PT ABC uses the percentage-of-completion method of accounting. In2018, ABC began work on a contract it had received which provided for acontract price of Rp37.500.000. Other details are provided below. Whatshould be the gross profit recognized in 2018? *2018Costs incurred during the yearEstimated costs to complete as of December 31Billings during the yearCollections during the yearRp18.000.00012.000.00016.500.0009.500.000Rp4.500.000Rp7.500.000Rp19.500.000O Rp1.500.000

Gross Profit = Revenue - Cost Percent of Contract Completed = 18,000,000 / (18,000,000 +…

PT ABC uses the percentage-of-completion method of accounting. In 2018, ABC began work on a contract it had received which provided for a contract price of Rp37.500.000. Other details are provided below. What should be the gross profit recognized in 2018? * Costs incurred during the year Estimated costs to complete as of December 31 Billings during the year Collections during the year 2018 Rp18.000.000 12.000.000 16.500.000 9.500.000 Rp4.500.000 O Rp7.500.000 O Rp19.500.000 O Rp1.500.000

PT ABC uses the percentage-of-completion method of accounting. In 2018, ABC began work on a contract it had received which provided for a contract price of Rp37.500.000. Other details are provided below. What should be the gross profit recognized in 2018? * Costs incurred during the year Estimated costs to complete as of December 31 Billings during the year Collections during the year 2018 Rp18.000.000 12.000.000 16.500.000 9.500.000 Rp4.500.000 O Rp7.500.000 O Rp19.500.000 O Rp1.500.000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 25E: Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and...

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Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.
Blossom Construction Company uses the percentage-of-completion method of accounting. In 2021, Blossom began work on a contract it had received which provided for a contract price of $47500000. Other details follow: 2021 Costs incurred during the year $22000000 Estimated costs to complete as of December 31 16000000 Billings during the year 21500000 Collections during the year 10500000 What should be the gross profit recognized in 2021?
As of December 31, 2020, Andrei Corporation has P 5,000,000 contract in progress on which the following information is given. Cost Incurred to date 2018 P 640,000 2019 P 2,496,000 2020 P 4,046,000 Est. cost to complete at year-end 2018 P 2,560,000 2019 P 1,404,000 2020 P 0 How much should be the reported income for 2018 under the percentage of completion method of recognized income? How much should be the reported income for 2019 under the percentage of completion method of recognized income?
Cullumber Construction Co. uses the percentage-of-completion method. In 2024, Cullumber began work on a contract for $23200000; it was completed in 2025. The following cost data pertain to this contract: Year Ended December 31 2024 2025 Cost incurred during the year $8736000 $5720000 Estimated costs to complete at the end of year 5824000 The amount of gross profit to be recognized on the income statement for the year ended December 31, 2025 is ○ $3456000. ○ $8744000. $2920000. $3560000.
Crane Construction Co. uses the percentage-of-completion method. In 2021, Crane began work on a contract for $24475000; it was completed in 2022. The following cost data pertain to this contract: Year Ended December 31 2021 2022 Cost incurred during the year $8350000 $6150000 Estimated costs to complete at the end of year 5739000 If the completed-contract method of accounting was used, the amount of gross profit to be recognized for years 2021 and 2022 would be 2021 2022 $9975000. $(411000). $0. $10386000. $10386000. $0. $0. $9975000. O O
Blossom Construction Corporation contracted to construct a building for $7240000. Construction began in 2024 and was completed in 2025. Data relating to the contract are summarized below: Year ended December 31, 2024 2025 Costs incurred $2805000 $2120000 Estimated costs to complete 1870000 Blossom uses the percentage-of-completion method as the basis for income recognition. For the years ended December 31, 2024, and 2025, respectively, Blossom should report gross profit of $1539000 and $776000. O $1389000 and $926000. O $0 and $2120000. $4435000 and $2805000.
A Company has used the cost-to-cost percentage-of-completion (Over time) method of recognizing revenue. The following information regarding a recently completed building project for which the total contract price was P2,000,000. Description Gross profit (loss) Cost incurred each year 360,000 ? 2018 2019 P40,000 P140,000 P(20,000) 2020 820,000 What was the total estimated gross profit by the end of 2019?
Ivanhoe Construction Company uses the percentage-of-completion method of accounting. In 2023, Ivanhoe began work under a non- cancellable contract #E2-D2, which provided for a contract price of $2,237,000. Other details follow: Costs incurred during the year Estimated costs to complete, as at December 31 Billings during the year (non-refundable) Collections during the year 2023 $616,740 1,006,260 414,000 352,000 2024 $1,441,000 1,344,000 1,508,000
Crane Corporation uses the completed-contract method. At the end of the first year of a $9023000 contract, the following information is available: Costs to date: Estimated costs to complete Progress billings during the year Cash collected during the year $2021000 O $991000 O $247750 O $275000 O $0 6011000 1811000 1536000 In the first year, Crane should recognize gross profit of Crane Corporation uses the co information is available: Costs to date: Estimated costs to complete Progress billings during the y Cash collected during the yea In the first voor Crano should r Snipping Tool Screenshot copied t Select here to mark
Salman Construction Co. began work on a $3,125,000 contract in 2018, using the percentage-of-completion method of accounting. The following information is given: 2018 Costs incurred during the year Estimated costs to complete as of Dec. 31 Billings during the year Cash collections during the year $1,500,000 1,000,000 1,375,000 812,500 What amount of gross profit should be recognized in 2018?
During the year 2019, Height Cons began work on a contract for 3,700,000. Costs incurred during the year 1,800,000. Estimated costs to complete as of December 31= 1,200,000 Billings during the year1,650,000 Collections during the year 975,000 It uses the percentage-of-completion method. Find reporting gross profit?
During the year 2020, Pop Construction Corp. began work on a contract for $3,700,000. Other details follow:Costs incurred during the year $1,800,000Estimated costs to complete as of December 31= 1,200,000Billings during the year1,650,000Collections during the year 975,000 Pop uses the percentage-of-completion method. For calendar 2020, Pop should report gross profit of?