Brady Construction Company contracted to build an apartment complex for a price of $6,600,000. Construction began in 2024 andwas completed in 2026. The following is a series of independent situations, numbered 1 through 6, involving differing costs for theproject. All costs are stated in thousands of dollars.Costs Incurred during YearEstimated Costs to Complete(As of the End of the Year)2026Situation12024$ 1,6602025$ 2,6102026$ 1,3802024$ 3,9902025$ 1,380234561,6601,3803,0403,9903,0401,6602,6102,8803,9902,7806603,1601,3204,6209556603,1602,4204,6202,7806603,1603,4006,1553,140Complete 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.Required:Gross Profit (Loss) RecognizedSituation2024Revenue Recognized Over Time202520262024Revenue Recognized Upon Completion20262025122345699

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Answered: Brady Construction Company contracted…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 46P

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Please assits with this cost accounting question Contract Masters Ltd has entered into a contract with Creative Dealers Ltd. for the construction of a new branch office. The contract began on March 1, 2022 and was completed on December 28 2022. The total value of the contract was $12,000,000. On December 30, 2022, an engineer inspected the project and issued a final certificate for work done. The following information is available with regards to the contract: $Site labour costs 3,120,000 Materials direct to site 2,000,000Materials returned 30,500 Materials from store and workshops 500,000 Maintenance of plant and use 980,000 Direct expenses 1,090,000 General overheads 750,000 Materials…
Question Three: $960,000. The job was completed in 2022. The following information is available: During 2020 Nass Company started a construction job with a contract price of Costs to date Estimated costs to complete Billings to date Collections to date 2020 $240,000 360,000 180,000 162,000 (a) Percentage-of-completion Date 2021 2021 $495,000 165,000 540,000 486.000 Required: a) Preparing all the journal entries for 2021 Assuming Nass uses the percentage-of-completion method. Account b) Assume that Nass uses the cost-recovery method, record the revenue, and gross profit if any, recognized in 2021 and 2022. c) Show the presentation of construction-in-process and billings in construction-in-process accounts in the statement of financial position in 2020 under both the percentage-of-completion and the cost-recovery method. 2022 $642,000 0 960,000 855,000 Debit Credit ASI -991E ATU
H1. Account
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On July 1, 2016, ABC Construction Corp. contracted to build an office building for XYZ, Inc. fora total price of P975,000. 2016 2017 2018Contract cost incurred to date 75,000 600,000 1,050,000Estimated costs to complete the contract 675,000 400,000 -Billings to XYZ, Inc. 150,000 550,000 275,0001. Under the percentage of completion method, how much is the Construction-in-Progressat December 31,2017?2. Under the zero-profit method, how much is the Construction-in-Progress, net of ProgressBillings at December 31, 2017?3. Under the percentage of completion method, how much is the realized gross profit/ (loss)at December 31, 2018?
Current Attempt in Progress The final amounts were in for Bramble Corp's fixed-MOH costs. The total fixed-MOH costs consisted of $2,500 of insurance (all prepaid), $4,500 in accrued supervisor salaries, $4,600 of factory-related depreciation, and $1,600 in property taxes (paid in cash). Bramble's applied fixed-MOH costs amounted to $14,000 for the year. Further, both fixed-MOH variances were favorable, the price variance being $200 and the volume variance being $600. Record the following journal entries: (1) to recognize the actual fixed-MOH costs incurred, (2) the allocation of fixed-MOH to production, and (3) the final recognition of specific fixed-MOH variances (while closing out the control account). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation (1) (2) (3)…
How much is the cost of the machinery?
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