Brady construction company contracted to build an apartment complex for a price

Question

Brady construction company contracted to build an apartment complex for a price of $5,200,000. Constrcution began in 2018 and was completed in 2020. 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.

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Estimated Costs to Complete (As of the End of the Year) Costs Incurred During Year Situation 2018 2019 2020 2018 2019 2020 1 1,520 2,190 960 3,150 960 2 1,520 960 2,480 3,150 2,480 3 1,520 2,190 1,760 3,150 1,660 520 3,020 1,040 3,640 885 520 3,020 1,440 3,640 1,660 520 3,020 2,000 4,800 1,880 4 6 Required Complete the following table. (Do not round intermediate calculations. Enter answers in dollars. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.) Gross Profit (Loss) Recognized Revenue Recognized Over Time Revenue Recognized Upon Completion Situation 2018 2019 2020 2018 2019 2020 2 4

Explanation / Answer

Working:

Suituation Revenue recognized over time Revenue recognized on completion 2018 2019 2020 2018 2019 2020 1 2148 3095 1357 0 0 6600 2 2148 1152 3300 0 0 6600 3 2148 2412 2040 0 0 6600 4 825 4455 1320 0 0 6600 5 825 3668 2107 0 0 6600 6 645 3666 2289 0 0 6600 Suituation Gross Profit recognized over time Gross Profit recognized on completion 2018 2019 2020 2018 2019 2020 1 628 905 397 0 0 1930 2 628 192 820 0 0 1640 3 628 222 280 0 0 1130 4 305 1435 280 0 0 2020 5 305 648 667 0 0 1620 6 125 646 289 0 0 1060

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