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 $108 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 Years 2023 Actual costs incurred in each year $ 30 million $ 45 million $ 35 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 over time according to percentage of completion? 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). 2024 2025 Estimated remaining costs to complete the project (measured at December 31 of each year) $ 60 million $ 45 million $0 million Gross Profit (or Loss) recognized million million million

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 $108 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 Years 2023 Actual costs incurred in each year $ 30 million $ 45 million $ 35 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 over time according to percentage of completion? 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). 2024 2025 Estimated remaining costs to complete the project (measured at December 31 of each year) $ 60 million $ 45 million $0 million Gross Profit (or Loss) recognized million million million

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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