Business, 16.04.2021 18:00 mckinneypaige9544

On February 1, 2020, Nash's Contractors agreed to construct a building at a contract price of $5,700,000. Nash's estimated total construction costs would be $3,920,000 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows: 2020 2021 2022
Total costs incurred to date $1,470,000 $2,580,000 $4,550,000
Estimated costs to complete 2,450,000 1,720,000 -0-
Customer billings to date 2,100,000 3,920,000 5,500,000
Collections to date 1,900,000 3,400,000 5,400,000

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 2020, 2021, and 2022.

2020 $ 2020 $
2021 $ 2021 $
2022 $ 2022 $

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Answer from: selene29

Nash's Contractor

Gross profit that should be recorded for 2020, 2021, and 2022:

Percentage -of completion Completed-contract

2020 $___667,500 2020 $___0

2021 $361,395 2021 $0

2022 $121,105 2022 $1,150,000

Explanation:

a) Data and Calculations:

Contract price = $5,700,000

Estimated construction costs = $3,920,000

Project completion date = 2022

Costs and Billings:

2020 2021 2022

Total costs incurred to date $1,470,000 $2,580,000 $4,550,000

Estimated costs to complete 2,450,000 1,720,000 -0-

Customer billings to date 2,100,000 3,920,000 5,500,000

Collections to date 1,900,000 3,400,000 5,400,000

Percentage of completion:

2020:

Revenue = $2,137,500 ($1,470,000/$3,920,000 * $5,700,000)

Cost incurred = 1,470,000

Gross profit = $667,500

2021:

Revenue = $1,471,395 ($1,110,000/$4,300,000 * $5,700,000)

Cost incurred = 1,110,000

Gross profit = $361,395

2022:

Revenue = $2,091,105 ($5,700,000 - $2,137,500 - $1,471,395)

Cost incurred 1,970,000

Gross profit = $121,105

Completed contract

2022: Revenue = $5,700,000

Total costs = 4,550,000

Gross profit = $1,150,000

Answer from: Quest

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Answer from: Quest

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On February 1, 2020, Nash's Contractors agreed to construct a building at a contract price of $5,700...

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