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Using Percentage-of-Completion and Completed Contract Methods Halsey Building Company signed a contract to build an...

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Accounting

Using Percentage-of-Completion and Completed Contract Methods

Halsey Building Company signed a contract to build an office building for $40,000,000. The scheduled construction costs follow.

Year Cost
2016 $9,000,000
2017 15,000,000
2018 6,000,000
Total $30,000,000

The building is completed in 2018. For each year, compute the revenue, expense, and gross profit reported for this construction project using each of the following methods. a. Percentage-of-completion method

2016 2017 2018
Revenue Answer Answer Answer
Expense Answer Answer Answer
Gross Profit Answer Answer Answer

b. Completed contract method

2016 2017 2018
Revenue Answer Answer Answer
Expense Answer Answer Answer
Gross Profit Answer Answer Answer

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