Answer the below in descending order and to zero decimal places. Thank you Blue Construction Co. successfully tendered for a 3-year contract to erect some warehousefacilities in a new industrial zone. The following information has been provided.Contract price - $25 000 000202220232024Cost during year$ 4000 000$8 000 000$8 100 000Estimated cost to complete16 000 0008 050 000이Progress billings to date4 500 00011 500 00025 000 000Cash collected to date4 200 00011 000 00025 000 000i. Complete the following Workings Schedule.202220232024Cost to dateEstimated cost to completeTotal estimated cost+A+A+A Percentage complete (Roundto nearest whole number)Total contract priceTotal estimated costEstimated gross profit or lossRevenue to recognize to dateLess Revenue previouslyrecognizedRevenue to recognize in year%EAde%%$$$$

Explanation of the Workings:1. Cost to Date: This is the cumulative cost incurred for the project up…

Answered: Blue Construction Co. successfully…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 35E

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BnD Construction Co. successfully tendered for a 3-year contract to erect some warehouse facilities in Gros Islet. The following information has been provided. Contract price - $25 000 000 Cost during year Estimated cost to complete Progress billings to date Cash collected to date Prepare the following journal entries: 1. To record construction cost 2. To record billings 3. To record collections 4. To record revenue 2021 $ 4 000 000 16 000 000 4 500 000 4 200 000 2022 $8 000 000 8 050 000 11 500 000 11 000 000 2023 $8 100 000 이 25 000 000 25 000 000
BnD Construction Co. successfully tendered for a 3-year contract to erect some warehouse facilities in Gros Islet. The following information has been provided. Time left 2:20:2 Contract price - $25 000 000 2021 $ 4 000 000 Cast during year Estimated cost to complete Progress billings to date Cash collected to date Cast to date Estimated cost to complete Total estimated cost Percentage complete (Round to nearest whole number) Total contract price Total estimated cast i Complete the following Workings Schedule. Do not enter negative values in the schedule. Estimated gross profit or loss Revenue to recognize to date Less Revenue previously recognized Revenue to recognize in year Estimated gross profitto recognize to date 16 000 000 4 500 000 4 200 000 Less Gross profit or lass previously recognized 2022 2021 $8 000 000 8 050 000 11 500 000 11 000 000 2023 2022 $8 100 000 0 25 000 000 25 000 000 2023 %
Brooksville Construction began a construction project in 20x5. The contract price was P1,250,000, and the estimated costs were P1,000,000. Data for each year of the contract are as follows: 20x5 20x6 20x7 Costs incurred during the year P 250,000 P 600,000 P 190,000 Estimated costs to complete 750,000 212,500 -0- Partial billings 375,000 500,000 375,000 Collections 187,500 469,000 593,500 Assuming Brooksville uses the percentage-of-completion method of revenue recognition, determine: What is the balance of Construction in Progress at the end of 20x5.
In 20Y5, Duncan Construction Company agreed to construct an apartment building at a price of $1,200,000. The information relating to the costs and billings for the contract is shown below. Cost incurred to date Est. cost yet to be incurred Customer billings to date Collections of billings to date 20Y5 $ 280,000 520,000 150,000 120,000 ● 20Y6 $ 600,000 200,000 500,000 320,000 20Y7 $ 785,000 0 1,200,000 940,000 • Prepare a schedule showing the profit to be recognized each year. Prepare all journal entries required for all years using the percentage of completion method. Prepare all journal entries required for all years using the completed contracts method.
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This subject is Accounting for Special Transactions
Kindly answer the no. 4 question. Thank you
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.
Venus' Venerable Construction contracts to lay marble in a new museum over a three-year period, and the project is considered to be a single performance obligation. The company's accountants record the following details relating to the project: Contract details: Contract price Year Revenue Expense Income Estimated cost Estimated profit $1,500 $1,200 $300 Spending pattern during construction: Year 1 1 [R1] [E1] [11] Year 2 Year 3 $300 Answer the following question(s) by filling in the blanks. Do not include any symbols besides decimals in your answers (do not input commas). $750 Compute the amount of revenue, expense, and income for each year assuming that its performance obligation is fulfilled over time and that the costs it incurs are reflective of the value conveyed to the customer. 2 [R2] [E2] [12] $150 3 [R3] [E3] [13] Venus' Venerable Construction contracts to lay marble in a new museum over a three-year period, and the project is considered to be a single performance obligation.…
MD Construction entered into a contract beginning January 1, 2010 to build a parking complex. It has been estimated that the complex will cost P600,000 and will take three years to construct. The complex will be billed at P900,000. The following data pertain to the construction period. 2010 2011 2012 Cost to date P270,000 P420,000 P600,000 Estimated cost to complete Progress billings to date Cash collected to date 330,000 270,000 180,000 -0- 550,000 900,000 240,000 500,000 900,00 During 2010, costs incurred include P30,000o standard materials stored at the site to be used in 2012 to complete the project. Using percentage-of-completion method, compute the gross profit that should be recognized in 2011:
SMDC Construction signed a contract to build a building over a period 3 years for a price of P10,000,000. Information relating to the performance of the contract is summarized as follows: 2017 2018 2019 contribution costs incurred during the year 2,500,000 2,400,000 1,800,000 estimated costs to complete 4,500,000 1,800,000 - buildings during the year 2,200,000 2,800,000 5,000,000 collections during the year 2,000,000 2,500,000 5,500,000 Prepare the entries under the percentage of completion.

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