Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. Construction began in 2024 andwas completed in 2026. The following is a series of independent situations, numbered 1 through 6, involving differing costs for theproject. All costs are stated in thousands of dollars.Situation123Costs Incurred during Year20242026$ 1,540Situation1234561,5401,5405405405402025$2,250 $ 1,0202,5601,9201,0801,5802,2001,0202,2503,0403,0403,040Estimated Costs to Complete(As of the End of the Year)20242025$1,0202026$ 3,2703,2702,5601,8203,2703,7803,7805,0008951,8202,060Required:Complete the following table.Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $400thousand should be entered as $400,000). Round your final answers to the nearest whole dollar. Negative amounts should beindicated by a minus sign.Gross Profit (Loss) RecognizedRevenue Recognized Over Time202524362024111111Revenue Recognized Upon Completion202420262025

Gross profit is the amount of money a company keeps after deducting all of the expenses incurred in…

Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. 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 3 Situation 1 2 Costs Incurred during Year 2024 2026 3 4 5 6 $ 1,540 1,540 1,540 540 540 540 2025 $2,250 1,020 2,250 3,040 3,040 3,040 $1,020 2,560 1,920 1,080 1,580 2,200 Estimated Costs to Complete (As of the End of the Year) 2024 2025 2026 $ 3,270 3,270 3,270 3,780 3,780 5,000 Required: Complete the following table. Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $400 thousand should be entered as $400,000). Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign. $1,020 2,560 1,820 895 1,820 2,060 Revenue Recognized Over Time 2024 2025 2436 Gross Profit (Loss) Recognized |||||| Revenue Recognized Upon Completion 2024 2026 2025

Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. 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 3 Situation 1 2 Costs Incurred during Year 2024 2026 3 4 5 6 $ 1,540 1,540 1,540 540 540 540 2025 $2,250 1,020 2,250 3,040 3,040 3,040 $1,020 2,560 1,920 1,080 1,580 2,200 Estimated Costs to Complete (As of the End of the Year) 2024 2025 2026 $ 3,270 3,270 3,270 3,780 3,780 5,000 Required: Complete the following table. Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $400 thousand should be entered as $400,000). Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign. $1,020 2,560 1,820 895 1,820 2,060 Revenue Recognized Over Time 2024 2025 2436 Gross Profit (Loss) Recognized |||||| Revenue Recognized Upon Completion 2024 2026 2025

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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Question

Note:-

Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. 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
Costs Incurred during Year
2024
2026
$ 1,540
Situation
1
2
3
4
5
6
1,540
1,540
540
540
540
2025
$2,250 $ 1,020
2,560
1,920
1,080
1,580
2,200
1,020
2,250
3,040
3,040
3,040
Estimated Costs to Complete
(As of the End of the Year)
2024
2025
$1,020
2026
$ 3,270
3,270
2,560
1,820
3,270
3,780
3,780
5,000
895
1,820
2,060
Required:
Complete the following table.
Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $400
thousand should be entered as $400,000). Round your final answers to the nearest whole dollar. Negative amounts should be
indicated by a minus sign.
Gross Profit (Loss) Recognized
Revenue Recognized Over Time
2025
2436
2024
111111
Revenue Recognized Upon Completion
2024
2026
2025

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Step 1: Introduction of Gross profit

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Step 2: Calculation of % of completion, revenue recognition and Gross profit for situation 1-3:

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Step 3: Calculation of % of completion, revenue recognition and Gross profit for situation 4-6:

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Step 4: Calculation of Gross Profit - Revenue on completion - Brady Construction Company for situation 1-6::

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