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- Athena Co. started work on an P8M fixed-price construction contract in 20x1. Information on the contract is as follows: 20x1 20x2 20x3 Costs incurred per year 2,850,000 3,670,000 1,600,000 Estimated costs to complete 4,275,000 1,630,000 - Requirement: Compute for the amounts recognized in profit or loss in 20x1, 20x2, 20x3, respectively.Tony Corporation has a construction contract in progress as follows : Total contract price: $550 million Costs incurred to date: $225 million Estimated cost to completion: $340 million Payments invoiced & received: $290 million Question : Calculate the amount that can be recognized in the income statement and statement of financial position with assumes performance obligation is satisfied. Please use these items in answering the question: 1. Income Statement: Revenue, Cost of Sales, Gain/Loss. 2. Statement of Financial Position: Cost incurred to date, Recognized Gain/Loss, Receivable/Payable, Contract Asset/Liability.you osie uequised to prieposie arcount Showing the position of Contract 30.4.2014 f1om the folowing prepare. Conteract on particulass: Contsiact pece $1,00.000; matorials Sent to Site $ 32,350; lobbui engaged on Bite $ 27.4L00: plont installed at site $5,650; Value of plont on 30, 4.2014 $44.100; Work Heceived $ 65,000; Cost yot Cestilied $1700:0.Expenses $L200 Cost of estabishment $ 1L, 625; 0/8 $900: Moterials in hand $700: materials loreturined to Stores $200: 0tect expenser. 0/5 $100. Contified $7,500: Cash t Ol 1o0nk done but. of wages
- percentage-of-completion method of acCounting. At the end of 20x5, the following financial IX- Incomplete Data In 20x5, Chicago Construction began work on a three-year construUction project to buila performing arts complex (the "PAC"). The PAC contract price is P150 million. Chicago user ew percentage-of-completion method of accounting. At the end of 20x5, the following fingn statement information indicates the results to date for the PAC: Income Statement: Revenue. P ? million 35 million P ? million Cost of Construction Gross profit. Balance Sheet: Accounts Receivable from construction billings Construction in progress Less: Billings on construction. Net billings in excess of construction in progress. Cash Flow Statement Cash Collections. P 14 million P.50 million (P ? million) P ? million ... P 46 million .. Required: Compute the following, placing your answer in the spaces provided and showing supporting computations below: 1. Total revenue recognized during 20x5 2. Billings on…Use the following information for the next two questions: Bass Co. appropriately uses the cost-to-cost method in measuring construction contract with a customer. its progress on Information on this contract, which was completed in 20x3, is a shown below: 20x1 20x2 20x3 20,000,000 20,000,000 20,000,000 Transaction price Profit each year Costs incurred each year (200,000) 8,200,000 400,000 1,400,000 3,600,000 (AICPA - Adapted) 1. 10. How much are the contract costs incurred in 20x2? a. 5,800,000 b. 6,200,000 c. 6,600,000 d. 10,200,000 11. How much are the estimated additional costs to complete as of December 31, 20x2? a. 5,400,000 b. 6,800,000 c. 7,200,000 d. 8,600,000Please no written by hand and no emage The following data are available for two mutually exclusive projects: Project A $16,900,000 PW(benefits) PW(operating and maintenance costs) PW(capital cost) 4,700,000 7,600,000 Complete parts (a) through (e) below. a. Compute the benefit-cost ratios for both projects. Project B $15,100,000 9,300,000 3,000,000 The ratios for projects A and B, respectively, are 1.374 and 1.228 (Type integers or decimals rounded to three decimal places as needed.) b. Compute the modified benefit-cost ratios for both projects. The ratios for projects A and B, respectively, are 1.605 and 1.933 (Type integers or decimals rounded to three decimal places as needed.) c. Compute the benefit-cost ratio for the increment between the projects. Select the correct choice below and, if necessary, fill in the answer box to complete your choice. OA. The ratio is (Type an integer or decimal rounded to three decimal places as needed.) B. The ratio is undefined. d. Compute the…
- Ultimate Construction expects to complete its P1,500,000 fixed price contract at a total costof Pl 250 000 excluding P750,000 previously incurred from an originally estimated totalcost of P1,250,000. Using the percentage of completion method, what should be the balance of the Construction in Progress (CIP) account?* A. P250,000 B. P900,000 C. P562,500 D. P750,000Blue Construction Corp. began operations in 2023. Construction activity for 2023 is shown below. Blue uses the completed-contract method. Contract 1 2 3 Contract Price $1288000 1443400 1321000 Billings Through 12/31/23 $1270000 601000 787000 Collections Through 12/31/23 $1045000 402000 722000 Costs to 12/31/23 $880000 329000 current liability contract asset/liability, $94000 current asset contract asset/liability, $49000 current asset contract asset/liability, $143000 O accounts receivable, $787000 930000 Estimated Costs to Complete $758000 485000 Which of the following should be shown on the statement of financial position at December 31, 2023 related to Contract 3?Q6-1 The Hetman Group Inc. has identified the following two mutually exclusive projects: The Hetman Group Cash flow L 0 1 2 3 4 Year -10,000 200 500 8,200 4,800 Cash flow S -10,000 5,000 6,000 500 500 A. What is the IRR for each of these projects? If you apply the IRR decision rule, which project should the company accepts? Is this decision necessarily correct? B. If the required return is 9%, what is the NPV for each of these projects? Which project will you choose if you apply the NPV decision rule?
- The transactions of two mutually exclusive project are as presented below: Project A RE. 300.000 Project B Ra. 900.000 Intiat cost Leful lif ia yeES Antal malatenInce cest Salvage valse at the nd of ife Re 90 000 Rs 225,000 Rs. 10.C00 Rs 560000 Al 18 % intetect rate, So the best project by ustng the present worth meitodofcomprion is? Project A Project A or B Project B None of the aboveM. 00 00 at f. Use the following information for the next two questions: Co. appropriately uses the cost-to-cost method in measuring construction contract with a customer. Information on this contract, which was completed in 20x3, is shown below: Bass its progress on a Transaction price Profit each year Costs incurred each year (AICPA -Adapted) 20x1 20,000,000 400,000 3,600,000 a. 5,400,000 b. 6,800,000 20x2 20,000,000 1,400,000 ? 10. How much are the contract costs incurred in 20x2? a. 5,800,000 c. 6,600,000 b. 6,200,000 d. 10,200,000 How much are the estimated additional costs to complete as of December 31, 20x2? 20x3 20,000,000 (200,000) 8,200,000 c. 7,200,000 d. 8,600,000Bruin, Inc. has identified the following mutually exclusive projects. 0 1 2 3 4 Cash Flows Project A ($37,500) $17,300 $16,200 $13,800 $7,600 Project B ($37,500) $5,700 $12,900 $16,300 $27,500 a. What is the IRR for each of these projects? b. Which project should be selected under the IRR rule? c. If the required return for each project were 11%, what is the NPV of each project. d. Which project should be selected under the NPV rule? e. How would you reconcile this conflict in project selection?
