Using the following information for a project, prepare a work in progress schedule to answer the questions that follow • Contract Amount: $858,750 • Original Estimated Cost: $815,000 • Billed to Date: $295,000 • Payments Received to Date: $265,500 • Cost incurred to Date: $250,000 • Estimated Cost to Complete: $575,000 • Cost Paid to Date: $180,000 Provide Answers to the following questions. Round all dollar answers to the nearest whole dollar (i.e. $215,850) and round all percentages to the nearest hundredth (i.e. 15.24%) • Current Re-estimated Total Cost: • Estimated Gross Profit at Completion: • Percentage of Completion: • Total Gross Profit (Loss) to Date: • Amount Earned to Date: • Over Billings: • Under Billings: Remaining Billings: • Job Borrow:

Using the following information for a project, prepare a work in progress schedule to answer the questions that follow • Contract Amount: $858,750 • Original Estimated Cost: $815,000 • Billed to Date: $295,000 • Payments Received to Date: $265,500 • Cost incurred to Date: $250,000 • Estimated Cost to Complete: $575,000 • Cost Paid to Date: $180,000 Provide Answers to the following questions. Round all dollar answers to the nearest whole dollar (i.e. $215,850) and round all percentages to the nearest hundredth (i.e. 15.24%) • Current Re-estimated Total Cost: • Estimated Gross Profit at Completion: • Percentage of Completion: • Total Gross Profit (Loss) to Date: • Amount Earned to Date: • Over Billings: • Under Billings: Remaining Billings: • Job Borrow:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026. Information related to the contract is as follows: 2024 2025 Cost incurred during the year Estimated costs to complete as of year-end $ 2,291,000 5,609,000 $ 3,555,000 2026 $ 2,259,400 2,054,000 0 Billings during the year 2,110,000 3,736,000 Cash collections during the year 1,855,000 3,500,000 4,154,000 4,645,000 Westgate recognizes revenue over time according to percentage of completion.
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Required information (The following information applies to the questions displayed below). In 2021 the Westgate construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023, Information related to the contract is as follows: 2021 2022 2023 Cost incurred during the year $2,016,000 $2,800,000 $2,613,600 Estimated costs to complete as of year-end 5,184,000 2,376,000 $ 0 Billings during the year 2,180,000 2,644,000 5,176,000 Cash collections during the year 1,890,000 2,500,000 5,610,000 Westgate recognizes revenue over time according to percentage of completion Complete the information required below to…
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Given the following table, what is the minimum profit and overhead for this project? Description Grading and Excavation Sanitary Sewer Water Line Storm Drain Site Concrete - Labor Site Concrete - Concrete - Outside Lighting O $33,515 $31,485 $29,835 O $25.945 Contract Billed to Date Actual Costs Amount $234,699 $234,699 $57,800 $27,365 $31,750 $16,850 $19,200 $21,265 $23,600 $197,830 Budgeted Costs $59,000 $28,200 $31,000 $17,000 $19,200 $20,900 $23,600 $198,900 Overrun -1,200 -835 750 -150 0 365 0 -1,070
Required information [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: Cost incurred during the year 2021 $2,490,000 2022 $3,984,000 2023 $2,008,600 Estimated costs to complete as of year-end 5,810,000 1,826,000 0 Billings during the year 2,030,000 4,444,000 Cash collections during the year 3,526,000 4,285,000 1,815,000 3,900,000 Westgate recognizes revenue over time according to percentage of completion. 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) Costs incurred during the…
This problem has subparts that still need to be answered Assume Avaya contracted to provide a customer with Internet infrastructure for $2,350,000. The project began in 2024 and was completed in 2025. Data relating to the contract are summarized below: 2024 2025 Costs incurred during the year $ 328,000 $ 1,830,000 Estimated costs to complete as of 12/31 1,312,000 0 Billings during the year 436,000 1,690,000 Cash collections during the year 341,000 1,785,000 Required: Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assuming Avaya recognizes revenue over time according to percentage of completion. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assuming this project does not qualify for revenue recognition over time. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2024, assuming Avaya recognizes revenue over time…