Required: Complete the following table. Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $400 thousand should be entered as $400,000). Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign. Gross Profit (Loss) Recognized Revenue Recognized Over Time Revenue Recognized Upon Completion Situation 2024 2025 2026 2024 2025 2026 1 2 3 4 5 6

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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Brady Construction Company contracted to build an apartment complex for a price of $6,500,000. Construction began in 2024
and was completed in 2026. The following is a series of independent situations, numbered 1 through 6, involving differing costs for
the project. All costs are stated in thousands of dollars.
Costs Incurred during Year
Situation
1
2024
$ 1,650
2025
$ 2,580
2026
$ 1,350
2024
$ 3,930
Estimated Costs to Complete
(As of the End of the Year)
2026
2025
$ 1,350
123455
1,650
1,350
3,000
3,930
3,000
1,650
2,580
2,800
3,930
2,700
650
3,150
1,300
4,550
950
650
3,150
2,350
4,550
2,700
6
650
3,150
3,300
6,055
3,050
Required:
Complete the following table.
Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $400
thousand should be entered as $400,000). Round your final answers to the nearest whole dollar. Negative amounts should be
indicated by a minus sign.
Gross Profit (Loss) Recognized
Situation
1
2024
Revenue Recognized Over Time
2025
2026
2024
Revenue Recognized Upon Completion
2026
2025
2
3
4
5
6
Transcribed Image Text:Brady Construction Company contracted to build an apartment complex for a price of $6,500,000. Construction began in 2024 and was completed in 2026. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Costs Incurred during Year Situation 1 2024 $ 1,650 2025 $ 2,580 2026 $ 1,350 2024 $ 3,930 Estimated Costs to Complete (As of the End of the Year) 2026 2025 $ 1,350 123455 1,650 1,350 3,000 3,930 3,000 1,650 2,580 2,800 3,930 2,700 650 3,150 1,300 4,550 950 650 3,150 2,350 4,550 2,700 6 650 3,150 3,300 6,055 3,050 Required: Complete the following table. Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $400 thousand should be entered as $400,000). Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign. Gross Profit (Loss) Recognized Situation 1 2024 Revenue Recognized Over Time 2025 2026 2024 Revenue Recognized Upon Completion 2026 2025 2 3 4 5 6
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