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    Argosy University/ Phoniex University/
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Category > Accounting Posted 26 Sep 2017 My Price 5.00

Shanahan Construction Company

(Recognition of Profit on Long-Term Contract) Shanahan Construction Company has entered into a contract beginning January 1, 2012, to build a parking complex. It has been estimated that the complex will cost $600,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $900,000. The following data pertain to the construction period.

 

2012

2013

2014

Costs to date

$270,000

$450,000

$610,000

Estimated costs to complete

330,000

150,000

–0–

Progress billings to date

270,000

550,000

900,000

Cash collected to date

240,000

500,000

900,000

Instructions

(a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period.

(b) Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 08:09 PM My Price 5.00

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