Question
On January 1, 2022, Winter Harvest Ltd. started a construction project for $ 4,500,000. Relevant data for 2022 and 2023 are as follows: 2022 2023
On January 1, 2022, Winter Harvest Ltd. started a construction project for $ 4,500,000. Relevant data for 2022 and 2023 are as follows:
| 2022 | 2023 | |
| Current year construction costs | $ 3,300,000 | $ 620,000 |
| Estimated remaining costs to complete | 600,000 | -0- |
| Current year billings | 3,100,000 | 1,400,000 |
| Current year collections | 3,000,000 | 1,500,000 |
Required
- Calculate the following amounts for each method:
| Completed Contract | Percentage of Completion | |||
| 2022 | 2023 | 2022 | 2023 | |
| Gross Profit | $ ? | $ ? | $ ? | $ ? |
| Construction in progress year-end balance. | $ ? | $ ? | $ ? | $ ? |
| Costs in excess of billings (Billings in excess of costs) | $ ? | $ ? | $ ? | $ ? |
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Human Resource Management
Authors: Robert L. Mathis, John H. Jackson
13th Edition
053845315X, 978-0538453158
