Question
On January 1, 2017 brave construction corp. began constructing a 2,100,000 contract. The following are relevant information provided by the corporation. Brave uses the percentage
On January 1, 2017 brave construction corp. began constructing a 2,100,000 contract. The following are relevant information provided by the corporation. Brave uses the percentage of completion method. For the ended December 31, 2018, brave construction billed its client an additional 55% of the contract price
2017
2018
2019
Construction in progress
441,000
?
?
Estimated cost to complete
?
?
-
Cost incurred
425,250
969,000
675,750
Excess of CIP over billings
(84,000)
(330,750)
-
How much is the estimated remaining cost in 2017?
How much is the realized gross profit (loss) in 2018?
How much is the balance of construction in progress in 2018?
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College Accounting Chapters 1-24
Authors: Tracie L Nobles, Cathy Scott
11th Edition
1111528306, 978-1111528300
