Homework Help Question & Answers

B30 - x fx С D E F G 9 B 1 On January 1, 2020,...


B30 - x fx С D E F G 9 B 1 On January 1, 2020, Construction Co. enters into a contract with Trump Co. to build a new high-ris
B30 - x fx С D E F G 9 B 1 On January 1, 2020, Construction Co. enters into a contract with Trump Co. to build a new high-rise 2 building for $10,000,000. The contract allows Construction Co. to make monthly progress billings as 3 work progresses on the projects. Following is information on the contract for 2020. 4 2020 5 Construction costs incurred during the year $3,000,000 6 Construction costs incurred in prior years So 7 Cumulative construction costs incurred as of year-end $3,000,000 8 End of year estimate of costs to complete the job ? Year-end estimate of total job cost ? 10 11 Progress billings during the year S2,850,000 12 Cash collections during the year 2 13 Following is information on the financial statement presentation of the contract in the 2020 financial 14 statements 15 16 Balance Sheet (12/31/2020) 17 Current assets: 18 Accounts receivable $427,500 19 Costs and profits in excess of billings $900,000 20 21 22 Required: Answer the following questions. 23 24 1. What amount of construction revenue was reported in the 2020 income statement? 25 26 2. What must have been the amount of cash collections during the year! 27 28 3. What must have been the year-end estimate of costs to complete the job? 29 4. What fraction of the job was finished as of December 31st (enter as fractional value; 30.0.25, not 25%) 31 32 33 34 35 1 2 3 37 38 39
0 0
Next > < Previous
Answer

This Homework Help Question: "B30 - x fx С D E F G 9 B 1 On January 1, 2020,..." No answers yet.

Be the First!

Request Answer

Request answer!

We need 10 more requests to produce the answer to this homework help question. Share with your friends to get the answer faster!

0 /10 have requested the answer to this homework help question.

Request! (Login Required) Share with friends


Once 10 people have made a request, the answer to this question will be available in 1-2 days.
All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer of:
B30 - x fx С D E F G 9 B 1 On January 1, 2020,...
Your Answer: Your Name: What's your source?
Similar Homework Help Questions
  • Nam Construction, a sub-contractor, entered into a contract with the main contractor, Ming Company, on March...

    Nam Construction, a sub-contractor, entered into a contract with the main contractor, Ming Company, on March 6, 2018 to provide civil engineering services at the contract fee of $10,000,000. The contract spans three years from 2018 to 2020. Costs incurred, estimated costs to complete at year-end, billings and cash collections for the life of the contract are shown below: 2018 2019 2020 Costs incurred during the year $ 4,800,000 $ 2,200,000 $ 1,800,000 Estimated costs to complete as of year-end...

  • In February 2020, Crane Construction signed a contract and commenced construction on a parking garage. The t...

    In February 2020, Crane Construction signed a contract and commenced construction on a parking garage. The total contract price was $89.8 million and was expected to be completed in July 2024 at a total estimated cost of $82.0 million. Payment by the customer was to be made in several stages, based on significant events and dates throughout the construction timeline. The customer was to have control over the parking garage and was able to make major changes to the project...

  • View Policies Current Attempt in Progress During 2020, Whispering Company started a construction job with a...

    View Policies Current Attempt in Progress During 2020, Whispering Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete 2020 2021 2022 $424,200 $885,330 $1,060,000 585,800 207,670 299,000 908,000 1,590,000 273,000 819,000 1,435,000 -0- Billings to date Collections to date Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized...

  • Prachce Problem 9 In Year 1, Amber Construction Corporation began construction work under a three-year contract....

    Prachce Problem 9 In Year 1, Amber Construction Corporation began construction work under a three-year contract. The contract price is $1,610,000. Long uses the percentage-of-completion method for financial reporting purposes. The financial statement presentation relating to this contract at December 31, year 1, is as follows: Balance Sheet $30,000 Accounts receivable (from construction progress billings) Construction in progress Less: Billings on Construction Contract $100,000 (93,000) 7,000 Cost of uncompleted contracts in excess of billings Income Statement $24,000 Income (before tax)...

  • B12 fx D E F А Assume Nortel Networks contracted to provide a customer with Internet...

    B12 fx D E F А Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,300,000 The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2021 $324,000 $1,296,000 $410,000 $310,000 2022 $1,800,000 SO $1,680,000 $1,780,000 2021 2022 1 2 3 Costs incurred during the year 4 Estimated cost to complete as of 12/31 5 Billings during the year 6 Cash collections during the year 7 Requirement 1: Complete...

  • During 2020, Oriole Company started a construction job with a contract price of $1,590,000. The job...

    During 2020, Oriole Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $366,300 623,700 297,000 270,000 2021 $831,440 262,560 894,000 816,000 2022 $1,067,000 -0- 1,590,000 1,417,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ Gross profit recognized...

  • During 2020, Ivanhoe Company started a construction job with a contract price of $1,590,000. The job...

    During 2020, Ivanhoe Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $396,000 $806,600 $1,080,000 Estimated costs to complete 594,000 283,400 -0- Billings to date 301,000 268,000 892,000 816,000 1,590,000 1,427,000 Collections to date Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ Gross profit recognized...

  • During 2020, Riverbed Company started a construction job with a contract price of $1,600,000. The job was complete...

    During 2020, Riverbed Company started a construction job with a contract price of $1,600,000. The job was completed in 2022. The following information is available. 2022 2020 2021 Costs incurred to date $404,000 $830,680 $1,069,000 Estimated costs to complete -0 606,000 262,320 Billings to date 300,000 906,000 1,600,000 Collections to date 272,000 810,000 1,416,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 Gross profit recognized in...

  • During 2020, Sunland Company started a construction job with a contract price of $1,590,000. The job...

    During 2020, Sunland Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete 2020 2021 2022 $410,000 $901,180 $1,067,000 590,000 197,820 -0- 297,000 903,000 .590,000 271,000 805,000 1,434,000 Billings to date Collections to date ✓ Your answer is correct Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in...

  • Required information [The following information applies to the questions displayed below.] In 2018, the Westgate Construction...

    Required information [The following information applies to the questions displayed below.] In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2018 $2,580,000 6,020,000 2,060,000 1,830,000 2019 $4,042,000 1,978,000 4,562,000 4,200,000 2020 $2,175,800 0 3,378,000...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.