A Company has used the cost-to-cost percentage-of-completion (Over time) method of recognizing revenue. The following information regarding a recently completed building project for which the total contract price was P2,000,000. Description Gross profit (loss) Cost incurred each year 360,000 ? 2018 2019 2020 |P40,000|P140,000이 P(20,000)| 820,000 What was the total estimated gross profit by the end of 2019?

A Company has used the cost-to-cost percentage-of-completion (Over time) method of recognizing revenue. The following information regarding a recently completed building project for which the total contract price was P2,000,000. Description Gross profit (loss) Cost incurred each year 360,000 ? 2018 2019 2020 |P40,000|P140,000이 P(20,000)| 820,000 What was the total estimated gross profit by the end of 2019?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 25E: Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and...

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Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.
NEED SOLUTION ASAP PLEASE! THANK YOU A Company has used the cost-to-cost percentage-of-completion (Over time) method of recognizing revenue. The following information regarding a recently completed building project for which the total contract price was P2,000,000. Description 2018 2019 2020 Gross profit (loss) P40,000 P140,000 P(20,000) Cost incurred each year 360,000 ? 820,000 What was the total estimated gross profit by the end of 2019?
Blossom Construction Company uses the percentage-of-completion method of accounting. In 2021, Blossom began work on a contract it had received which provided for a contract price of $47500000. Other details follow: 2021 Costs incurred during the year $22000000 Estimated costs to complete as of December 31 16000000 Billings during the year 21500000 Collections during the year 10500000 What should be the gross profit recognized in 2021?
Meberick Company has consistently used the percentage-of-completion method of recognizing income. In 2021, Bruner started work on a €49,000,000 construction contract that was completed in 2022. The following information was taken from Meberick 's 2021 accounting records. What amount of gross profit should Bruner have recognized in 2021 on this contract? Progress billings €15,400,000 Costs incurred 14,700,000 Collections 9,600,000 Estimated costs to complete 29,400,000
A Company has used the cost-to-cost-completion (over time) method of recognizing revenue. The following information regarding a recently completed building project for which the total contract price was P2,000,000. Description 2018 2019 2020 Gross profit (loss) P40,000 P140,000 P(20,000) Costs incurred each year 360,000 ? 820,000 How much was the cost incurred in 2019?
Cullumber Construction Co. uses the percentage-of-completion method. In 2024, Cullumber began work on a contract for $23200000; it was completed in 2025. The following cost data pertain to this contract: Year Ended December 31 2024 2025 Cost incurred during the year $8736000 $5720000 Estimated costs to complete at the end of year 5824000 The amount of gross profit to be recognized on the income statement for the year ended December 31, 2025 is ○ $3456000. ○ $8744000. $2920000. $3560000.
Casio Co. recognizes construction revenue and expenses using the percentage-of-completion method. During 2020, a single long-term project was begun, which continued through 2018 Information on the project follows: 12/31 Accounts Receivable balance Construction expenses for year Gross Profit recognized in year Bangs during year The 12/31/21 CIP balance is Select one O $50,000 Ob 1322,000 O 1619.000 Od $106.000 O $112,000 2020 $100,000 105,000 122,000 100,000 20121 $300.000 192,000 200,000 420.000
Creative Construction Company has consistently used the percentage of completion method of recognizing revenue. During 2019, Creative started work on a P15M fixed price construction contract. The accounting records disclosed the following data for the year ended December 31, 2019. Contract Costs incurred P4,650,000 Estimated costs to complete P10,850,000 Progress Billings 15,500,000 Collections P3,500,000 15. The loss that Creative Construction Company should have recognized in 2019 is a. P150,000 b. P500,000 C. P350,000 d P1,150,000
During the year 2019, Height Cons began work on a contract for 3,700,000. Costs incurred during the year 1,800,000. Estimated costs to complete as of December 31= 1,200,000 Billings during the year1,650,000 Collections during the year 975,000 It uses the percentage-of-completion method. Find reporting gross profit?
Zent construction has an contract for $3,700,000. Other details follow:Costs incurred during the year= $1,800,000Estimated costs to complete as of December 31= 1,200,000Billings during the year=1,650,000Collections during the year= 975,000 It uses the percentage of completion method For calendar 2020, what should report gross profit of?
During the year 2020, Pop Construction Corp. began work on a contract for $3,700,000. Other details follow:Costs incurred during the year $1,800,000Estimated costs to complete as of December 31= 1,200,000Billings during the year1,650,000Collections during the year 975,000 Pop uses the percentage-of-completion method. For calendar 2020, Pop should report gross profit of?
The Lao Construction Company recognizes revenue over time according to percentage of completion for its long-term construction contracts. In 2024, Lao began work on a construction contract. Information on this contract at the end of 2024 is as follows: Cost incurred during the year $ 1,500,000 Estimated additional cost to complete 6,000,000 Gross profit recognized in 2024 250,000 What is the contract price (total revenue) on this contract?