Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Brady Construction Company contracted to build an apartment complex for a price of $5,900,000. Construction began in 2018 and was completed in 2020. The following
Brady Construction Company contracted to build an apartment complex for a price of $5,900,000. 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 (As of the End of the Year) Costs Incurred During Year Situation 2018 2019 2020 2018 2019 2020 11,590 2,400 1,170 3,570 1170 21,590 1,170 2,760 3,570 2,760 3 1,590 2,400 2,320 3,570 2,220 590 3,090 1,180 4,130 920 590 3,090 1,930 4,130 2,220 590 3,090 2,700 5,500 2,510 4 6 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 $ 228,023 344,186 167,761 0 228,023 228,023 147,500 147,500 (18,407) 0 0 0 0 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started