Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. Construction began in 2021 and was completed in 2023. The following

image text in transcribed

Brady Construction Company contracted to build an apartment complex for a price of $5,400,000. 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. Situation Costs Incurred During Year 2021 2022 2023 1,540 2,250 1,020 1,540 1,020 2,560 1,540 2,250 1,920 540 3,040 1,080 540 3,040 1,580 540 3,040 2,200 Estimated costs to Complete (As of the End of the Year) 2021 2022 2023 3,270 1,020 3,270 2,560 3,270 1,820 3,780 895 3,780 1,820 5,000 2,060 TITI Required: Complete the following table. (Do not round intermediate calculations. Enter answers in dollars. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.) Answer is complete but not entirely correct. Situation $ Gross Profit (Loss) Recognized Revenue Recognized Over Time Revenue Recognized Upon Completion 2021 2022 2023 2021 2022 2023 188,918 $ 276,002 $ 125,080 0 0 $ 590,000 188,918 X (48,918) 140,000 0 280,000 188,918 209,686 % 88,604 0 0 % 487,208 135,000 605,000 0 0 740,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Information Audit For The Management Process Empresa Nacional De Productos Agropecuarios ENPA Of Villa Clara

Authors: Alejandra María Osorio Capote, Manuel Osvaldo Machado Rivero, Dianelys Martínez Paz

1st Edition

ISBN: 6203767883, 978-6203767889

More Books

Students also viewed these Accounting questions