Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in
Question:
Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. 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.
Required:
Copy and complete the following table:
Transcribed Image Text:
Costs Incurred During Year 2019 2,100 Estimated Costs to Complete (As of the End of the Year) 2019 2020 900 2,400 1,600 1,000 1,300 1,800 2018 2020 1,500 1,500 1,500 500 500 500 2018 3,000 3,000 3,000 3,500 3,500 4,600 900 900 2,400 1.500 3 4 5 6 2,100 3,000 3,000 3,000 875 1,500 1.700 Gross Profit (Loss) Recognized Over Time Upon Completion Situation 2018 2019 2020 2018 2019 2020 2 3 4 6
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SUMMARY Gr Profit Recognized Over Time Gr Profit Recognized Upon Completion Situation 2018 2019 2020 2018 2019 2020 1 166667 233333 100000 0 0 500000 2 166667 66667 100000 0 0 200000 3 166667 266667 1...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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