put answer to zero decimal place and place answer in descending order. Blue Construction Co. successfully tendered for a 3-year contract to erect some warehousefacilities in a new industrial zone. The following information has been provided.Contract price - $25 000 0002022Cost during yearEstimated cost to completeProgress billings to dateCash collected to date20232024$ 4 000 000$8 000 000$8 100 00016 000 0008 050 000이4 500 00011 500 00025 000 0004 200 00011 000 00025 000 000 ii. Prepare the necessary journal entries for 2023.Dr.Cr.To record construction costsDr.Cr.To record billingsDr.Cr.To record collections

Here is the detailed explanation of each journal entry for 2023:1. To Record Construction…

Answered: Blue Construction Co. successfully…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 35E

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BnD Construction Co. successfully tendered for a 3-year contract to erect some warehouse facilities in Gros Islet. The following information has been provided. Contract price - $25 000 000 2021 2022 2023 Cost during year $ 4 000 000 $8 000 000 $8 100 000 Estimated cost to complete 16 000 000 8 050 000 0 Progress billings to date 4 500 000 11 500 000 25 000 000 Cash collected to date 4 200 000 11 000 000 25 000 000 i. Complete the following Workings Schedule. Do not enter negative values in the schedule. 2021 2022 2023 Cost to date $Answer 29 Question 3 $Answer 30 Question 3 $Answer 31 Question 3 Estimated cost to complete $Answer 32 Question 3 $Answer 33 Question 3 $Answer 34 Question 3 Total estimated cost $Answer 35 Question 3 $Answer 36 Question 3 $Answer 37 Question 3 Percentage complete (Round to nearest whole number) Answer 38 Question 3% Answer 39 Question 3%…
BnD Construction Co. successfully tendered for a 3-year contract to erect some warehouse facilities in Gros Islet. The following information has been provided. Contract price - $25 000 000 Cost during year Estimated cost to complete Progress billings to date Cash collected to date Prepare the following journal entries: 1. To record construction cost 2. To record billings 3. To record collections 4. To record revenue 2021 $ 4 000 000 16 000 000 4 500 000 4 200 000 2022 $8 000 000 8 050 000 11 500 000 11 000 000 2023 $8 100 000 이 25 000 000 25 000 000
This subject is Accounting for Special Transactions
In 20Y5, Duncan Construction Company agreed to construct an apartment building at a price of $1,200,000. The information relating to the costs and billings for the contract is shown below. Cost incurred to date Est. cost yet to be incurred Customer billings to date Collections of billings to date 20Y5 $ 280,000 520,000 150,000 120,000 ● 20Y6 $ 600,000 200,000 500,000 320,000 20Y7 $ 785,000 0 1,200,000 940,000 • Prepare a schedule showing the profit to be recognized each year. Prepare all journal entries required for all years using the percentage of completion method. Prepare all journal entries required for all years using the completed contracts method.
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On September 1, 20x1, ABC Co. enters into a contract with a customer to remodel a plant's electrical wirings and install a new generator for a total consideration of P10M. The remodeling and the installation single performance obligation treated as a satisfied over time. The expected contract costs Generator LO as follows: Other costs Expected total contract costs 2,500,000 4,000,000 6,500,000 VERSITY Additional information: • ABC Co. uses the cost-to-cost method in measuring its progress towards the complete satisfaction of the performance obligation. • ABC Co. incurs total costs of P4,000,000 in 20x1, including the cost of the generator. The customer obtains control of the generator when it is delivered to the site in December 20x1. However, the generator will not be installed until March 20x2. • • ABC Co. regards the cost of the generator as significant in relation to the expected total contract costs-eating during examinations, quizzes or plagiarism in connection . Although ABC Co.…

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