Maurice Tutor

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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 17 Aug 2017 My Price 15.00

Gurney Construction Company

In 2014, Gurney Construction Company agreed to construct an apartment building at a price of $1,200,000. The information relating to the costs and billings for this contract is shown below.

   

2014

  

2015

  

2016
Costs incurred to date   $280,000   $600,000   $785,000
Estimated costs yet to be incurred   520,000   200,000   Ac€?o0Ac€?o
Customer billings to date   150,000   500,000   1,200,000
Collection of billings to date   120,000   320,000   940,000


(a) Assuming that the percentage-of-completion method is used.

(1) compute the amount of gross profit to be recognized in 2014 and 2015.

Gross profit to be recognized in 2014  

$
Gross profit to be recognized in 2015  

$


(2) prepare journal entries for 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables.)

Account Titles and Explanation

Debit

Credit

(To record cost of of construction.)

    

(To record progress billings.)

    

(To record collections.)

    

(To recognize revenue.)

    


(b) For 2015, show how the details related to this construction contract would be disclosed on the balance sheet and on the income statement.

Partial Income Statement (2015)

Gross Profit on Long-Term Construction ContractInventoriesAc€??Construction in ProcessReceivablesAc€??Construction in Process

   $

Partial Balance Sheet (12/31/15)
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity            

    Gross Profit on Long-Term Construction Contract    InventoriesAc€??Construction in Process    ReceivablesAc€??Construction in Process    

        

$

  

    Gross Profit on Long-Term Construction Contract    InventoriesAc€??Construction in Process    ReceivablesAc€??Construction in Process    

 

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 05:08 PM My Price 15.00

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