Monday
July 28, 2014

Homework Help: Accounting

Posted by Lulit on Wednesday, October 22, 2008 at 1:06pm.

E 5-11 Income (loss) recognition; percentage-of-completion and completed contract methods compared LO4
Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2006 and was completed in 2008. The following are a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.

Estimated Costs to Complete
Costs Incurred During Year (As of the End of the Year)
Situation 2006 2007 2008 2006 2007 2008
1 1,500 2,100 900 3,000 900
2 1,500 900 2,400 3,000 2,400
3 1,500 2,100 1,600 3,000 1,500
4 500 3,000 1,000 3,500 875
5 500 3,000 1,300 3,500 1,500
6 500 3,000 1,800 4,600 1,700

Required:
Complete the following table.
Round all answers to the nearest whole dollar. Amounts in parenthesis do not require a minus sign.
Gross Profit (Loss) Recognized
Percentage-of-Completion Completed Contract
Situation 2006 2007 2008 2006 2007 2008
1 $ ____________ $ ____________ $ ____________ $ ____________ $ ____________ $ ____________
2 ____________ ( ____________) ____________ ____________ ____________ ____________
3 ____________ ( ____________) ( ____________) ____________ ( ____________) ( ____________)
4 ____________ ____________ ____________ ____________ ____________ ____________
5 ____________ ( ____________) ____________ ____________ ____________ ____________
6 ( ____________) ( ____________) ( ____________) ( ____________) ( ____________) ( ____________)

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

accounting - Question 5: (50 points) E 5-11 Income (loss) recognition; ...
Intermediate Accounting - Pan Erickson Construction Company changed from the ...
accounting - ________________________________________ Question 1: (10 points) E...
Intermediate Accounting - Island Builders, Inc., has consistently used the ...
accounting - In 2002, construction work began on a three-year contract at a ...
Accounting - a. IPC purchases real estate in prime locations where an existing ...
Cost Accounting - Please somebody can help with the steps of this problem: Thank...
Cost accounting - (Comprehensive) Jackson Construction Company uses a job order ...
accounting - Cooper Construction Company had a contract starting April 2010, to ...
Intermediate Accounting - Total contract price $100,000 Actual costs during 2006...

Search
Members