On December 31, 2026, the estimated remaining cost to complete was still $40,000, and $25,000 of cost had been incurred during 2026. What is the January 1.2027, balance of Construction-in-Process?Multiple Choice$50,000$30,000$45,000$40.000R

Answered: Image /qna-images/answer/ae7e9eda-07ce-467c-993d-51f9f9fee503.jpg

Answered: On December 31, 2026, the estimated…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Beck Construction Company began work on a new building project on January 1, 2023. The project is to be completed by December 31, 2025, for a fixed price of $159 million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Beck's accounting staff: Years 2023 2024 2025 Actual costs incurred in each year $ 43 million $ 71 million $ 48 million Years 2023 2024 2025 Required: What amount of gross profit (or loss) would Beck record on this project in each year, assuming that Beck recognizes revenue for this project upon completion of the project? Note: Enter "None" if there is no requirement of recognizing profit or loss. Loss amounts should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Gross Profit (or Loss) recognized Gross profit Gross profit Gross profit Estimated remaining costs to complete t project (measured at December 31 of each year) $ 86 million. $ 71…
Beck Construction Company began work on a new building project on January 1, 2023. The project is to be completed by December 31, 2025, for a fixed price of $168 million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Beck's accounting staff Years 2023 2024 2025 Actual costs incurred in each year $ 46 million $77 million $ 51 million Required: What amount of gross profit (or loss) would Beck record on this project in each year, assuming that Beck recognizes revenue for this project upon completion of the project? Note: Enter "None" if there is no requirement of recognizing profit or loss. Loss amounts should be indicated with a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10). Years 2023 None 2024 2025 Gross Profit (or Loss) recognized 0 million 32 million million Gross loss Gross profit $ Estimated remaining costs to complete the project (measured at December 31 of each year) $…
ABC Construction Company began work on a contract in 2022 and completed the contract in 2023. The total contact price was P8,500,000. Information related to the construction project are as follows: 2022 2023 Costs incurred during the year P1,200,000 P6,250,000 Estimated costs to complete 4,800,000 - Progress billings during the year 1,450,000 7,050,000 Collections during the year 800,000 6,000,000 How much is the gross profit to be recognized in 2023?
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Beck Construction Company began work on a new building project on January 1, 2023. The project is to be completed by December 31, 2025, for a fixed price of $149 million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Beck's accounting staff: Years 2023 2024 2025 Actual costs incurred in each year $ 42 million $ 69 million, $ 47 million Required: What amount of gross profit (or loss) would Beck record on this project in each year, assuming that Beck recognizes revenue for this project upon completion of the project? Years 2023 2024 2025 Note: Enter "None" if there is no requirement of recognizing profit or loss. Loss amounts should be indicated with a minus sign. Enter your answers in millions (1.e., 10,000,000 should be entered as 10). Estimated remaining costs to complete the project (measured at December 31 of each year) $ 84 million $ 69 million $0 million Gross Profit (or Loss) recognized million million…
GinebraCorporation recognizes construction revenue and cost using the percentage of completion method. During 2021, a single long-term project was begun which continued through 2021. Information on the project follows: 2021. 2022 Partial billing on contract 1,000,000. 4,200,000 Accounts receivable 1,000,000 3,000,000 Construction cost 1,050,000 1,920,000 Construction in progress 1,220,000 3,640,000 What is the gross profit recognized from this long-term construction contract in year 2021 and 2022, respectively? 2021 2022 A.220,000. 2,280,000 B.170,000. 500,000 C.220,000. 1,000,000 D.170,000. 1,280,000
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On December 31, 2026, the estimated remaining cost to complete was still $40,000, and $25,000 of cost had been incurred during 2026. What is the January 1. 2027, balance of Construction-in-Process? Multiple Choice $50,000 $30,000 $45,000 $40.000 R