FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

Ee 474.

Brady Construction Company contracted to build an apartment complex for a price of $5,700,000. 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
aSAWNP
2
3
4
5
6
Costs Incurred during Year
2024
2026
$ 1,570
1,570
1,570
570
570
570
2025
$ 2,340
1,110
2,340
3,070
3,070
3,070
$ 1,110
2,680
2,160
1,140
1,790
2,500
Estimated Costs to Complete
(As of the End of the Year)
2025
2024
2026
$ 3,450 $ 1,110
3,450
2,680
3,450
2,060
910
3,990
3,990
5,300
2,060
2,330
Required:
Complete the following table.
Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $400
thousand should be entered as $400,000). Round your final answers to the nearest whole dollar. Negative amounts should be
indicated by a minus sign.
expand button
Transcribed Image Text:Brady Construction Company contracted to build an apartment complex for a price of $5,700,000. 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 aSAWNP 2 3 4 5 6 Costs Incurred during Year 2024 2026 $ 1,570 1,570 1,570 570 570 570 2025 $ 2,340 1,110 2,340 3,070 3,070 3,070 $ 1,110 2,680 2,160 1,140 1,790 2,500 Estimated Costs to Complete (As of the End of the Year) 2025 2024 2026 $ 3,450 $ 1,110 3,450 2,680 3,450 2,060 910 3,990 3,990 5,300 2,060 2,330 Required: Complete the following table. Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $400 thousand should be entered as $400,000). Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.
Situation
1
2
3
4
5
6
$
Revenue Recognized Over Time
2025
2026
2024
212,669 $
212,669
212,669
142,500
142,500
(170,000)
Gross Profit (Loss) Recognized
Revenue Recognized Upon Completion
2025
2026
2024
316,972
(42,669)
(482,669)
777,500
(142,500)
expand button
Transcribed Image Text:Situation 1 2 3 4 5 6 $ Revenue Recognized Over Time 2025 2026 2024 212,669 $ 212,669 212,669 142,500 142,500 (170,000) Gross Profit (Loss) Recognized Revenue Recognized Upon Completion 2025 2026 2024 316,972 (42,669) (482,669) 777,500 (142,500)
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education