Brady Construction Company contracted to build an apartment complex for a price of $6,600,000. 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. Costs Incurred during Year Estimated Costs to Complete (As of the End of the Year) 2026 Situation 1 2024 $ 1,660 2025 $ 2,610 2026 $ 1,380 2024 $ 3,990 2025 $ 1,380 23456 1,660 1,380 3,040 3,990 3,040 1,660 2,610 2,880 3,990 2,780 660 3,160 1,320 4,620 955 660 3,160 2,420 4,620 2,780 660 3,160 3,400 6,155 3,140 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. Required: Gross Profit (Loss) Recognized Situation 2024 Revenue Recognized Over Time 2025 2026 2024 Revenue Recognized Upon Completion 2026 2025 1 2 23 45 6 99

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Brady Construction Company contracted to build an apartment complex for a price of $6,600,000. 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.
Costs Incurred during Year
Estimated Costs to Complete
(As of the End of the Year)
2026
Situation
1
2024
$ 1,660
2025
$ 2,610
2026
$ 1,380
2024
$ 3,990
2025
$ 1,380
23456
1,660
1,380
3,040
3,990
3,040
1,660
2,610
2,880
3,990
2,780
660
3,160
1,320
4,620
955
660
3,160
2,420
4,620
2,780
660
3,160
3,400
6,155
3,140
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.
Required:
Gross Profit (Loss) Recognized
Situation
2024
Revenue Recognized Over Time
2025
2026
2024
Revenue Recognized Upon Completion
2026
2025
1
2
23
45
6
99
Transcribed Image Text:Brady Construction Company contracted to build an apartment complex for a price of $6,600,000. 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. Costs Incurred during Year Estimated Costs to Complete (As of the End of the Year) 2026 Situation 1 2024 $ 1,660 2025 $ 2,610 2026 $ 1,380 2024 $ 3,990 2025 $ 1,380 23456 1,660 1,380 3,040 3,990 3,040 1,660 2,610 2,880 3,990 2,780 660 3,160 1,320 4,620 955 660 3,160 2,420 4,620 2,780 660 3,160 3,400 6,155 3,140 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. Required: Gross Profit (Loss) Recognized Situation 2024 Revenue Recognized Over Time 2025 2026 2024 Revenue Recognized Upon Completion 2026 2025 1 2 23 45 6 99
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