Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. using percentage-of-completion and completed contr

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

80.2K

Verified Solution

Question

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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Kindly write a two page summary of the content below including important details. Thank you. kindly...

Biology
Q

3. Solve using probabilistic dynamic programming: I would like to sell my computer to the highest...

Advance Math
Q

7. Finding Roots Using the Bisection Method Write a function that implements the "bisection method" for finding...

Advance Math
Q

Let f(x,y)=x - 4xy-y. Compute f(3,0) and f(3,-7).f(3,0)= (Simplify your answer.)f(3,-7)= (Simplify your answer.)

Basic Math
Q

units Suppose that the creatine kinase levels among healthy males are normally distributed with a...

Statistics
Q

Determine which of the following sets of vectors are linearly independent in R.((-4, 1, 3),...

Algebra
Q

a small company uses oranges and bananas to make a juice blend. the ratio of...

Accounting
Q

Make LucidChart Flower purchasing system Receive purchase order information from purchasing clerks and then...

Accounting
Q

Exercise 11-3 Determining fixed cost per unit LO 1 Henke Corporation incurs the following annual...

Accounting
Q

The net income reported on the income statement for the current year was $541000. Depreciation...

Accounting
Q

irst Quarter (Chapters 1-2) 4. A moving company charges $40 plus $0.25 per mile to...

Finance
Q

ch8 3. Measuring stand-alone risk using realized...

Finance