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 $5,300,000. Construction began in 2021 an was completed in 2023. The following

image text in transcribed
image text in transcribed
Brady Construction Company contracted to build an apartment complex for a price of $5,300,000. Construction began in 2021 an 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. Costs Incurred During Year Situation 2021 2022 2023 1,530 2,220 990 1,530 990 2,520 1,530 2,220 1,840 530 3,030 1,060 530 3,038 1,510 530 3,038 2,100 Estimated Costs to Complete (As of the End of the Year) 2021 2022 2023 3,219 999 3,219 2,520 3,219 1,740 3,719 890 3,719 1,740 4,900 1,970 UAWN 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.) Situation Gross Profit (Loss) Recognized Revenue Recognized Over Time Revenue Recognized Upon Completion 2021 2022 2023 2021 2022 2023 180,759 5 262,278 $ 116,962 262,278 180,759 (50,759) 130,000 180,759 132500 547,500 132,5001 230,000

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_2

Step: 3

blur-text-image_3

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

Intermediate Accounting

Authors: David Spiceland

11th Edition

1264134525, 9781264134526

More Books

Students also viewed these Accounting questions