Question
Brady Construction Company contracted to build an apartment complex for a price of $6,300,000. Construction began in 2018 and was completed in 2020. The following
Brady Construction Company contracted to build an apartment complex for a price of $6,300,000. 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.
Estimated Costs to Complete | ||||||||||||
Costs Incurred During Year | (As of the End of the Year) | |||||||||||
Situation | 2018 | 2019 | 2020 | 2018 | 2019 | 2020 | ||||||
1 | 1,630 | 2,520 | 1,290 | 3,810 | 1,290 | |||||||
2 | 1,630 | 1,290 | 2,920 | 3,810 | 2,920 | |||||||
3 | 1,630 | 2,520 | 2,640 | 3,810 | 2,540 | |||||||
4 | 630 | 3,130 | 1,260 | 4,410 | 940 | |||||||
5 | 630 | 3,130 | 2,210 | 4,410 | 2,540 | |||||||
6 | 630 | 3,130 | 3,100 | 5,855 | 2,870 | |||||||
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.)
Gross Profit (Loss) Recognized Revenue Recognized Over Time Revenue Recognized Upon Completion Situation 2018 2019 2020 2018 2019 2020 2 4Step by Step Solution
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