Brady Construction Company contracted to build an apartment complex for a price
ID: 2416939 • Letter: B
Question
Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2016 and was completed in 2018. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.
You have to complete the table
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Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2016 and was completed in 2018. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars Estimated Costs to Complete Costs Incur Dring Year (As of the End of the Year) 2016 Situation 2016 1,500 1,500 1,500 500 500 500 2017 2,100 900 2,100 3,000 3000 3,000 2018 900 2,400 1,600 1,000 1,300 1,800 2017 900 2,400 1,500 875 1,500 1,700 2018 3,000 3,000 3,000 3,500 3,500 4,600 2 Required Copy and complete the following table Gross Profit (Loss) Recognized Over Time Revenue Rec Revenue etion 2016 2017 2018 2016 2017 2018Explanation / Answer
2016 Situation Cost Incurred Cost to be Incurred Total % age completion Contract Cost Revenue recognised 1 1500 3000 4500 33.33% 5000 1666.67 2 1500 3000 4500 33.33% 5000 1666.67 3 1500 3000 4500 33.33% 5000 1666.67 4 500 3500 4000 12.50% 5000 625.00 5 500 3500 4000 12.50% 5000 625.00 6 500 4600 5100 9.80% 5000 490.20 2017 Situation Cost Incurred Cost to be Incurred Total % age completion Contract Cost Revenue recognised Less Previously recognised Current year 1 3600 900 4500 80.00% 5000 4000.00 1666.67 2333.33 2 2400 2400 4800 50.00% 5000 2500.00 1666.67 833.33 3 3600 1500 5100 70.59% 5000 3529.41 1666.67 1862.75 4 3500 875 4375 80.00% 5000 4000.00 625.00 3375.00 5 3500 1500 5000 70.00% 5000 3500.00 625.00 2875.00 6 3500 1700 5200 67.31% 5000 3365.38 490.20 2875.19 2018 Situation Cost Incurred Cost to be Incurred Total % age completion Contract Cost Revenue recognised Less till 2017 recgnised Current year 1 4500 0 4500 100.00% 5000 5000.00 4000.00 1000.00 2 4800 0 4800 100.00% 5000 5000.00 2500.00 2500.00 3 5200 0 5200 100.00% 5000 5000.00 3529.41 1470.59 4 4500 0 4500 100.00% 5000 5000.00 4000.00 1000.00 5 4800 0 4800 100.00% 5000 5000.00 3500.00 1500.00 6 5300 0 5300 100.00% 5000 5000.00 3365.38 1634.62
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