Ayayai 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 $600,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $901,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2017 $246,000 354,000 270,000 240,000 2018 $432,000 168,000 546,000 496,000 2019 $612,000...
Grouper Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
Grouper 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 $896,000. The following data pertain to the construction period. 2020 2021 Costs to date Estimated costs to complete Progress billings to date Cash collected to date $266,640 339,360 270,000 240,000 $412,080 193,920 545,000 495,000 2022 $617,000...
Shanahan Construction Company has entered into a contract beginning January 1, 2017, to build a parking...
Shanahan Construction Company has entered into a contract beginning January 1, 2017, to build a parking complex. It is estimated that the complex will take 3 years to construct. Additional information follows. Estimated cost of complex Contract price AA 600,000 900,000 The following data pertain to the construction period. 2019 610,000 $ 6100 A 2017 270,000 330,000 270,000 240,000 2018 450,000 150,000 550,000 500,000 Costs to date Estimated costs to complete Progress billings to date Cash collected to date $...
Cheyenne Construction Company has entered into a contract beginning January 1, 2017, to build a parking...
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...
Cullumber Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services...
Cullumber Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations. Respond to the requirements related to the following independent revenue arrangements for Cullumber products and services. Click here to view factor table. Cullumber offers contract GM205, which is comprised of a free-standing gas grill for small patio use plus installation to a customer's gas line for a total price $737. On a standalone basis, the grill sells for $637...
Sheffield Construction Company has entered into a contract beginning January 1, 2012, to build a parking complex. I...
Sheffield Construction Company has entered into a contract beginning January 1, 2012, to build a parking complex. It has been estimated that the complex will cost $600,000 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. 2019 $608,000 Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2017 $294,000 306,000 268,000 238,000 2018 $432,000 168,000 547,000 497,000...
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...
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...
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...
Ayayai 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 $600,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $901,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2017 $246,000 354,000 270,000 240,000 2018 $432,000 168,000 546,000 496,000 2019 $612,000...
Grouper 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 $896,000. The following data pertain to the construction period. 2020 2021 Costs to date Estimated costs to complete Progress billings to date Cash collected to date $266,640 339,360 270,000 240,000 $412,080 193,920 545,000 495,000 2022 $617,000...
Shanahan Construction Company has entered into a contract beginning January 1, 2017, to build a parking complex. It is estimated that the complex will take 3 years to construct. Additional information follows. Estimated cost of complex Contract price AA 600,000 900,000 The following data pertain to the construction period. 2019 610,000 $ 6100 A 2017 270,000 330,000 270,000 240,000 2018 450,000 150,000 550,000 500,000 Costs to date Estimated costs to complete Progress billings to date 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...
Cullumber Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations. Respond to the requirements related to the following independent revenue arrangements for Cullumber products and services. Click here to view factor table. Cullumber offers contract GM205, which is comprised of a free-standing gas grill for small patio use plus installation to a customer's gas line for a total price $737. On a standalone basis, the grill sells for $637...
Sheffield Construction Company has entered into a contract beginning January 1, 2012, to build a parking complex. It has been estimated that the complex will cost $600,000 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. 2019 $608,000 Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2017 $294,000 306,000 268,000 238,000 2018 $432,000 168,000 547,000 497,000...
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...
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...
Most questions answered within 3 hours.
-
What specific indicators can point to lack of progress for
African Americans in American society?
asked 11 minutes ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 27 minutes ago -
A gas tank is a vertical cylinder. It has a radius of 1m, a
height of...
asked 53 minutes ago -
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 1 hour ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 1 hour ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 2 hours ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 3 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 3 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 4 hours ago -
Oscar Inc. has inventory in Japan valued at 39,051,000 Yen one
year ago. One year ago...
asked 4 hours ago -
If Canada suffered from "fundamental disequilibrium," and its
government choose not to devalue its currency, a...
asked 4 hours ago -
4. How many input & output Key Value Pairs are passed into,
and emitted out of...
asked 4 hours ago