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AC557 W5 HW Long Term Questions/Answers Construction

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1. Reese Construction Corporation contracted contracted to construct a building for $1,500 Construction began in 2007 and was completed in 2008. Data relating to the contra summarized below: Year ended December 31, 2007 2008 Costs incurred $600,000 $450,000 Estimated costs to complete 400,000 —

Reese uses the percentage-of-completion method as the basis for income recogn For the years ended December 31, 2007, and 2008, respectively, Reese should r gross profit of a. $270,000 and $180,000. b. $900,000 and $600,000. c. $300,000 and $150,000. d. $0 and $450,000. C

2. Winsor Construction Company uses the percentage-of-completion method of accountin 2007, Winsor began work on a contract it had received which provided for a contract pri $15,000,000. Other details follow: 2007 Costs incurred during the year $7,200,000 Estimated costs to complete as of December 31 4,800,000 Billings during the year 6,600,000 Collections during the year 3,900,000 What should be the gross profit recognized in 2007? a. $600,000 b. $7,800,000 c. $1,800,000 d. $3,000,000

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In 2007, Crane Corporation began construction work under a three-year contract. The con

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How much cash was collected in 2007 on this contract? a. $100,000 b. $140,000 c. $20,000 d. $240,000 b

4.

What was the initial estimated total income before tax on this contract? a. $300,000 b. $320,000 c. $400,000 d. $480,000 d

5.

Eaton Construction Co. uses the percentage-of-completion method. In 2007, began work on a contract for $3,300,000 and it was completed in 2008. Data o costs are: Year Ended December 31 2007 2008 You're Reading a Preview Costs incurred $1,170,000 $840,000 Estimated costs to completeUnlock full access with a free trial. 780,000 — For the years 2007 and 2008, Eaton should recognize gross profit of Download With Free Trial 2007 2008 a. $0 $1,290,000 b. $774,000 $516,000 c. $810,000 $480,000 d. $810,000 $1,290,000

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Use the following information for questions 66 and 67.


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$450,000. $600,000. $1,800,000. $2,400,000.

B 7.

Assume that Ramos uses the completed-contract method of accounting. The port the total gross profit to be recognized as income in 2008 is a. $900,000. b. $1,350,000. c. $2,325,000. d. $7,200,000.

c Use the following information for questions 68 and 69.

Miley, Inc. began work in 2007 on a contract for $8,400,000. Other data are as follows: 2007 2008 Costs incurred to date $3,600,000 $5,600,00 Estimated costs to complete 2,400,000 — Billings to date 2,800,000 8,400,00 Collections to date 2,000,000 7,200,00 You're Reading a Preview 8.

If Miley uses the percentage-of-completion Unlock full access withmethod, a free trial.the gross profit to be recogniz 2007 is a. $1,440,000. Download With Free Trial b. $1,600,000. c. $2,160,000. d. $2,400,000. A

Master your semester with Scribd  Free For 30 Days 9. If Miley uses the completed-contract method, theRead gross profit to be recognized in Sign up to vote on this title  a. $1,360,000. & The New York Times  Useful  Not useful b. $2,800,000. Special offer for students: Only $4.99/month.

c. $1,400,000. d. $5,600,000.

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The amount of gross profit to be recognized on the income statement for the year e December 31, 2008 is a. $800,000. b. $860,000. c. $900,000. d. $2,150,000. A 11.

If the completed-contract method of accounting was used, the amount of gross pr be recognized for years 2007 and 2008 would be a. b. c. d.

2007 $2,250,000. $2,150,000. $0. $0.

2008 $0. $(100,000). $2,150,000. $2,250,000.

C 12.

Willingham Construction Company uses the percentage-of-completion method. 2007, the company entered into a fixed-price contract to construct a buildin Richman Company for $30,000,000. The following details pertain to the contract: You're Reading a Preview At December 31, 2007 At December 31, 200 Percentage of completion 25% 60% Unlock full access with a free trial. Estimated total cost of contract $22,500,000 $25,000,000 Gross profit recognized to date 1,875,000 3,000,000 Download With Free Trial The amount of construction costs incurred during 2008 was a. $15,000,000. b. $9,375,000. c. $5,625,000. d. $2,500,000.

Master your semester with Scribd B Use the following information for questions 73 and 74. & The New York Times Special offer for students: Only $4.99/month.


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Carter Construction Company had a contract starting April 2008, to construct a $15,000

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At December 31, 2008, Carter would report Construction in Process in the amoun a. $6,900,000. b. $6,325,000. c. $5,900,000. d. $575,000. A

15.

Kirby Builders, Inc. is using the completed-contract method for a $5,600,000 that will take two years to complete. Data at December 31, 2007, the end of the year, are as follows: Costs incurred to date Estimated costs to complete Billings to date Collections to date

$2,560,000 3,280,000 2,400,000 2,000,000

The gross profit or loss that should be recognized for 2007 is a. $0. b. a $240,000 loss. c. a $120,000 loss. d. a $105,600 loss. B

You're Reading a Preview Use the following information for questions 76 through 78. Unlock full access with a free trial.

Melton Construction Co. began operations in 2007. Construction activity for 2007 is s below. Melton uses the completed-contract method. Download With Free Trial Billings Collections Estim Contract Through Through Costs to Cost Contract Price 12/31/07 12/31/07 12/31/07 Comp 1 $3,200,000 $3,150,000 $2,600,000 $2,150,000 2 3,600,000 1,500,000 1,000,000 820,000 $1,880 3 3,300,000 1,900,000 1,800,000 2,250,000 1,200  Read Free Foron 30this Days Sign up to vote title  16. Which of the following should be shown on theincome for 2007 relat Useful statement Not useful  Cancel anytime. Contract 1? Special offer for students: Only $4.99/month. a. Gross profit, $450,000

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Which of the following should be shown on the balance sheet at December 31, related to Contract 3? a. Inventory, $200,000 b. Inventory, $350,000 c. Inventory, $2,100,000 d. Inventory, $2,250,000 a

19 Flynn Construction Co. has consistently used the percentage-of-completion meth recognizing revenue. During 2007, Flynn entered into a fixed-price contract to con an office building for $12,000,000. Information relating to the contract is as follows: At December 31 2007 2008 Percentage of completion 15% 45% Estimated total cost at completion $9,000,000 $9,600,000 Gross profit recognized (cumulative) 600,000 1,440,000

b

20.

Contract costs incurred during 2008 were a. $2,880,000. b. $2,970,000. c. $3,150,000. d. $4,320,000. You're Reading a Preview Noland Constructors, Inc. has consistently used the percentage-of-completion meth recognizing income. In 2007, UnlockNoland full access started with a freework trial. on a $35,000,000 constru contract that was completed in 2008. The following information was taken from Nol 2007 accounting records: Download With Free Trial Progress billings $11,000,000 Costs incurred 10,500,000 Collections 7,000,000 Estimated costs to complete 21,000,000

amount of gross profit should Noland have recognized in 2007 on this contrac Master yourWhat semester with Scribd  a. $3,500,000 Read Free Foron 30this Days Sign up to vote title  b. $2,333,334 & The New York Times Useful  Not useful  c. $1,750,000 Special offer for students: $4.99/month. d.Only $1,166,667

d

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$300,000 – $60,000 = $240,000 $240,000 ————————— × ($2,400,000 – Total estimated cost) = $60,000 Total estimated cost Total estimated cost = $1,920,000 $2,400,000 – $1,920,000 = $480,000.

5.

c

$1,170,000 —————- × ($3,300,000 – $1,950,000) = $810,000 $1,950,000 ($3,300,000 – $2,010,000) – $810,000 = $480,000.

6.

b

$1,200,000 ————— × ($7,200,000 – $4,800,000) = $600,000. $4,800,000

7.

c

$7,200,000 – $4,875,000 = $2,325,000.

8.

a

$3,600,000 ————— × ($8,400,000 – $6,000,000) = $1,440,000. $6,000,000

9.

b

$8,400,000 – $5,600,000 = $2,800,000. You're Reading a Preview

10.

a

[$1,950,000 ÷ ($1,950,000 + $1,300,000)] × $2,250,000 = $1,350,000 Unlock full access with a free trial. ($5,500,000 – $3,350,000) – $1,350,00 = $800,000.

11.

c

Download With Free Trial $5,500,000 – $3,350,000 = $2,150,000.

12.

b

($25,000,000 × .60) – ($22,500,000 × .25) = $9,375,000.

13.

c

($6,325,000 ÷ $13,750,000) × $1,250,000 = $575,000.

Master your semester with Scribd 14. a ($6,325,000 ÷ $13,750,000) × $1,250,000 $575,000. Read Free Foron 30this Days Sign=up to vote title $6,325,000 + $575,000 = $6,900.000. & The New York Times  Useful  Not useful Special offer for students: Only $4.99/month.

15.

b

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$5,600,000 – ($2,560,000 + $3,280,000) = –$240,000.

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Ex. 18-110—Percentage-of-completion method.

Garnet Construction Co. contracted to build a bridge for $5,000,000. Construction beg 2007 and was completed in 2008. Data relating to the construction are: Costs incurred Estimated costs to complete

2007 $1,650,000 1,350,000

2008 $1,375,000 —

Garnet uses the percentage-of-completion method. Instructions

(a) (b) (c) (d)

How much revenue should be reported for 2007? Show your computation. Make the entry to record progress billings of $1,650,000 during 2007. Make the entry to record the revenue and gross profit for 2007. How much gross profit should be reported for 2008? Show your computation.

Solution 18-110

(a)

(b)

$1,650,000 ————— × $5,000,000 = $2,750,000 $3,000,000 Accounts Receivable ................................................................... 1,650,000 You're Reading a Preview Billings on Construction in Process .................................

Solution 18-110

(c)

(cont.)

Unlock full access with a free trial.

Construction Expenses................................................................ 1,650,000 Construction in Process............................................................... 1,100,000 Download With Free Trial Revenue from Long-Term Contracts ................................

Revenue Costs Total gross profit Recognized in 2007 Recognized in 2008 Or Special offer for students: Only $4.99/month. Total revenue Recognized in 2007

1,650,0

(d)


$5,000,000 3,025,000 1,975,000 (1,100,000) Read Free Foron 30this Days Sign up to vote title $ 875,000

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$5,000,000 (2,750,000)

2,750,0

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Stiner uses the percentage-of-completion method. Instructions

(a) How much gross profit should be reported for 2007? Show your computation. (b) How much gross profit should be reported for 2008? (c) Make the journal entry to record the revenue and gross profit for 2008.

Solution 18-111

(a)

$1,800,000 ————— × $5,000,000 = $1,000,000 $9,000,000

(b)

$5,200,000 —————— × $4,000,000 = $2,080,000 $10,000,000 Less 2007 gross profit Gross profit in 2008

(c)

1,000,000 $1,080,000

Construction in Process............................................................... 1,080,000 Construction Expenses................................................................ 3,400,000 Revenue from Long-Term Contracts ................................ You're Reading a Preview

Unlock full access with a free trial. Ex. 18-112—Percentage-of-completion and completed-contract

4,480,0

methods.

On February 1, 2007, Nance Contractors agreed construct Download With to Free Trial a building at a contract pri $6,000,000. Nance estimated total construction costs would be $4,000,000 and the p would be finished in 2009. Information relating to the costs and billings for this contract follows:

2007 2008 2009 $1,500,000 $2,640,000 $4,600,00  Free Foron 30this Days 2,500,000 Read 1,760,000 -0Sign up to vote title  2,200,000  Useful4,000,000 5,600,00  Not useful Cancel anytime. 2,000,000 3,500,000 5,500,00

Total costs incurred to date Master your semester with Scribd Estimated costs to complete Customer billings to date & The New York Times Collections to date

Special offer for students: Only $4.99/month. Instructions

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Solution 18-112

2007 2008 2009

Percentage-of-Completion Gross Profit a $750,000 b $210,000 c $440,000

2007 2008 2009

Completed-Contract Gross Profit — — d $1,400,000

a

$1,500,000 ————— × $2,000,000 = $750,000 $4,000,000

b

$2,640,000 ————— × $1,600,000 = $960,000 $4,400,000

Less 2007 gross profit 2008 gross profit

(750,000) $210,000

c

$6,000,000 4,600,000 1,400,000 (960,000) $ 440,000

d

You're Reading a Preview $6,000,000 4,600,000 Unlock full access with a free trial. $1,400,000

Total revenue Total costs Total gross profit Recognized to date 2009 gross profit Total revenue Total costs Total gross profit

Download With Free Trial Pr. 18-117—Long-term

construction project accounting.

Benson Construction specializes in the construction of commercial and industrial buildings contractor is experienced in bidding long-term construction projects of this type, with the ty  project lasting fifteen to twenty-four months. The contractor uses the percentage-of-comp Read Free Foron 30this Days Sign up to vote title  method of revenue recognition since, given the characteristics of the contractor's business Not useful  Useful  Cancel anytime. is measured on a contracts, it is the most appropriate method. Progress toward completion Special offer for students: Only $4.99/month. to cost basis. Benson began work on a lump-sum contract at the beginning of 2008. As bid statistics were as follows:


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(cont.)

At the end of the first year, the following was the status of the contract: Billings to date Costs incurred to date Labor Materials and subcontractor Indirect costs Latest forecast total cost

$2,230,0 $ 464,000 1,098,000 193,000

1,755, 3,000,0

It should be noted that included in the above costs incurred to date were standard electrica mechanical materials stored on the job site, but not yet installed, costing $105,000. These should not be considered in the costs incurred to date. Instructions

(a)

Compute the percentage of completion on the contract at the end of 2008.

(b)

Indicate the amount of gross profit that would be reported on this contract at the e 2008.

(c)

Make the journal entry to record the income (loss) for 2008 on Benson's books.

(d)

Indicate the account(s) and the amount(s) that would be shown on the balance Benson Construction at the end of 2008 related to its construction accounts. Also ind where these items would be classified on the balance sheet. Billings collected durin year amounted to $1,980,000.You're Reading a Preview

(e)

Assume the latest forecast on total costs at the end of 2008 was $4,050,000. How Unlock full access with a free trial. income (loss) would Benson report for the year 2008?

Download With Free Trial Solution 18-117

(a)

Costs to date Less materials on job site

$1,755,000 (105,000) $1,650,000

Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title Costs Incurred to Date & The New—————————— York Times = Percentage of Completion Useful  Not useful Total Estimated Costs

Special offer for students: Only $4.99/month.

$1,650,000

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Solution 18-117

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(cont.)

Current Liability Billings in excess of contract costs and recognized profit (e)



Total loss reported in 2008 Contract price Estimated cost to complete Amount of loss to be reported

Pr. 18-118—Accounting

$30,000 ($2,230,000 – $2,200 $4,000,000 4,050,000 $ (50,000)

for long-term construction contracts.

The board of directors of Dodd Construction Company is meeting to choose between completed-contract method and the percentage-of-completion method of accounting for term contracts in the company's financial statements. You have been engaged to assist D controller in the preparation of a presentation to be given at the board meeting. The con provides you with the following information: 1. 2.

Dodd commenced doing business on January 1, 2008. Construction activities for the year ended December 31, 2008, were as follows: You're Reading a Preview Total Contract Billings Through Cash Collections Unlock full access with a free trial. Project Price 12/31/08 Through 12/31/08 A $ 515,000 $ 340,000 $ 310,000 B 690,000 210,000 Download With 210,000 Free Trial C 475,000 475,000 390,000 D 200,000 100,000 65,000 E 480,000 400,000 400,000 $2,360,000 $1,525,000 $1,375,000

Master your semester Contract with Scribd Costs Estimated Read Free Foron 30this Days Sign up to vote title Incurred Through Additional Costs to & The NewProject York Times 12/31/08  Useful  Not useful Complete Contracts Special offer for students: A Only $4.99/month. $ 424,000

B

195,000

$101,000 455,000

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(2) The percentage-of-completion method (based on estimated costs). Pr. 18-118

(cont.)

(b)

Prepare the general journal entry(ies) to record revenue and gross profit on proj (second project) for 2008, assuming that the percentage-of-completion method is use

(c)

Indicate the balances that would appear in the balance sheet at December 31, 2008 f following accounts for Project D (fourth project), assuming that the percentag completion method is used. Accounts Receivable Billings on Construction in Process Construction in Process

(d)

How would the balances in the accounts discussed in part (c) change (if at all) for P D (fourth project), if the completed-contract method is used?

Solution 18-118

(a) (1) and (2) Projects Contract price Contract costs incurred Additional costs to complete Total cost Total gross profit or (loss)

A B C $515,000 $690,000 $475,000 You're Reading a Preview 424,000 195,000 350,000 Unlock full access with a free trial.

101,000 455,000 -0525,000 650,000 350,000 Download With Free Trial $ (10,000)

$ 40,000

$125,000

D $200,000 123,000

$480 320

97,000 220,000

400

$ (20,000)

$

The amount reported as income (loss) under the completed-contract method for 2008 is: Project A $(10,000) Master your semester with Scribd B -0125,000 & The New York CTimes D (20,000) Special offer for students: Only $4.99/month. E

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Revenue from Long-term Contracts ................................. Solution 18-118

(c)

(d)



207,0

(cont.)

Billings Cash collections Accounts receivable Billings on Construction in Process

$100,000 65,000 $ 35,000 100,000

Costs incurred Loss reported Construction in process

$123,000 (20,000) $103,000

The account balances would be the same.

Pr. 18-119—Long-term

contract accounting (completed-contract).

Ponce Construction, Inc. experienced the following construction activity in 2008, the first ye operations. Cash Cost Estima Total Billings Collections Incurred Additio Contract through through through Costs You're Reading a Preview Contract Price 12/31/08 12/31/08 12/31/08 Comp X $260,000 $165,000 $155,000 $182,000 $ 63, Unlock full access with a free trial. Y 330,000 115,000 115,000 100,000 247, Z 233,000 233,000 198,000 158,000 Download With Free Trial $823,000 $513,000 $468,000 $440,000 $310,

Each of the above contracts is with a different customer, and any work remaining at Dece 31, 2008 is expected to be completed in 2009.

Instructions Master your semester with Scribd  Read Free For 30 Days Sign up to vote this title how the a Prepare a partial income statement and a partial balance sheet toon indicate  contract information would be reported. Ponce uses the  completed-contract method. & The New York Times Useful  Not useful

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Total contract price Loss recognized in 2008



330,000 $ 17,000

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(cont.) Ponce Construction, Inc. Balance Sheet As of 12/31/08

Current assets: Accounts receivable ($513,000 – $468,000) Inventories Construction in process (contract X) Less: Billings Unbilled contract costs Current liabilities: Billings ($115,000) in excess of contract costs ($100,000) Estimated loss from long-term contracts

$ $182,000 165,000

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