Beck Construction Company began work on a new building project on January 1, 2023. The project is to be completed by December 31, 2025, for a fixed price of $168 million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Beck's accounting staff Years 2023 2024 2025 Actual costs incurred in each year $ 46 million $77 million $ 51 million Required: What amount of gross profit (or loss) would Beck record on this project in each year, assuming that Beck recognizes revenue for this project upon completion of the project? Note: Enter "None" if there is no requirement of recognizing profit or loss. Loss amounts should be indicated with a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10). Years 2023 None 2024 2025 Gross Profit (or Loss) recognized 0 million 32 million million Gross loss Gross profit $ Estimated remaining costs to complete the project (measured at December 31 of each year) $ 92 million $.77 million $0 million www

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Beck Construction Company began work on a new building project on January 1, 2023. The project is to be completed by December
31, 2025, for a fixed price of $168 million. The following are the actual costs incurred and estimates of remaining costs to complete the
project that were made by Beck's accounting staff
Years
2023
2024
2025
Actual costs incurred in each year
$ 46 million
$77 million
$ 51 million
Required:
What amount of gross profit (or loss) would Beck record on this project in each year, assuming that Beck recognizes revenue for this
project upon completion of the project?
Note: Enter "None" if there is no requirement of recognizing profit or loss. Loss amounts should be indicated with a minus sign.
Enter your answers in millions (l.e., 10,000,000 should be entered as 10).
Years
2023 None
2024
2025
Gross Profit (or Loss) recognized
0 million
32 million
million
Gross loss
Gross profit
$
Estimated remaining costs to complete the
project (measured at
December 31 of each year)
$ 92 million
$77 million
se million
3 Prey
8 of 11
HE
Next
Transcribed Image Text:Beck Construction Company began work on a new building project on January 1, 2023. The project is to be completed by December 31, 2025, for a fixed price of $168 million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Beck's accounting staff Years 2023 2024 2025 Actual costs incurred in each year $ 46 million $77 million $ 51 million Required: What amount of gross profit (or loss) would Beck record on this project in each year, assuming that Beck recognizes revenue for this project upon completion of the project? Note: Enter "None" if there is no requirement of recognizing profit or loss. Loss amounts should be indicated with a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10). Years 2023 None 2024 2025 Gross Profit (or Loss) recognized 0 million 32 million million Gross loss Gross profit $ Estimated remaining costs to complete the project (measured at December 31 of each year) $ 92 million $77 million se million 3 Prey 8 of 11 HE Next
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