During 2020, Blossom Company started a construction job with a
contract price of $1,184,000. The job...
During 2020, Blossom Company started a construction job with a
contract price of $1,184,000. The job was completed in 2022. The
following information is available. The contract is
non-cancellable.
2020
2021
2022
Costs incurred to date
$296,000
$610,500
$791,800
Estimated costs to complete
444,000
203,500
0
Billings to date (non-refundable)
222,000
666,000
1,184,000
Collections to date
199,800
599,400
1,054,500
(a)
Partially correct answer iconYour answer is partially
correct.
Calculate the amount of gross profit to be recognized each year,
assuming...
During 2020, Carla Company started a construction job with a
contract price of $1,600,000. The job...
During 2020, Carla Company started a construction job with a
contract price of $1,600,000. The job was completed in 2022. The
following information is available.
2020
2021
2022
Costs incurred to date
$405,900
$830,680
$1,074,000
Estimated costs to complete
584,100
262,320
–0–
Billings to date
302,000
898,000
1,600,000
Collections to date
272,000
818,000
1,420,000
Correct answer iconYour 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...
During 2020, Indigo Corporation started a construction job with
a contract price of $5.46 million. Indigo...
During 2020, Indigo Corporation started a construction job with
a contract price of $5.46 million. Indigo ran into severe technical
difficulties during construction but managed to complete the job in
2022. The contract is non-cancellable. Under the terms of the
contract, Indigo sends billings as revenues are earned. Billings
are non-refundable. The following information is available
Costs incurred to date
2020 : $780,000
2021: $2,730,000
2022: $5,360,000
Estimated costs to complete:
2020: $4,095,000
2021: $2,730,000
2022: $ -0-
Required: Calculate...
During 2019, Almon Inc. started a construction job with a
contract price of $8000. The job...
During 2019, Almon Inc. started a construction job with a
contract price of $8000. The job was completed in 2019 and
information for the three years of construction is as follows:
2019
2020
2021
TOTAL costs incurred to date
(ie sum of all costs, for all years, incurred at the end of the
year)
$2,000
$4,500
$7,600
Estimated costs to complete (as estimated at year end)
5,000
2900
-0-
Billings to date
2,200
6,000
8,000
Collections to date
1,600
4,800...
On February 1, 2020, a company agreed to construct a building at
a contract price of...
On February 1, 2020, a company agreed to construct a building at
a contract price of $40,000. The company estimated the project
would be finished in 2022. Information relating to the costs and
billings for this contract is as follows:
2020 2021 2022
Total costs incurred to
date $8,000 $10,000 $22,000
Estimated costs to
complete 12,000 6,000 -0-
Customer billings to
date 8,000 18,000 28,000
Collections to
date 5,000 15,000 26,000
If the company uses the percentage-of-completion method, the
gross profit to be recognized in 2021 is___________________________
.
On February 1, 2020, Bramble Contractors agreed to construct a
building at a contract price of...
On February 1, 2020, Bramble Contractors agreed to construct a
building at a contract price of $5,820,000. Bramble estimated total
construction costs would be $4,016,000 and the project would be
finished in 2022. Information relating to the costs and billings
for this contract is as follows:
2020 2021 2022
Total costs incurred to date. $1,506,000 $2,652,000
$4,610,000
Estimated costs to complete. 2,510,000 1,768,000 -0-
Customer billings to date 2,220,000 4,016,000 5,620,000
Collections to date 2,020,000 3,520,000 5,520,000
Fill in the...
A company began work in 2020 on a contract for $6,800. Other
data are as follows:...
A company began work in 2020 on a contract for $6,800. Other
data are as follows:
2020 2021
2020
2021
costs incurred to date
$3,100
$5,600
Estimated Costs to complete
2,000
-----------
Billings to date
3,400
6,800
Collections to date
2,000
4,800
If the company uses the percentage-of-completion method, the
gross profit to be recognized in 2021
is .
On June 15, 2020, Lion Construction signed a $ 360,000 contract
to build a small building....
On June 15, 2020, Lion Construction signed a $ 360,000 contract
to build a small building. Lion estimated that the total cost would
be $ 320,000. Construction started immediately because the required
completion date was August 31, 2021. Lion’s relevant data relating
to this construction project were as follows:
2020
2021
Actual costs incurred $ 120,000 $
204,000
Estimated costs to complete
200,000
-0-
Progress billings
112,000 248,000
Collections 110,000
250,000
Instructions (show all supporting
calculations)
Calculate how much...
A company began work in 2020 on a contract for $7,800. Other
data are as follows:...
A company began work in 2020 on a contract for $7,800. Other
data are as follows:
2020 2021
Costs incurred to
date $3,000
$5,600
Estimated costs to
complete 2,000
—
Billings to date
3,100 7,800
Collections to
date 1,000
4,400
If the company uses the percentage-of-completion method, for the
journal entry that records construction revenue, construction
expense, and gross profit for 2020, how much will
be recorded for Construction in Process?