Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help please On June 15, 2024, Sanderson Construction entered into a long-term construction contract to bulid a baseball stadium in Washingt D.C.. for

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
i need help please
On June 15, 2024, Sanderson Construction entered into a long-term construction contract to bulid a baseball stadium in Washingt D.C.. for $230 million. The expected completion date is April 1, 2026. just in time for the 2026 baseball season. Costs incurred an estimated costs to complete at year-end for the life of the contract are as follows ( $ in millions): 1. Compute the revehue and gross profit that Sanderson will report in its 2024,2025 , and 2026 income statements related to contract, assuming Sanderson recognizes revenue over time according to percentage of completion. 2. Compute the revenue and gross profit that Sanderson will report in its 2024,2025, and 2026 income statements related to contract, assuming this project does not qualify for revenue recognition over time. 3. Suppose the estumated costs to complete at the end of 2025 are $100 million instead of $60 million. Compute the amount of revenue and gross profit or loss to be recognized in 2025, assuming Sanderson recognizes revenue over time according to percentage of completion. Complete this question by entering your answers in the tabs below. Compute the revenue and gross profit that Sanderson will report in its 2024, 2025, and 2026 income statements refated to this contract, assuming this project does not qualify for revenue recognition over bime. minus tign, Leave no cells blank. 3. Suppose the estimated costs to complete at revenue and gross profit or loss to be recognized in 2025 , assuming Sanderson recognizes revenue over time according to percentage of completion. Complete this question by entering your answers in the tabs below. Suppose the estimated costs to complete at the end of 2025 are $100 million instead of $60 million. Compute the amount of revenue and gross profit or loss to be recognized in 2025, assuming Sanderson recognizes revenue over time according to percentage of completion. Note: Enter your answer in milions (1.e, $4,000,000 should be entered as \$4), Use percentages as calculated and rounded in the Complete this question by entering your answers in the tabs below. Compute the revenue and gross profit that Sanderson will report in its 2024, 2025, and 2026 income statements related to this contract, assuming Sanderson recognizes revenue over time nocording to percentage of completion. Note: Enter your antwer in milions (1,e, $4,000,000 should be entered as \$4). Loss amounts ahould be indicated with a minus sion, Use June 15, 2024, Sanderson Construction entered into a iong-term construction contract to build a basebal stadium in Woshington. C. for $230 milition. The expected completion date is April 1, 2026, Just in time for the 2026 basebali season. Costs incurred and estumated cosis to complete at year-end for the life of the contract are as follows ( $ in millions). 1. Compute the revenue and gross profit that Sanderson will report in 1t52024,2025, and 2026 income statements related to this contact, assuming Sanderson recognizes revenue over time according to percentage of completion. 2. Compute the revenue and gross profit that Sanderson wilt report in its 2024, 2025, and 2026 income statements related to this contract, assuming this project does not qualify for revenue recognition over time. 3. Suppose the estimated costs to complete at the end of 2025 are $100 milion instead of $60 milion Compute the amount of revenue and gross profit of loss to be recognized in 2025 , assuming Sanderson tecognizes revenue over tme according to percentage of completion Complete this question by entering vour answers in the tabs below. Compute the revenue and gross profit that Sanderson will report in its 2024, 2025, and 2026 income atatements related to this contract, assuming Sanderson recognices revenue over time according to percentage of completion. Note: Enter your answer in milions (G.e, \$4,000,000 should be entered as 14 ). Loss ampunts should be indicated with a minus sion, Use percentases as calculated and rounded in the table below to artive at vour final

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

Understand Accounting

Authors: Claude Hitching, Derek Stone

1st Edition

0273018833, 978-0273018834

More Books

Students also viewed these Accounting questions

Question

Write each whole number in words. 1. 7640 2. 46,200,120

Answered: 1 week ago

Question

Discuss how investment advisors can help their behavioral clients.

Answered: 1 week ago