Question
Brady Construction Company contracted to build an apartment complex for a price of $6,900,000. Construction began in 2018 and was completed in 2020. The following
Brady Construction Company contracted to build an apartment complex for a price of $6,900,000. 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 | 1,690 | 2,700 | 1,470 | 4,170 | 1,470 | |||||||
2 | 1,690 | 1,470 | 3,160 | 4,170 | 3,160 | |||||||
3 | 1,690 | 2,700 | 3,120 | 4,170 | 3,020 | |||||||
4 | 690 | 3,190 | 1,380 | 4,830 | 970 | |||||||
5 | 690 | 3,190 | 2,630 | 4,830 | 3,020 | |||||||
6 | 690 | 3,190 | 3,700 | 6,455 | 3,410 | |||||||
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) Recogonized
Revenue Recogonized over time/Revenue Recogonized upon completed for situation 1-6 years 2018, 2019, 2020
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