Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 9.00

Penner Builders

Penner Builders contracted to build a high-rise for $27,000,000. Construction began in 2014 and is expected to be completed in 2017. Data for 2014 and 2015 are:
    2014   2015
Costs incurred to date   $3,500,000   $9,880,000
Estimated costs to complete   14,000,000   9,120,000

Penner uses the percentage-of-completion method.
 
  

  

 
How much gross profit should be reported for 2014?
Gross profit   $

Warning

 
How much gross profit should be reported for 2015?
Gross profit   $
Make the journal entry to record the revenue and gross profit for 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

 
     
   

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 05:08 PM My Price 9.00

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