Cost to dateEstimated cost to completeTotal estimated costPercentage complete (Round)to nearest whole number)Total contract priceTotal estimated costEstimated grass profit or lassRevenue to recognize to dateLess Revenue previouslyrecognizedRevenue to recognize in yearEstimated grass profit torecognize to dateLess Gross profit or losspreviously recognizedGross profit or loss torecognize in year202220232024$S%%% ii. Prepare the necessary journal entries for 2023IDr.=CrTo record construction costsDr.CrTo record billingsDr.Cr.To record collections===Remember: Items in this compound journal entry MUST be listed in their descending order ofvalue for the purpose of being graded correctly by MoodleDr.Dr.Cr.To record revenue===

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Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter9: Operating Activities

Section: Chapter Questions

Problem 3QE

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you osie uequised to prieposie arcount Showing the position of Contract 30.4.2014 f1om the folowing prepare. Conteract on particulass: Contsiact pece $1,00.000; matorials Sent to Site $ 32,350; lobbui engaged on Bite $ 27.4L00: plont installed at site $5,650; Value of plont on 30, 4.2014 $44.100; Work Heceived $ 65,000; Cost yot Cestilied $1700:0.Expenses $L200 Cost of estabishment $ 1L, 625; 0/8 $900: Moterials in hand $700: materials loreturined to Stores $200: 0tect expenser. 0/5 $100. Contified $7,500: Cash t Ol 1o0nk done but. of wages
ideal farenitura couipment discorded onjene 15, 2013, that Rad a cost d lo, o00 $ and was jaukuadžed the dieporal f De equiprent"
percetage of completion method (over time) using cost to cost method: 1. compute the due from to customers
Q31 Each and every individual item in this method is recorded in balance sheet in ________ method taking in to consideration the ________ index according to the cost of replacing all the assets and liabilities rather than original cost. a. Historical cost ; General price index b. Current purchasing; General price index c. Replacement cost ; Specific price index d. Replacement cost ; General price index
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4 In accounting for construction contracts using the percentage of completion method, the gross profit recognized during the year would be the estimated gross profit multiplied by the percentage of the costs incurred to date to the : Group of answer choices Total estimated cost Total contract price Total cost incurred to date Unbilled portion of the contract price
M. 00 00 at f. Use the following information for the next two questions: Co. appropriately uses the cost-to-cost method in measuring construction contract with a customer. Information on this contract, which was completed in 20x3, is shown below: Bass its progress on a Transaction price Profit each year Costs incurred each year (AICPA -Adapted) 20x1 20,000,000 400,000 3,600,000 a. 5,400,000 b. 6,800,000 20x2 20,000,000 1,400,000 ? 10. How much are the contract costs incurred in 20x2? a. 5,800,000 c. 6,600,000 b. 6,200,000 d. 10,200,000 How much are the estimated additional costs to complete as of December 31, 20x2? 20x3 20,000,000 (200,000) 8,200,000 c. 7,200,000 d. 8,600,000
Answer No. 24 Using the Percentage of completion Method, the realized gross profit or loss for the year 2021 is: a. 822,500 b. -35,000 c. 840,000 d. -122,500 No. 16 (the other picture: Roman Construction Company) The billings in excess of cost or the cost in excess of billings to be reported in the balance sheet as od December 31,2019 a. 20,000 excess of cost over billings b. 20,000 excess of billings over cost c. 900,000 excess of cost over billings d. 900,000 excess of billings over cost Provide a complete solution. Thank You
am. 328.
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ata table K Fabulous Fabricators needs to decide how to allocate space in its prod year. It is considering the following contracts: E a. What are the profitability indexes of the projed Data Table b. What should Fabulous Fabricators do? a. What are the profitability indexes of the projects? The profitability index for contract A is *** Contract A B C ck on the following icon in order to copy its contents into a spreadsheet.) Use of Facility 100% 60% 40% NPV $1.98 million $1.02 million $1.53 million (Round to two decimal places

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