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  • Prefinal Exam in Accstra

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    Shr Bn
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    The document contains information about multiple construction contracts including: 1. A contract with a price of $8 million, costs incurred of $1.2 million, and estimated completion costs of $4.8 million. The percentage complete is 20% and gross profit earned is $400,000. 2. A contract with a price of $17.1 million, costs of $4.5 million, and estimated remaining costs of $10.6 million. The percentage complete is 30% and gross profit earned is $600,000. Revenue for 2021 is $5.1 million. 3. Summary financial information is presented across three sites, including total costs incurred, profits earned, and construction in progress

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    PREFINAL_EXAM_IN_ACCSTRA

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    The document contains information about multiple construction contracts including: 1. A contract with a price of $8 million, costs incurred of $1.2 million, and estimated completion costs of $4.8 million. The percentage complete is 20% and gross profit earned is $400,000. 2. A contract with a price of $17.1 million, costs of $4.5 million, and estimated remaining costs of $10.6 million. The percentage complete is 30% and gross profit earned is $600,000. Revenue for 2021 is $5.1 million. 3. Summary financial information is presented across three sites, including total costs incurred, profits earned, and construction in progress

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    Download as xlsx, pdf, or txt
    38 views3 pages

    Prefinal Exam in Accstra

    Uploaded by

    Shr Bn
    The document contains information about multiple construction contracts including: 1. A contract with a price of $8 million, costs incurred of $1.2 million, and estimated completion costs of $4.8 million. The percentage complete is 20% and gross profit earned is $400,000. 2. A contract with a price of $17.1 million, costs of $4.5 million, and estimated remaining costs of $10.6 million. The percentage complete is 30% and gross profit earned is $600,000. Revenue for 2021 is $5.1 million. 3. Summary financial information is presented across three sites, including total costs incurred, profits earned, and construction in progress

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 3

    1 Contract Price 8,000,000

    Cost incurred 1,200,000


    Estimated costs to complete 4,800,000
    Total estimated cost 6,000,000
    Estimated gross profit 2,000,000
    Percentage of completion
    (1200/6000) 0.20
    Gross profit earned this year 400,000 D

    2 Contract Price 17,100,000


    Cost incurred 4,500,000
    Estimated costs to complete 10,600,000
    Total estimated cost 15,100,000
    Estimated gross profit 2,000,000
    Percentage of completion
    (4500/15100) 0.300
    Gross profit earned this year 600,000
    Cost of construction / Cost incurred 4,500,000
    Construction revenue 2021 5,100,000 A

    3 Contract Price 500,000


    Cost incurred 375,000
    Estimated costs to complete
    Total estimated cost 375,000
    Estimated gross profit 125,000
    Percentage of completion
    (1200/6000) 1.00
    Gross profit earned at Site A 125,000

    Contract Price 700,000


    Cost incurred 100,000
    Estimated costs to complete 400,000
    Total estimated cost 500,000
    Estimated gross profit 200,000
    Percentage of completion
    (1200/6000) 0.20
    Gross profit earned at Site B 40,000

    Contract Price 300,000


    Cost incurred 100,000
    Estimated costs to complete
    Total estimated cost 100,000
    Estimated gross profit 200,000
    Percentage of completion
    (1200/6000) 1.00
    Gross profit earned at Site C 200,000

    4 Total cost inccured 575,000


    (375+100+100)
    total gross profit earned
    (125+200) 325,000
    construction in progress in cost recovery method 900,000 A

    5 Contract Price 6,000,000


    Cost incurred 1,250,000
    Estimated costs to complete 3,750,000
    Total estimated cost 5,000,000
    Estimated gross profit 1,000,000
    Percentage of completion
    (1250/5000) 0.25
    Gross profit 250,000

    Construction in progress
    (1250+250) 1,500,000
    Billings
    (6000x40%) 2,400,000
    Due on Construction in progress -900,000 B

    6
    Total cost inccured 375,000
    total gross profit earned 125,000
    construction in progress 500,000

    Total cost inccured 100,000


    total gross profit earned 40,000
    construction in progress 140,000

    Total cost inccured 100,000


    total gross profit earned 200,000
    construction in progress 300,000

    Total construction in progress percentage to completion 940,000 A

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