facilities in Gros Islet. The following information has been provided. Contract price-$25 000 000 Cast during year Estimated cost to complete Progress billings to date Cash collected to date 2021 $ 4 000 000 16 000 000 4 500 000 4 200 000 2022 $8 000 000 8 050 000 11 500 000 11 000 000 Time left 2:20:2 2023 $8 100 000 0 25 000 000 25 000 000 i Complete the following Workings Schedule. Do not enter negative values in the

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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BnD Construction Co. successfully tendered for a 3-year contract to erect some warehouse
facilities in Gros Islet. The following information has been provided.
Time left 2:20:2
Contract price - $25 000 000
2021
$ 4 000 000
Cast during year
Estimated cost to complete
Progress billings to date
Cash collected to date
Cast to date
Estimated cost to complete
Total estimated cost
Percentage complete (Round
to nearest whole number)
Total contract price
Total estimated cast
i Complete the following Workings Schedule. Do not enter negative values in the
schedule.
Estimated gross profit or loss
Revenue to recognize to date
Less Revenue previously
recognized
Revenue to recognize in year
Estimated gross profitto
recognize to date
16 000 000
4 500 000
4 200 000
Less Gross profit or lass
previously recognized
2022
2021
$8 000 000
8
050 000
11 500 000
11 000 000
2023
2022
$8 100 000
0
25 000 000
25 000 000
2023
%
Transcribed Image Text:BnD Construction Co. successfully tendered for a 3-year contract to erect some warehouse facilities in Gros Islet. The following information has been provided. Time left 2:20:2 Contract price - $25 000 000 2021 $ 4 000 000 Cast during year Estimated cost to complete Progress billings to date Cash collected to date Cast to date Estimated cost to complete Total estimated cost Percentage complete (Round to nearest whole number) Total contract price Total estimated cast i Complete the following Workings Schedule. Do not enter negative values in the schedule. Estimated gross profit or loss Revenue to recognize to date Less Revenue previously recognized Revenue to recognize in year Estimated gross profitto recognize to date 16 000 000 4 500 000 4 200 000 Less Gross profit or lass previously recognized 2022 2021 $8 000 000 8 050 000 11 500 000 11 000 000 2023 2022 $8 100 000 0 25 000 000 25 000 000 2023 %
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