sir answer as soon as possibleBeta Construction Ltd. executed various types of construction projects. The details of the contract amount, costs incurred and to be incurred and payment particulars are given in the following table for 2014-15. All figures are in Millions. All costs were fully settled in cash and all payments were received in cash. Assume that all projects were started during 2014-15.ProjectBillingsContractValue20.00120.00Costs toCosts todatecomplete19.00 Completed9.606.4016.60Completed2.4013.60215.0010.00316.0016.002.00420.00Assume that the company uses the Percentage of Total Cost Method to account for its contracts. Fill in the blanks for each of the three contracts:Project 1Project 2Project 3Project 4Increase in EarningsUnearned Rev.Un-incurred Cost Change in LiabilitiesWIPUnbilled RevenueChange in AssetsAssume that the company uses the Physical Progress Method Based on Billing to account for its contracts. Fill in the blanks for each of the three contracts:Project 1Project 2Project 3Project 4Increase in EarningsUnearned Rev.Un-incurred CostChange in LiabilitiesWIPUnbilled RevenueChange in Assets Beta Construction Ltd. executed various types of construction projects. The details of the contractamount, costs incurred and to be incurred and payment particulars are given in the following tablefor 2014-15. All figures are in Millions. All costs were fully settled in cash and all payments werereceived in cash. Assume that all projects were started during 2014-15.Project1234Increase in EarningsUnearned Rev.Un-incurred CostChange in LiabilitiesWIPUnbilled RevenueChange in AssetsIncrease in EarningsContractValue20.0015.0016.0020.00Unearned Rev.Un-incurred CostChange in LiabilitiesCosts todate19.00Assume that the company uses the Percentage of Total Cost Method to account for its contracts.Fill in the blanks for each of the three contracts:Project 1WIPUnbilled RevenueChange in Assets9.6016.602.40Costs tocompleteCompleted6.40Completed13.60BillingsProject 2Project 3Assume that the company uses the Physical Progress Method Based on Billing to account for itscontracts. Fill in the blanks for each of the three contracts:Project 1Project 220.0010.0016.002.00Project 3Project 4Project 4

The question relates to accounting methods used for construction contracts, specifically the…

Answered: Beta Construction Ltd. executed various…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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sir answer as soon as possible Beta Construction Ltd. executed various types of construction projects. The details of the contract amount, costs incurred and to be incurred and payment particulars are given in the following table for 2014-15. All figures are in Millions. All costs were fully settled in cash and all payments were received in cash. Assume that all projects were started during 2014-15. Project Billings Contract Value 20.00 1 20.00 Costs to Costs to date complete 19.00 Completed 9.60 6.40 16.60 Completed 2.40 13.60 2 15.00 10.00 3 16.00 16.00 2.00 4 20.00 Assume that the company uses the Percentage of Total Cost Method to account for its contracts. Fill in the blanks for each of the three contracts: Project 1 Project 2 Project 3 Project 4 Increase in Earnings Unearned Rev. Un-incurred Cost Change in Liabilities WIP Unbilled Revenue Change in Assets Assume that the company uses the Physical Progress Method Based on Billing to account for its contracts. Fill in the blanks for each of the three contracts: Project 1 Project 2 Project 3 Project 4 Increase in Earnings Unearned Rev. Un-incurred Cost Change in Liabilities WIP Unbilled Revenue Change in Assets

Beta Construction Ltd. executed various types of construction projects. The details of the contract
amount, costs incurred and to be incurred and payment particulars are given in the following table
for 2014-15. All figures are in Millions. All costs were fully settled in cash and all payments were
received in cash. Assume that all projects were started during 2014-15.
Project
1
2
3
4
Increase in Earnings
Unearned Rev.
Un-incurred Cost
Change in Liabilities
WIP
Unbilled Revenue
Change in Assets
Increase in Earnings
Contract
Value
20.00
15.00
16.00
20.00
Unearned Rev.
Un-incurred Cost
Change in Liabilities
Costs to
date
19.00
Assume that the company uses the Percentage of Total Cost Method to account for its contracts.
Fill in the blanks for each of the three contracts:
Project 1
WIP
Unbilled Revenue
Change in Assets
9.60
16.60
2.40
Costs to
complete
Completed
6.40
Completed
13.60
Billings
Project 2
Project 3
Assume that the company uses the Physical Progress Method Based on Billing to account for its
contracts. Fill in the blanks for each of the three contracts:
Project 1
Project 2
20.00
10.00
16.00
2.00
Project 3
Project 4
Project 4

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