Homework Answers
(a)
|
2020 |
2021 |
2022 |
|
|
Contract price |
$902,000 |
$902,000 |
$902,000 |
|
Less estimated cost: |
|
|
|
|
Costs to date |
256,280 |
429,120 |
606,000 |
|
Estimated cost to complete |
339,720 |
166,880 |
— |
|
Estimated total cost |
596,000 |
596,000 |
606,000 |
|
Estimated total gross profit |
$306,000 |
$306,000 |
$296,000 |
Gross profit recognized in—
|
2020: |
$256,280 |
× $306,000 = |
$131,580 |
|||
|
$596,000 |
||||||
|
2021: |
$429,120 |
× $306,000 = |
$220,320 |
|||
|
$596,000 |
||||||
|
Less 2020 recognized gross profit |
131,580 |
|||||
|
Gross profit in 2021 |
$ 88,740 |
|||||
|
2022: |
Less 2020–2021 recognized gross profit |
220,320 |
||||
|
Gross profit in 2022 |
$75,680 |
|||||
(b) In 2020 and 2021, no gross profit would be recognized.
Total billings.......................................................... $902,000
Total cost............................................................... (606,000)
Gross profit recognized in 2022……………….. $296,000
Add Answer to:
Bonita 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...
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...
Pearl Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
Pearl 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. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 2021 2022 $272,700 $466,620 $618,000 333,300 139,380 -0- 273,000 546,000 902,000...
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...
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...
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...
Waterway Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
Waterway 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 $598,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $897,000. The following data pertain to the construction period. 2020 2021 2022 Costs to date $275,080 $412,620 $607,000 Estimated costs to complete 322,920 185,380 –0– Progress billings to date 272,000 545,000 897,000 Cash collected to date...
Whispering Construction Company has entered into a contract beginning January 1, 2020, to build a parking...
Whispering 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...
Problem 18-09 Shamrock Construction Company has entered into a contract beginning January 1, 2020, to build...
Problem 18-09
Shamrock 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 $601,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $903,000. The following data pertain to the construction
period.
2020
2021
2022
Costs to date
$270,450
$492,820
$613,000
Estimated costs to complete
330,550
108,180
–0–
Progress billings to date
273,000
550,000
903,000
Cash collected...
Problem 18-09 Sweet Construction Company has entered into a contract beginning January 1, 2020, to build...
Problem 18-09 Sweet 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 $605,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $909,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 $254,100 350,900 272,000 242,000 2021 $496,100 108,900 550,000 500,000...
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 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...
Pearl 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. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 2021 2022 $272,700 $466,620 $618,000 333,300 139,380 -0- 273,000 546,000 902,000...
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...
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...
Whispering 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...
Problem 18-09
Shamrock 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 $601,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $903,000. The following data pertain to the construction
period.
2020
2021
2022
Costs to date
$270,450
$492,820
$613,000
Estimated costs to complete
330,550
108,180
–0–
Progress billings to date
273,000
550,000
903,000
Cash collected...
Problem 18-09 Sweet 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 $605,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $909,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2020 $254,100 350,900 272,000 242,000 2021 $496,100 108,900 550,000 500,000...
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...
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