GGDL Construction Corp. recently acquired the P2 Corp. P2 Corp has incomplete accounting records. On the one particular project, only the information below is available: 2016 2017 2018 Cost incurred during the year 1,000,000 1,250,000 ? Estimated Cost to complete 2,250,000 950,000 - Recognized revenue 1,100,000 ? ? Realized gross profit on contract ? 50,000 (50,000) Contract Price 3,500,000 P2 Corp uses the percentage of completion method and percentage of work completed is determined through surveys of work performed (Engineer’s estimates). Compute the realized gross profit to be recognized in 2016, revenue to be reported in 2017 and cost incurred in 2018. Group of answer choices 250,000; 2,400,000; 2,250,000 100,000; 1,300,000; 1,150,000 1,100,000; 1,300,000; 2,250,000 1,000,000; 2,400,000; 3,400,000
GGDL Construction Corp. recently acquired the P2 Corp. P2 Corp has incomplete accounting records. On the one particular project, only the information below is available:
|
2016 |
2017 |
2018 |
|
|
Cost incurred during the year |
1,000,000 |
1,250,000 |
? |
|
Estimated Cost to complete |
2,250,000 |
950,000 |
- |
|
Recognized revenue |
1,100,000 |
? |
? |
|
Realized gross profit on contract |
? |
50,000 |
(50,000) |
|
Contract Price |
3,500,000 |
P2 Corp uses the percentage of completion method and percentage of work completed is determined through surveys of work performed (Engineer’s estimates). Compute the realized gross profit to be recognized in 2016, revenue to be reported in 2017 and cost incurred in 2018.
Group of answer choices
250,000; 2,400,000; 2,250,000
100,000; 1,300,000; 1,150,000
1,100,000; 1,300,000; 2,250,000
1,000,000; 2,400,000; 3,400,000
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