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Category > Management Posted 04 Feb 2018 My Price 9.00

Smokey International Inc

Percentage-of-Completion Analysis

Smokey International Inc. recently acquired the Kurtz Builders Company. Kurtz has incomplete accounting records. On one particular project, only the information below is available.

Because the information is incomplete, you are asked the following questions assuming the percentage-of-completion method is used, an output measure is used to estimate the percentage completed, and revenue is recorded using the actual cost approach.

    1. How much gross profit should be reported in 2012?
      $

 

    1. How much revenue should be reported in 2013?
      $

 

    1. How much revenue should be reported in 2014?
      $

 

    1. How much cost was incurred in 2014?
      $

 

    1. What are the total costs on the contract?
      $

 

  1. What would be the gross profit for 2013 if the cost-to-cost percentage-of-completion method were used rather than the output measure? Round percentage to two decimal places for percentage completed, and all other amounts to the nearest dollar. (Hint: Ignore the revenue amount shown for 2012 and gross profit amount reported for 2013.)
    $

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Feb 2018 06:02 PM My Price 9.00

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