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 - $25 000 000202220232024Cost during year$ 4000 000$8 000 000$8 100 000Estimated cost to complete16 000 0008 050 000Progress billings to date4 500 00011 500 00025 000 000Cash collected to date4 200 00011 000 00025 000 0002022i. Complete the following Workings Schedule.Cost to dateEstimated cost to completeTotal estimated cost20232024$6A+A+A Percentage complete (Roundto nearest whole number)%Total contract priceTotal estimated costEstimated gross profit or lossRevenue to recognize to date69+ALess Revenue previouslyrecognizedRevenue to recognize in year%%69EA10S

Explanation of the Workings:1. Cost to Date: This is the cumulative cost incurred for the project up…

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%…
Answer the below in descending order and to zero decimal places. Thank you
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
Provide proper solution
answer in descending order and this is for 2023 journal entries.
BnD Construction Co. successfully tendered for a 3-year contract to erect some warehouse facilities in Gros Islet. The following information has been provided. Time left 2:20:2 Contract price - $25 000 000 2021 $ 4 000 000 Cast during year Estimated cost to complete Progress billings to date Cash collected to date Cast to date Estimated cost to complete Total estimated cost Percentage complete (Round to nearest whole number) Total contract price Total estimated cast i Complete the following Workings Schedule. Do not enter negative values in the schedule. Estimated gross profit or loss Revenue to recognize to date Less Revenue previously recognized Revenue to recognize in year Estimated gross profitto recognize to date 16 000 000 4 500 000 4 200 000 Less Gross profit or lass previously recognized 2022 2021 $8 000 000 8 050 000 11 500 000 11 000 000 2023 2022 $8 100 000 0 25 000 000 25 000 000 2023 %
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.
Fabulous Fabricators needs to decide how to allocate space in its production facility this year. It is considering the following contracts: a. What are the profitability indexes of the projects? b. What should Fabulous Fabricators do? Data table (Click on the following icon in order to copy its contents into a spreadsheet.) Contract A NPV $1.98 million Use of Facility 100% B $1.01 million 57% C $1.49 million 43% Print Done - X ☑
Venus' Venerable Construction contracts to lay marble in a new museum over a three-year period, and the project is considered to be a single performance obligation. The company's accountants record the following details relating to the project: Contract details: Contract price Year Revenue Expense Income Estimated cost Estimated profit $1,500 $1,200 $300 Spending pattern during construction: Year 1 1 [R1] [E1] [11] Year 2 Year 3 $300 Answer the following question(s) by filling in the blanks. Do not include any symbols besides decimals in your answers (do not input commas). $750 Compute the amount of revenue, expense, and income for each year assuming that its performance obligation is fulfilled over time and that the costs it incurs are reflective of the value conveyed to the customer. 2 [R2] [E2] [12] $150 3 [R3] [E3] [13] Venus' Venerable Construction contracts to lay marble in a new museum over a three-year period, and the project is considered to be a single performance obligation.…
In 20x1, XYZ Company enters into a construction contract with a customer. The contract price is P10,000,000.Information on the contract follows:20X1 20X2 20X3Contract costs incurred during the year P2,645,132 P236,451 P2,657,000Estimated costs to complete 2,697,451 2,116,777 -Progress Billings 5,000,000 3,000,000 2,000,000Collections on progress billings 2,000,000 4,000,000 4,000,000 Using the cost-to-cost method, Note: Use up to two (2) decimal places in presenting the answer for percentage of completion. Use six (6)decimal places when applying the percentage.1. Percentage of completion for 20x1 _____________2. Revenue that should be recognized in 20x1 _____________3. Realized gross profit in 20x1 _____________4. Balance of "Contract Liability" at the end of 20x1 _____________
In 20x1, XYZ Company enters into a construction contract with a customer. The contract price is P10,000,000.Information on the contract follows:20X1 20X2 20X3Contract costs incurred during the year P2,645,132 P236,451 P2,657,000Estimated costs to complete 2,697,451 2,116,777 -Progress Billings 5,000,000 3,000,000 2,000,000Collections on progress billings 2,000,000 4,000,000 4,000,000 Using the cost-to-cost method, compute the following: Note: Use up to two (2) decimal places in presenting the answer for percentage of completion. Use six (6)decimal places when applying the percentage.4. Balance of "Contract Liability" at the end of 20x1 _____________5. Percentage of completion for 20x2 _____________6. Revenue that should be recognized in 20x2 _____________
This subject is Accounting for Special Transactions

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