FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2024 and was completed in 2026. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Situation 1 2 3 Situation 1 2 3 2026 Costs Incurred during Year 2024 $1,500 1,500 $ 900 2,400 1,500 1,600 500 1,000 1,300 1,800 4 5 6 500 500 2025 $ 2,100 900 2,100 3,000 2024 4 5 6 Required: Complete the following table. Note: Enter your answers in whole dollars and not in thousands of dollars (i.e., $400 thousand should be entered as $400,000). Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign. 3,000 3,000 Estimated Costs to Complete (As of the End of the Year) 2024 2025 2026 $ 3,000 3,000 Revenue Recognized Over Time 2025 3,000 3,500 3,500 4,600 $ 900 2,400 1,500 875 1,500 1,700 Gross Profit (Loss) Recognized 2026 2024 Revenue Recognized Upon Completion 2025 2026
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Transcribed Image Text:Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2024 and was completed in 2026. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Situation 1 2 3 Situation 1 2 3 2026 Costs Incurred during Year 2024 $1,500 1,500 $ 900 2,400 1,500 1,600 500 1,000 1,300 1,800 4 5 6 500 500 2025 $ 2,100 900 2,100 3,000 2024 4 5 6 Required: Complete the following table. Note: Enter your answers in whole dollars and not in thousands of dollars (i.e., $400 thousand should be entered as $400,000). Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign. 3,000 3,000 Estimated Costs to Complete (As of the End of the Year) 2024 2025 2026 $ 3,000 3,000 Revenue Recognized Over Time 2025 3,000 3,500 3,500 4,600 $ 900 2,400 1,500 875 1,500 1,700 Gross Profit (Loss) Recognized 2026 2024 Revenue Recognized Upon Completion 2025 2026
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