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- In early February 2020, Bridgeport Corp. began construction of an addition to its head office building that is expected to take 18 months to complete. The following 2020 expenditures relate to the addition: Feb. 1 Mar. 1 July 1 Dec. 1 Dec. 31 Payment #1 to contractor Payment to architect Payment #2 to contractor Payment #3 to contractor Asset carrying amount $168,000 21,000 64,400 177,000 Amount of interest $ $430,400 On February 1, Bridgeport issued a $102,000, three-year note payable at a rate of 11% to finance most of the initial payment to the contractor. No other asset-specific debt was entered into. Details of other interest-bearing debt during the period are provided in the table below: Other Debt Instruments Outstanding-2020 9%, 15-year bonds, issued May 1, 2005, matured May 1, 2020 6%, 10-year bonds, issued June 15, 2014 6%, 12-year bonds, issued May 1, 2020 Principal amount $303,000 $500,000 $303,000 What amount of interest should be capitalized for the fiscal year ending…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 Answerin 2021, the southgate construction company entered into a contract to construct a bridge for $12,000,000. the bridge was completed in 2023. information related to the contract is as follows: 2021 2022 2023 cost incurred during the year $1,840,000 $3,760,000 $4,500,000 estimated costs to complete as of year-end $6,160,000 $4,400,000 $0 billings during the year $3,000,000 $4,000,000 $5,000,000 cash collections during thee year $2,600,000 $3,900,000 $5,100,000 southgate recognizes revenue using the completed contract method. what amount will southgate show on the balance sheet at december 31, 2022? multiple choice costs in excess of billings (asset) $5,600,000 billings in excess of costs (liability) $1,400,000 billings in excess of costs (liability) $280,000 costs in excess of billings (asset) $280,000 If answered within one hour,it would be appreciable!! answer all questions.
- 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. 1,280,000In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara Countyfor $10,000,000. The road was completed in 2020. Information related to the contract is as follows:2018 2019 2020Cost incurred during the year $2,400,000 $3,600,000 $2,200,000Estimated costs to complete as of year-end 5,600,000 2,000,000 –0–Billings during the year 2,000,000 4,000,000 4,000,000Cash collections during the year 1,800,000 3,600,000 4,600,000Westgate recognizes revenue over time according to percentage of completion.Required:1. Calculate the amount of revenue and gross profit to be recognized in each of the three years.2. Prepare all necessary journal entries for each of the years (credit “various accounts” for construction costsincurred).3. Prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract. Indicate whetherany of the amounts shown are contract assets or contract liabilities.4. Calculate the amount of revenue and gross…Casio Co. recognizes construction revenue and expenses using the percentage-of-completion method. During 2020, a single long-term project was begun, which continued through 2018 Information on the project follows: 12/31 Accounts Receivable balance Construction expenses for year Gross Profit recognized in year Bangs during year The 12/31/21 CIP balance is Select one O $50,000 Ob 1322,000 O 1619.000 Od $106.000 O $112,000 2020 $100,000 105,000 122,000 100,000 20121 $300.000 192,000 200,000 420.000
- new manufacturing plant. The plant was completed on On June 1, 2020, Circus Company began conatruction ofa Problem 15-18 (RAA) October 31, 2021. Expenditures on the project were: 5,000,000 3,000,000 3,000,000 2,000,000 2,000,000 500,000 1, 2020 October 1, 2020 February 1, 2021 1, 2021 July April September1, 2021 October 1, 2021 On July 1, 2020, the entity obtained a P7,000,000 construction loan with a 6% interest rate. The loan was outstanding through the end of October 2021. The only other interest-bearing debt was a long-term nete for P15,000,000 with an nterest rate of 8%. This note was outstanding during 2020 and 2021. The fiscal year-end is December 31. mm 1 What amount of interest should be capitalized in 2020? a 210,000 b. 195.000 c. 390,000 d. 420.000 2. What amopunt of interest should be capitalized in 20217 1.000.000 b. 1.350,000 700,000 P. a. 3. What is the interest.expense for 20217 a. 1200.000 887.000ABC 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 receivable balance as of December 31, 2023?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?
- The Leto Construction Company began work on a $12.000 contract on 1/1/20. Planned completion was in 2022. The Percentage-of Completion method a used Given the following December 31 2021 $4.200 6,300 5,100 6,000 2020 2022 $11,650 $2,500 Costs incumed to dute Esbinated costs to compiete Bitingu to date Collections to date 7,600 4.000 3,800 12,000 11,900 The 12/31/21 belance of Construction in Progress is Select one O. $4300 Ob S5040 O $5.000 Od $4200 O $4800Beck 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…Years 2023 2024 2025 Gross Profit (or Loss) recognized Gross profit Gross loss Gross profit million million million