Pickle Company has contracted to build for the city of Charleston a new school. The estimated cost is $6,000,000 and the contract price is $9,000,000. The school took three years to complete as follows:
Pickle Company has contracted to build for the city of Charleston a new school. The estimated cost is $6,000,000 and the contract price is $9,000,000. The school took three years to complete as follows:
2020 2021 2022
Costs to Date $1.500,000 $4,000,000 $6,200,000
Costs to Complete $4,500,000 $2,200,000 $0
Amounts Billed to Date $1,300,000 $5,800,000 $9,000,000
Collections to Date $1,300,000 $4,300,000 $9,000,000
a) Determine using the percentage of completion method the gross profit to be recognized for:
2020 2021 2022
b) Determine using the completed contract method the gross profit to be recognized for:
2020 2021 2022
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Pickle Company has contracted to build for the city of Charleston a new school. The estimated cost is $6,000,000 and the contract price is $9,000,000. The school took three years to complete as follows:
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2020
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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...
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