Golden Harvest Bakery prepaid their annual equipment maintenance contract of $12,000 on March 1, 2024. At March 31, specify the unexpired maintenance cost.
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- Maintenance CostGive me answer of this accounting SumIn 2021, Crane Corporation began construction work under a three-year contract. The contract price is $ 480000. Crane uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2021, follow: Balance Sheet Accounts receivable—construction contract billings $ 192000 Construction in progress $ 600000 Less contract billings 480000 Costs and recognized profit in excess of billings 120000 Income Statement Income (before tax) on the contract recognized in 2021 $ 120000 How much cash was collected in 2021 on this contract? $ 480000 $ 48000 $ 288000 $ 192000
- Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.In 2020, Blue Construction Corp. began construction work under a 3-year contract. The contract price was $1,060,000. Blue uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2020, are shown below. Balance Sheet Accounts receivable $16,600 Construction in process $63,700 Less: Billings 65,400 Costs and recognized profit in excess of billings -1,700 Income Statement Income (before tax) on the contract recognized in 2020 $19,110 (a) How much cash was collected in 2020 on this contract? Portion of contract billings collected $enter a dollar amount (b) What was the initial estimated total income before tax on this contract? Income before tax on this contract $enter a…Domestic
- Rasher Construction Limited (RCL) entered into a contract to construct a building for $975,000. The contract provided for progress payments. RCL's accounting year ends December 31. Work began under the contract on August 1, 2017, and was completed on October 31, 2019. Construction activities are summarized below: 2017 2018 450,000 190,000 535,500 375,000 2019 Construction costs incurred during the year 180,000 Estimated remaining costs to complete Progress Billings to date Cash Collections to date 195,000 630,000 153,000 140,000 975,000 450,000 REQUIRED 1. Record RCL's journal entries assuming that the percentage-of-completion method is used. Assume that the percentage of completion is measured by the ratio of costs incurred to date divided by total estimated construction costs. 2. Complete the following table for RCL using the percentage-of-completion method (as of and for the year ended December 31): 2017 2018 2019 Accounts Receivable CIP Inventory Billings on Contract Cost in excess…In 2025, Sunland Construction Corp. began construction work under a 3-year contract. The contract price was $1,090,000. Sunland uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2025, are shown below. Balance Sheet Accounts receivable Construction in process Less: Billings Costs and recognized profit in excess of billings Income Statement $16,600 $62,500 58,000 4,500 Income (before tax) on the contract recognized in 2025 (a) Your answer is correct. How much cash was collected in 2025 on this contract? (b) Portion of contract billings collected $ eTextbook and Media * Your answer is incorrect. $20,000 41400 What was the initial estimated total income before tax on this contract? Income before tax on this contract $ 4500 Attempts: 2 of 15 usedCrane Construction Co. uses the percentage-of-completion method. In 2021, Crane began work on a contract for $24475000; it was completed in 2022. The following cost data pertain to this contract: Year Ended December 31 2021 2022 Cost incurred during the year $8350000 $6150000 Estimated costs to complete at the end of year 5739000 If the completed-contract method of accounting was used, the amount of gross profit to be recognized for years 2021 and 2022 would be 2021 2022 $9975000. $(411000). $0. $10386000. $10386000. $0. $0. $9975000. O O
- In 2019, PJD Construction Corporation began construction work under a 3-year contract. The contract price was P4,000,000. PJD uses the percentage-of-completion method/over time for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial statement presentation relating to this contract at December 31, 2019 was as follows: What is the recognized revenue in 2019?In 2018, Long Construction Corporation began construction work under a three-year contract. The contract priceis $1,600,000. Long recognizes revenue over time according to percentage of completion for financial reportingpurposes. The financial statement presentation relating to this contract at December 31, 2018, is as follows:Balance SheetAccounts receivable (from construction progress billings) $30,000Construction in progress $100,000 Less: Billings on construction contract (94,000)Cost and profit of uncompleted contracts in excess of billings 6,000Income StatementIncome (before tax) on the contract recognized in 2018 $20,000Required:1. What was the cost of construction actually incurred in 2018?Cullumber Construction Co. uses the percentage-of-completion method. In 2024, Cullumber began work on a contract for $23200000; it was completed in 2025. The following cost data pertain to this contract: Year Ended December 31 2024 2025 Cost incurred during the year $8736000 $5720000 Estimated costs to complete at the end of year 5824000 The amount of gross profit to be recognized on the income statement for the year ended December 31, 2025 is ○ $3456000. ○ $8744000. $2920000. $3560000.