Question
In: Accounting
Beavis Construction Company was the low bidder on a construction project to build an earthen dam...
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,700,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: 2020 2021 Costs incurred during the year $ 486500 $1,000,000 Estimated costs to complete 903,500 0 Billings during the year 455,000 1,245,000 Cash collections during the year 355,000 1,345,000 ) Assume that Beavis recognizes revenue on this contract over time according to percentage of completion.
Gross Profit 2020 and 2021
Solutions
Expert Solution
Calculate gross profit
| 2020 | 2021 | |
| Cost incurred | 486500 | 1000000 |
| Estimated cost to complete | 903500 | 0 |
| Percentage completion | 35% | 100% |
| Revenue recognized |
1700000*35% = 595000 |
1700000 |
| Cost incurred | -486500 | -1000000 |
| Profit | 108500 | 700000 |
| Profit for previous year | 0 | -108500 |
| Gross profit for this year | 108500 | 591500 |
ekkarill92 answered 2 years agoRelated Solutions
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Beavis Construction Company was the low bidder on a construction project to build an earthen dam...
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begun in 2020 and completed in 2021. Cost and other data are
presented below:
2020
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Costs incurred during the year
$
476,000
$
1,030,000
Estimated costs to complete
884,000
0
Billings during the year
470,000
1,260,000
Cash collections during the year
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Estimated costs to complete
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Billings
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Required information
Assume that Beavis recognizes revenue on this contract over time...
Beavis Construction Company was the low bidder on a construction project to build an earthen dam...
Beavis Construction Company was the low bidder on a construction
project to build an earthen dam for $1,800,000. The project was
begun in 2012 and completed in 2013. Cost and other data are
presented below:
2012
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Estimated costs to complete
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0
Billings during the year
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1. Beavis Construction Company was the low bidder on a construction project to build an earthen...
1. Beavis Construction Company was the low bidder on a
construction project to build an earthen dam for $1,800,000. The
project was begun in 2017 and completed in 2018. Cost and other
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2017
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Costs incurred during the
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Estimated costs to
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Billings during the
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