The following data pertains to Bell Co's construction jobs, which commenced during 2021: Project 1 Project 2 Contract price 420,000 300,000 Costs incurred during 2019 240,000 280,000 Estimated additional cost to complete 120,000 40,000 What amount of gross profit/(loss) would Bell report in 2021 under the percentage of completion method, completed contract method and zero profit method? 20,000; (20,000); (20,000) (20,000); 20,000; (20,000) 40,000; 0; 0 20,000; 0; 0

The following data pertains to Bell Co's construction jobs, which commenced during 2021: Project 1 Project 2 Contract price 420,000 300,000 Costs incurred during 2019 240,000 280,000 Estimated additional cost to complete 120,000 40,000 What amount of gross profit/(loss) would Bell report in 2021 under the percentage of completion method, completed contract method and zero profit method? 20,000; (20,000); (20,000) (20,000); 20,000; (20,000) 40,000; 0; 0 20,000; 0; 0

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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Please help me by showing your solution in good accounting form. Thank you! MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Site Contract Price Cost Incurred Estimated Costs to Complete Billings on Contract Collections on Billings 1 5 000 000 3 750 000 - 5 000 000 5 000 000 2 7 000 000 1 000 000 4 000 000 900 000 900 000 3 2 500 000 1 000 000 1 000 000 1 500 000 1 000 000 If the company records revenue over time, how much must be shown as a current asset in the balance sheet of MOC Construction Company as of December 31?A. 5,500,000 C. 250,000B. 500,000 D. 100,000 If the company records revenue at a point in time, how much must be shown as a current asset in the balance sheet of MOC Construction Company as of December 31?A. 5,100,000 C. 250,000B. 500,000 D. 100,000
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During 2022, Carla Vista Company incurred the following direct labor costs: January $19,200 and February $28,800. Carla Vista uses a predetermined overhead rate of 120% of direct labor cost. Estimated-overhead for the 2 months, respectively, totaled $18,720 and $34,272. Actual overhead for the 2 months, respectively, totaled $24,000 and $32,160. Calculate overhead applied. January February $ Determine if overhead is over- or underapplied for each of the two months and the respective amounts. January $ February I
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What amount of RGP should be reported for the current year if the percentage of completion method is used for all contracts?
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Please present solution in an excel accompanied with explanations. Thank you so much! PROBLEM:
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