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 .
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?
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 $42,000. 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 9,000 21,000 29,000
Collections to
date 4,000 14,000 25,000
If the company uses the percentage-of-completion method, an
inventory/current liability of $___________should be shown on the
balance sheet at December 31, 2021 related...
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 $42,000. 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 9,000 21,000 29,000
Collections to
date 4,000 14,000 25,000
If the company uses the percentage-of-completion method, an
inventory/current liability of $___________should be shown on the
balance sheet at December 31, 2021 related...
Curtis Co. entered into a long-term contract in 2020. The
contract price was $2,250,000. The following...
Curtis Co. entered into a long-term contract in 2020. The
contract price was $2,250,000. The following data pertain to the
first two years that the contract was in process.
2020
2021
Costs incurred to
date
$
570,000
$1,557,500
Estimated costs to complete as of
12/31
1,330,000
667,500
Billings to
date
650,000
1,250,000
Cash collections to date
600,000
1,150,000
1. Using the percentage-of-completion
method:
A. Compute gross profit to be reported in each...
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___________________________
.
Wildhorse Construction Company uses the percentage-of-completion
method of accounting. In 2020, Wildhorse began work under contract...
Wildhorse Construction Company uses the percentage-of-completion
method of accounting. In 2020, Wildhorse began work under contract
#E2-D2, which provided for a contract price of $2,165,000. Other
details follow:
2020
2021
Costs incurred during the year
$590,520
$1,409,000
Estimated costs to complete, as of December 31
1,005,480
–0–
Billings during the year
428,000
2,165,000
Collections during the year
349,000
1,509,000
What portion of the total contract price would be recognized as
revenue in 2020? In 2021?
Revenue recognized in 2020
$...
Kiner, Inc. began work in 2018 on a
contract for €21,000,000. Other data are as follows:...
Kiner, Inc. began work in 2018 on a
contract for €21,000,000. Other data are as follows:
2018 2019
Costs incurred to date €9,000,000
€14,000,000
Estimated costs to complete 6,000,000
—
Billings to date 7,000,000
21,000,000
Collections to date 5,000,000
18,000,000
8. If Kiner uses the
percentage-of-completion method, the gross profit to be recognized
in 2018 is
A. €3,600,000.
B. €4,000,000.
C. €5,400,000.
D. €6,000,000.
9. If Kiner uses the cost-recovery
method, the gross profit to be recognized in 2019 is...
Novak Construction Company uses the percentage-of-completion
method of accounting. In 2020, Novak began work under contract...
Novak Construction Company uses the percentage-of-completion
method of accounting. In 2020, Novak began work under contract
#E2-D2, which provided for a contract price of $2,170,000. Other
details follow:
2020
2021
Costs incurred during the year
$615,810
$1,422,000
Estimated costs to complete, as of December 31
963,190
–0–
Billings during the year
426,000
2,170,000
Collections during the year
343,000
1,520,000
(a)
New attempt is in progress. Some of the new entries may impact
the last attempt grading.Your answer is incorrect.
What...
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...