Morneau Contractors Inc. agreed to construct a building for $475,000 Construction commenced in 2023 and was completed in below. (Click the icon to view the contract data) Required a. For each of the three years, determine the following amounts relating to the above contract revenue, expenses, gross profit accounts receivable balance, and construction in process inventory balance b. Record the journal entries using T-accounts Requirement a For each of the three years, d decimal places, XXX% Round your final answ Revenues-current year Expenses Gross profit (loss) 2023 19 Contract data Costs incurred during the year Estimated costs to complete Billings during year Collections during year Estimated profit on contract $ Print 2023 114,155 280.045 95,000 85.000 Done 2024 210 215 73.630 213.750 200.750 2 2025 130.630 156.250 181.250 X cent complete to two

Morneau Contractors Inc. agreed to construct a building for $475,000 Construction commenced in 2023 and was completed in below. (Click the icon to view the contract data) Required a. For each of the three years, determine the following amounts relating to the above contract revenue, expenses, gross profit accounts receivable balance, and construction in process inventory balance b. Record the journal entries using T-accounts Requirement a For each of the three years, d decimal places, XXX% Round your final answ Revenues-current year Expenses Gross profit (loss) 2023 19 Contract data Costs incurred during the year Estimated costs to complete Billings during year Collections during year Estimated profit on contract $ Print 2023 114,155 280.045 95,000 85.000 Done 2024 210 215 73.630 213.750 200.750 2 2025 130.630 156.250 181.250 X cent complete to two

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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On January 1, 20x7, CVM Co began constructing a P2,100,000 contract. The entity uses the percentage of completion method. For the year ended December 31, 20x7, the Company billed its client an additional 55% of the contract price. Data relating to the construction follows: 20x7 Construction in progress Estimated cost to complete Cost incurred Excess of construction in progress over billings How much is the estimated remaining cost in 20x7? 441,000 ? 425,250 (84,000) 20x8 ? ? 969,000 (330,750) 20x9 ? 675,750
G Company agreed to build a building for K Corporations. The contract price is $4,200,000. Data pertaining to expected and actual costs incurred for building is providing below: Year Costs 2017 $740,000 2018 $1,650,000 2019 $750,500 G Company completed the building in the year 2019. Calculate the amount of net income from 2017 to 2019. (Use the percentage-of-completion method and round all the percentages to zero decimal places) Net Income for 2017, 2018, and 2019 are $840,000, $2,120,000, and $1,040,000, respectively. Net Income for 2017, 2018, and 2019 are $268,000, $576,000, and $257,500, respectively. Net Income for 2017, 2018, and 2019 are $249,651, $556,655, and $253,194, respectively. Net Income for 2017, 2018, and 2019 are $830,400, $1,351,500, and $827.880, respectively.
To answer, please refer to the picture. Question: How much must be shown as current asset (cost of uncompleted contract in excess of billings) in the balance sheet of SM Development as of December 31, 2018?
Colorado Inc. constructed a factory during 2020 and 2021 under contract with Pacific Machinery Co. Relevant data are summarized below: Contract price Cost Gross profit Contract billings $3,000,000 2020 1,200,000 2021 600,000 2020 800,000 2021 400,000 2020 1,500,000 2021 1,500,000 Colorado Inc. recognizes revenue over time with respect to this contract. In its December 31, 2020, balance sheet, Colorado would report: ● The contract asset, cost and profit in excess of billings, $500,000. The contract liability, billings in excess of cost, of $300,000. The contract asset, contract amount in excess of billings, of $1,500,000. The contract asset, deferred profit, of $400,000.
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How much is the contract revenue to date in the year 2019? Double Dragon receives a contract to build a building over a period of 3 years for a price of P14,000,000. Information relating to the performance of the contract is summarized as follows: 2019 Construction Costs incurred- yearly 3,000,000 4,840,000 3,360,000 2017 2018 Estimated Costs to Complete 7,000,000 3,360,000 Billings during the year 2,400,000 5,200,000 6,400,000 Collections during the year 2,000,000 5,400,000 6,600,000
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