Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2024 and was completed in 2026. The following is a series of Independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.
Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2024 and was completed in 2026. The following is a series of Independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2024 and
was completed in 2026. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the
project. All costs are stated in thousands of dollars.
Situation
1
2
3
4
5
Situation
1
2
3
4
Costs Incurred during Year
2026
2024
$1,500
5
6
1,500,
1,500
500
500
500
2025
$2,100
S
900
2,100
3,000
3,000
3,000
Required:
Complete the following table.
Note: Enter your answers in whole dollars and not in thousands of dollars (i.e., $400 thousand should be entered as $400,000).
Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Negative amounts should be
indicated by a minus sign.
$900
2,400
1,600
1,000
1,300
1,800
Estimated Costs to Complete
(As of the End of the Year)
2024
2025
2026
$ 900
2,400
1,500
875
1,500
1,700
$3,000
3,000
3,000
3,500
3,500
4,600
2024
166,667 S 233,333 $
300,000
(30,000)
Gross Profit (Loss) Recognized
Revenue Recognized
Over Time
2025
2026
100,000
30,000
2024
Revenue Recognized
Upon Completion
0
0
0
0
HELLE
0
0
2025
or s
(300,000)
0
0
0
0
2026
500,000
(300,000)
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