Homework Answers
| Construction in progress is 50 that includes 35 for construction cost and remainder 15 for gross profit. | ||
| Revenue | A | $ 50 |
| Less: cost of construction | $ 35 | |
| Gross profit | B | $ 15 |
| Cash collected | $ 46 | |
| Add: accounts receivable from construction billings | $ 14 | |
| Billing in construction | $ 60 | |
| Balance sheet | ||
| Accounts receivable from construction billings | $ 14 | |
| Construction in progress | $ 50 | |
| Less: Billing in construction | C | $ 60 |
| Net billings in excess of CIP (60 -50) | D | $ 10 |
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3.
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$8,125,000. During 2018, costs of $2,050,000 were incurred, with
estimated costs of $4,050,000 yet to be incurred. Billings of
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costs incurred were $2,560,000 with remaining costs estimated to be
$3,675,000. 2019 billings were $2,810,000, and $2,525,000 cash was
collected. The project was completed in 2020 after additional costs
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3.
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