Gross profit and revenue to be recognized each year. Given Information: Contract price is $18,000,000. Cost of year 2015 is $4,500,000. Cost of year 2016 is $6,000,000. Cost of year 2017 is $5,000,000.

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Answer 1

Question

Chapter 8, Problem 8.8P

a.

To determine

Gross profit and revenue to be recognized each year.

Given Information:

Contract price is $18,000,000.

Cost of year 2015 is $4,500,000.

Cost of year 2016 is $6,000,000.

Cost of year 2017 is $5,000,000.

b.

To determine

To prepare: Journal entry to record contract for each year.

c.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

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Answer 2

Question

Chapter 8, Problem 8.8P

a.

To determine

Gross profit and revenue to be recognized each year.

Given Information:

Contract price is $18,000,000.

Cost of year 2015 is $4,500,000.

Cost of year 2016 is $6,000,000.

Cost of year 2017 is $5,000,000.

b.

To determine

To prepare: Journal entry to record contract for each year.

c.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

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Answer 3

Question

Chapter 8, Problem 8.8P

a.

To determine

Gross profit and revenue to be recognized each year.

Given Information:

Contract price is $18,000,000.

Cost of year 2015 is $4,500,000.

Cost of year 2016 is $6,000,000.

Cost of year 2017 is $5,000,000.

b.

To determine

To prepare: Journal entry to record contract for each year.

c.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

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Answer 4

Question

Chapter 8, Problem 8.8P

a.

To determine

Gross profit and revenue to be recognized each year.

Given Information:

Contract price is $18,000,000.

Cost of year 2015 is $4,500,000.

Cost of year 2016 is $6,000,000.

Cost of year 2017 is $5,000,000.

b.

To determine

To prepare: Journal entry to record contract for each year.

c.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.8P

a.

To determine

Gross profit and revenue to be recognized each year.

Given Information:

Contract price is $18,000,000.

Cost of year 2015 is $4,500,000.

Cost of year 2016 is $6,000,000.

Cost of year 2017 is $5,000,000.

b.

To determine

To prepare: Journal entry to record contract for each year.

c.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

e.

To determine

Net assets or liability for each year.

Answer 6

Chapter 8, Problem 8.8P

a.

To determine

Gross profit and revenue to be recognized each year.

Given Information:

Contract price is $18,000,000.

Cost of year 2015 is $4,500,000.

Cost of year 2016 is $6,000,000.

Cost of year 2017 is $5,000,000.

Answer 7

Chapter 8, Problem 8.8P

a.

To determine

Gross profit and revenue to be recognized each year.

Given Information:

Contract price is $18,000,000.

Cost of year 2015 is $4,500,000.

Cost of year 2016 is $6,000,000.

Cost of year 2017 is $5,000,000.

Answer 8

b.

To determine

To prepare: Journal entry to record contract for each year.

Answer 9

b.

To determine

To prepare: Journal entry to record contract for each year.

Answer 10

c.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

Answer 11

c.

To determine

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

Answer 12

e.

To determine

Net assets or liability for each year.

Answer 13

e.

To determine

Net assets or liability for each year.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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Gross profit and revenue to be recognized each year. Given Information: Contract price is $18,000,000. Cost of year 2015 is $4,500,000. Cost of year 2016 is $6,000,000. Cost of year 2017 is $5,000,000.

Gross profit and revenue to be recognized each year. Given Information: Contract price is $18,000,000. Cost of year 2015 is $4,500,000. Cost of year 2016 is $6,000,000. Cost of year 2017 is $5,000,000.

To prepare: Journal entry to record contract for each year.

To prepare: T-accounts for construction in progress, billing on construction in progress and accounts receivables.

Net assets or liability for each year.

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Chapter 8 Solutions

Gross profit and revenue to be recognized each year.

Given Information:

Contract price is $18,000,000.

Cost of year 2015 is $4,500,000.

Cost of year 2016 is $6,000,000.

Cost of year 2017 is $5,000,000.