* Question 5 On February 1, 2014, Marsh Contractors agreed to construct a buildi

Question

* Question 5 On February 1, 2014, Marsh Contractors agreed to construct a building at a contract price of $5,940,000. Marsh estimated total construction costs would be $4,112,000 and the project would be finished in 2016. Information relating to the costs and billings for this contract is as follows: 2014 2015 2016 Total costs incurred to date $1,542,000 $2,724,000 $4,670,000 Estimated costs to complete 2,570,0001,816,000 Customer billings to date Collections to date 0 2,340,0004,112,0005,740,000 2,140,000 3,640,000 5,640,000 Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2014, 2015, and 2016. Percentage-of-Completion Gross Profit Completed-Contract Gross Profit 2014 2015 2016 2014 $ 2015 $ 2016 $ Question Attempts: 0 of 3 used Copyright © 2000-2015 by John Wiley & Sons, Inc. or related companies. All rights reserved http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 11/10/2015

Explanation / Answer

Here, the axial strain in x, y ,z directions are , , and respectively, the axial stress in x ,y,z directions are , , and Poisson’s ratio is , Coefficient of Thermal expansion is , change in temperature is , and Modulus of elasticity is .

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