Jawaban exercise 18-33

a. Gross prifit recognized dengan metode percentage of completion

2019 2020 2021

Contract price 1.600.000 1.600.000 1.600.000

Costs 1000.000 1.100.000 1.070.000

Total estimated profit 600.000 500.000 530.000

Percentage completed 40% 75% 100%

Total gross profit recognized 240.000 375.000 530.000

Gross profit recognized in 0 240.000 375.000

previous years

Gross profit recognized in 240.000 135.000 155.000

current year

Keterangan pemdukung:

1. Costs 2019 = cost to date + estimated cost to complete

= 400.000 + 600.000 = 1.000.000

2. Costs 2020 = cost to date + estimated cost to complete

= 400.000 + 600.000 = 1.000.000

3. Costs 2020 = cost to date + estimated cost to complete

= 400.000 + 600.000 = 1.000.000

4. Percentage 2019 = 400.000 / 1000.000

= 40%

5. Percentage 2020 = 825.000 / 1.100.000

= 75%
b. Journal entries 2020

Construction in process 425.000 (825.000 - 400.000)

Materials, cash, payables 425.000

Accounts Receivable 600.000 (900.000 - 300.000)

Billings on Construction in Process 600.000

Cash 540.000 (810.000 - 270.000)

Accounts Receivable 540.000

Contruction Expenses 425.000

Contruction in process 135.000

Revenue from Long-Term Contracts 560.000

{1.600.000 x (75% - 40%)= 560.000}

c. Amount of gross profit dengan metode cost recovery

Gross profit

2019 2020 2021

0 0 530.000