Current Attempt in ProgressBlossom Builders contracted to build a high-rise for $27,000,000. Construction began in 2024 and is expected to be completed in2026. Data for 2024 and 2025 are:2024$3,500,000Estimated costs to complete 14,000,000Costs incurred to date(a)Blossom uses the percentage-of-completion method.Gross profit $eTextbook and MediaHow much gross profit should be reported for 2024?List of Accounts2025$9,880,000Save for Later9,120,000Attempts: 0 of 3 used Submit Answer

The percentage of work completed method is a technique used in contract costing to determine the…

Current Attempt in Progress Blossom Builders contracted to build a high-rise for $27,000,000. Construction began in 2024 and is expected to be completed in 2026. Data for 2024 and 2025 are: Costs incurred to date Estimated costs to complete (a) Gross profit $ eTextbook and Media 2024 Blossom uses the percentage-of-completion method. List of Accounts $3,500,000 Save for Later 14,000,000 How much gross profit should be reported for 2024? 2025 $9,880,000 9,120,000 Attempts: 0 of 3 used Submit Answer

Current Attempt in Progress Blossom Builders contracted to build a high-rise for $27,000,000. Construction began in 2024 and is expected to be completed in 2026. Data for 2024 and 2025 are: Costs incurred to date Estimated costs to complete (a) Gross profit $ eTextbook and Media 2024 Blossom uses the percentage-of-completion method. List of Accounts $3,500,000 Save for Later 14,000,000 How much gross profit should be reported for 2024? 2025 $9,880,000 9,120,000 Attempts: 0 of 3 used Submit Answer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Current Attempt in Progress Crane Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,800,000 on March 1, $1,200,000 on June 1, and $3,026,000 on December 31. Crane Company borrowed $1.159,000 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 9%, 5-year, $2,017,000 note payable and an 10 %, 4-year, $3,600,000 note payable. Compute avoidable interest for Crane Company. Use the weighted-average interest rate for interest capitalization purposes. (Round weighted- average interest rate to 4 decimal places, eg. 0.2152 and final answer to 0 decimal places, e.g. 5,275.) I Avoidable interest $ eTextbook and Media Save for Later Assistance Used Attempts: 0 of 3 used Submit Answer
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Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,850,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: 2023 2024 Costs incurred during the year $ 435,000 $ 1,150,000 Estimated costs to complete 1,015,000 0 Billings during the year 425,000 1,425,000 Cash collections during the year 325,000 1,525,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2023 and 2024.
Current Attempt in Progress Flounder, Inc. began work on a $6,504,000 contract in 2020 construct an office building. During 2020, Flounder, Inc. incurred costs of $1,639,900, billed its customers for $1,300,000, and collected $1,055,000. At December 31, 2020, the estimated additional costs to complete the project total $3,650,100. Prepare Flounder's 2020 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record costs incurred.) (To record billings.) (To record collections.) (To recognize revenue.) eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer
Data Section - PROVIDED BY THE CLIENT Unit Sales Sales are expected to increase by 5% every month. The total sales for the Fiscal Year 2022 is 15% higher than the total sales for 2021. April May 15,000 10,000 June 16,000 July August September 14,000 15,000 Fixed Assets Cost 12,000 Land 150,000.00 Building 205,000.00 10 year depreciation, bought on May 31, 2021, Work Ethics Gen. Mdse uses the Declining Balance Method collections from customers: Office Equipment 100,000.00 20% are acquired on May 31, 2021 Cash $8.000 20% are acquired on August 31, 2021 Accounts receivable 107,800 20% are acquired on October 31, 2021 Merchandise inventory 52,800 20% are acquired on December 31, 2021 530,000 $698,600 Fixed assets (net) 20% are acquired on March 31, 2021 Total assets Use the Straight Line Method (5 years) Machinery 75.000.00 5 year Accounts payable (merchandise) Loans Payable Owner's equity Total liabilities & equity $74,800 $400,000 5 year loan, 12% interest taken out on May 31, 2021, paid…
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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. Contract price - $25 000 000 2021 2022 2023 Cost during year $ 4 000 000 $8 000 000 $8 100 000 Estimated cost to complete 16 000 000 8 050 000 0 Progress billings to date 4 500 000 11 500 000 25 000 000 Cash collected to date 4 200 000 11 000 000 25 000 000 i. Complete the following Workings Schedule. Do not enter negative values in the schedule. 2021 2022 2023 Cost to date $Answer 29 Question 3 $Answer 30 Question 3 $Answer 31 Question 3 Estimated cost to complete $Answer 32 Question 3 $Answer 33 Question 3 $Answer 34 Question 3 Total estimated cost $Answer 35 Question 3 $Answer 36 Question 3 $Answer 37 Question 3 Percentage complete (Round to nearest whole number) Answer 38 Question 3% Answer 39 Question 3%…
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,810,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: 2023 2024 Costs incurred during the year $ 447,000 $ 1,110,000 Estimated costs to complete 1,043,000 0 Billings during the year 405,000 1,405,000 Cash collections during the year 305,000 1,505,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Prepare all journal entries to record costs, billings, collections, and profit recognition. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet