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Category > Accounting Posted 04 May 2017 My Price 7.00

The ZSG Company entered into a construction contract

In 2016 The ZSG Company entered into a construction contract. At the projectAc€?cs beginning the company estimated that it will take 3 years to complete and will cost $4,315,200 to complete. The contract price is $6,472,800 which will be paid to The ZSG Company by the purchaser over the course of the construction.

The following information was accumulated during the construction period:

 

Costs to date

Estimated costs to complete

Progress billings to date

Cash collected to date
         

2016

$1,941,800

$2,373,400

$1,941,800

$1,726,100

2017

3,236,400

1,078,800

3,955,600

3,596,000

2018

4,387,100

0

6,472,800

6,472,800

Instructions, using EXCEL:

1. Compute the estimated gross profit that should be recognized in each year of the construction period using the percentage of completion method.

2. Compute the estimated gross profit that should be recognized in each year of the construction period using the completed contract method.

 
 

 

Answers

Alpha Geek
(8)
Status NEW Posted 04 May 2017 11:05 AM My Price 7.00

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file 1493898276-Answer.docx preview (207 words )
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