Sunland Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses...
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Sunland Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Bramble Structures Ltd. The contract is a non-cancellable fixed-price contract for $10.0 million. The following data pertain to the construction period (all figures in thousands). 2023 2024 2025 Costs for the year $3,555 4,345 1,800 Estimated costs to complete 4,345 1.975 -0- Progress billings for the year (non-refundable) 3,230 3,770 3,000 Cash collected for the year 2,845 3.820 3,335 Calculate the amount of the gross profit to be recognized each year of the contract. (Enter negative amounts using either a negative sign preceding the number eg-45 or parentheses eg. (45)) 2023 Gross profit/(loss) $ 2024 325 -575 2025 1200 sing the percentage-of-completion method, calculate the percentage complete for each year of the contract. (Round answers to O decimal places, e Percent complete 2023 2024 45 % 801 % 2025 100 % Sunland Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Bramble Structures Ltd. The contract is a non-cancellable fixed-price contract for $10.0 million. The following data pertain to the construction period (all figures in thousands). 2023 2024 2025 Costs for the year $3,555 4,345 1,800 Estimated costs to complete 4,345 1.975 -0- Progress billings for the year (non-refundable) 3,230 3,770 3,000 Cash collected for the year 2,845 3.820 3,335 Calculate the amount of the gross profit to be recognized each year of the contract. (Enter negative amounts using either a negative sign preceding the number eg-45 or parentheses eg. (45)) 2023 Gross profit/(loss) $ 2024 325 -575 2025 1200 sing the percentage-of-completion method, calculate the percentage complete for each year of the contract. (Round answers to O decimal places, e Percent complete 2023 2024 45 % 801 % 2025 100 %
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