Question
In: Accounting
Chapter 18 Howard Construction Co. contracted to build a bridge for $3,000,000. Construction began in 2012...
Chapter 18
Howard Construction Co. contracted to build a bridge for $3,000,000. Construction began in 2012 and was completed in 2013. Data relating to the construction are:
2012 2013
Costs incurred $990,000 $825,000
Estimated costs to complete 810,000 —
Howard uses the percentage-of-completion method.
Instructions:
(a) How much revenue should be reported for 2012?
(b) Make the entry to record progress billings of $1,000,000 during 2012.
(c) Make the entry to record the revenue and gross profit for 2012.
(d) How much gross profit should be reported for 2013?
(e) Show the Balance Sheet Presentation for 2012.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Dalton Construction Co. contracted to build a bridge for $8,000,000. Construction began in 2018 and was...
Dalton Construction Co. contracted to build a bridge for
$8,000,000. Construction began in 2018 and was completed in 2019.
Data relating to the construction are: 2018 2019 Costs incurred
during the year $2,105,600 $2,408,400 Estimated costs to complete
2,374,400 ― Dalton uses the percentage-of-completion method.
Part 1 How much revenue should be reported for 2018?
Part 2 Make the entry to record progress billings of $2,905,600
during 2018. (Credit account titles are automatically
indented when amount is entered. Do not...
Rajbir Construction Co. contracted to build a bridge for $10,000,000. Construction began in 2018 and was...
Rajbir Construction Co. contracted to build a bridge for
$10,000,000. Construction began in 2018 and was completed in 2019.
Data relating to the construction are: 2018 2019 Costs incurred
during the year $3,300,000 $2,750,000 Estimated costs to complete
2,700,000 — Raj uses the percentage-of-completion method.
Instructions (a) How much revenue should be reported for 2018? Show
your computation. (b) Make the entry to record progress billings of
$4,100,000 during 2018. (c) Make the entry to record the revenue
and gross...
Brady Construction Company contracted to build an apartment complex for a price of $5,800,000. Construction began...
Brady Construction Company contracted to build an apartment
complex for a price of $5,800,000. Construction began in 2021 and
was completed in 2023. 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.
Estimated Costs to Complete
Costs Incurred During Year
(As of the End of the Year)
Situation
2021
2022
2023
2021
2022
2023
1
1,580
2,370
1,140
3,510
1,140
—
2
1,580...
Brady Construction Company contracted to build an apartment complex for a price of $5,200,000. Construction began...
Brady Construction Company contracted to build an apartment
complex for a price of $5,200,000. Construction began in 2018 and
was completed in 2020. 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.
Estimated Costs to Complete
Costs Incurred During Year
(As of the End of the Year)
Situation
2018
2019
2020
2018
2019
2020
1
1,520
2,190
960
3,150
960
—
2
1,520...
Brady Construction Company contracted to build an apartment complex for a price of $6,000,000. Construction began...
Brady Construction Company contracted to build an apartment
complex for a price of $6,000,000. Construction began in 2018 and
was completed in 2020. 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.
Estimated Costs to Complete
Costs Incurred During Year
(As of the End of the Year)
Situation
2018
2019
2020
2018
2019
2020
1
1,600
2,430
1,200
3,630
1,200
—
2
1,600...
Brady Construction Company contracted to build an apartment complex for a price of $5,200,000. Construction began...
Brady Construction Company contracted to build an apartment
complex for a price of $5,200,000. Construction began in 2021 and
was completed in 2023. 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.
Estimated Costs to Complete
Costs Incurred During Year
(As of the End of the Year)
Situation
2021
2022
2023
2021
2022
2023
1
1,520
2,190
960
3,150
960
—
2
1,520...
Brady Construction Company contracted to build an apartment complex for a price of $5,200,000. Construction began...
Brady Construction Company contracted to build an apartment
complex for a price of $5,200,000. Construction began in 2021 and
was completed in 2023. 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. Estimated
Costs to Complete Costs Incurred During Year (As of the End of the
Year) Situation 2021 2022 2023 2021 2022 2023 1 1,520 2,190 960
3,150 960 — 2 1,520...
Brady Construction Company contracted to build an apartment complex for a price of $6,800,000. Construction began...
Brady Construction Company contracted to build an apartment
complex for a price of $6,800,000. Construction began in 2018 and
was completed in 2020. 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.
Estimated Costs to Complete
Costs Incurred During Year
(As of the End of the Year)
Situation
2018
2019
2020
2018
2019
2020
1
1,680
2,670
1,440
4,110
1,440
—
2
1,680...
Brady Construction Company contracted to build an apartment complex for a price of $6,900,000. Construction began...
Brady Construction Company contracted to build an apartment
complex for a price of $6,900,000. Construction began in 2018 and
was completed in 2020. 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.
Estimated Costs to Complete
Costs Incurred During Year
(As of the End of the Year)
Situation
2018
2019
2020
2018
2019
2020
1
1,690
2,700
1,470
4,170
1,470
—
2
1,690...
Brady Construction Company contracted to build an apartment complex for a price of $6,300,000. Construction began...
Brady Construction Company contracted to build an apartment
complex for a price of $6,300,000. Construction began in 2018 and
was completed in 2020. 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. Estimated
Costs to Complete Costs Incurred During Year (As of the End of the
Year) Situation 2018 2019 2020 2018 2019 2020 1 1,630 2,520 1,290
3,810 1,290 — 2 1,630...
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