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Total contract price Total estimated cost Estimated gross profit or loss Revenue to recognize to date Less Revenue previously recognized Revenue to recognize in year Estimated gross profit to recognize to date Less Gross profit or loss previously recognized Gross profit or loss to recognize in year $ $ S $ $ $ $ $ Blue Construction Co. successfully tendered for a 3-year contract to erect some warehouse facilities in a new industrial zone. The following information has been provided. Contract price - $25 000 000 2022 2023 2024 Cost during year $ 4 000 000 $8 000 000 $8 100 000 Estimated cost to complete 16 000 000 8 050 000 이 Progress billings to date 4 500 000 11 500 000 25 000 000 Cash collected to date 4 200 000 11 000 000 25 000 000 i. Complete the following Workings Schedule. Cost to date Estimated cost to complete Total estimated cost Percentage complete (Round to nearest whole number) 2022 2023 2024 69 $ $ $ $ 57 $ 57 +9 $ $ $ % % % 57 S

Total contract price Total estimated cost Estimated gross profit or loss Revenue to recognize to date Less Revenue previously recognized Revenue to recognize in year Estimated gross profit to recognize to date Less Gross profit or loss previously recognized Gross profit or loss to recognize in year $ $ S $ $ $ $ $ Blue Construction Co. successfully tendered for a 3-year contract to erect some warehouse facilities in a new industrial zone. The following information has been provided. Contract price - $25 000 000 2022 2023 2024 Cost during year $ 4 000 000 $8 000 000 $8 100 000 Estimated cost to complete 16 000 000 8 050 000 이 Progress billings to date 4 500 000 11 500 000 25 000 000 Cash collected to date 4 200 000 11 000 000 25 000 000 i. Complete the following Workings Schedule. Cost to date Estimated cost to complete Total estimated cost Percentage complete (Round to nearest whole number) 2022 2023 2024 69 $ $ $ $ 57 $ 57 +9 $ $ $ % % % 57 S

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...
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Total contract price Total estimated cost Estimated gross profit or loss Revenue to recognize to date Less Revenue previously recognized Revenue to recognize in year Estimated gross profit to recognize to date Less Gross profit or loss previously recognized Gross profit or loss to recognize in year $ $ S $ $ $ $ $
Transcribed Image Text:Total contract price Total estimated cost Estimated gross profit or loss Revenue to recognize to date Less Revenue previously recognized Revenue to recognize in year Estimated gross profit to recognize to date Less Gross profit or loss previously recognized Gross profit or loss to recognize in year $ $ S $ $ $ $ $
Blue Construction Co. successfully tendered for a 3-year contract to erect some warehouse facilities in a new industrial zone. The following information has been provided. Contract price - $25 000 000 2022 2023 2024 Cost during year $ 4 000 000 $8 000 000 $8 100 000 Estimated cost to complete 16 000 000 8 050 000 이 Progress billings to date 4 500 000 11 500 000 25 000 000 Cash collected to date 4 200 000 11 000 000 25 000 000 i. Complete the following Workings Schedule. Cost to date Estimated cost to complete Total estimated cost Percentage complete (Round to nearest whole number) 2022 2023 2024 69 $ $ $ $ 57 $ 57 +9 $ $ $ % % % 57 S
Transcribed Image Text:Blue Construction Co. successfully tendered for a 3-year contract to erect some warehouse facilities in a new industrial zone. The following information has been provided. Contract price - $25 000 000 2022 2023 2024 Cost during year $ 4 000 000 $8 000 000 $8 100 000 Estimated cost to complete 16 000 000 8 050 000 이 Progress billings to date 4 500 000 11 500 000 25 000 000 Cash collected to date 4 200 000 11 000 000 25 000 000 i. Complete the following Workings Schedule. Cost to date Estimated cost to complete Total estimated cost Percentage complete (Round to nearest whole number) 2022 2023 2024 69 $ $ $ $ 57 $ 57 +9 $ $ $ % % % 57 S
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