question archive Brady Construction Company contracted to build an apartment complex for a price of $7,000,000
Brady Construction Company contracted to build an apartment complex for a price of $7,000,000
Subject:AccountingPrice: Bought3
Brady Construction Company contracted to build an apartment complex for a price of $7,000,000. 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 Incurred During Year |
(As of the End of the Year) |
|||||||||||
|
Situation |
2016 |
2017 |
2018 |
2016 |
2017 |
2018 |
||||||
| 1 | 1,700 | 2,730 | 1,500 | 4,230 | 1,500 | Ac€?? | ||||||
| 2 | 1,700 | 1,500 | 3,200 | 4,230 | 3,200 | Ac€?? | ||||||
| 3 | 1,700 | 2,730 | 3,200 | 4,230 | 3,100 | Ac€?? | ||||||
| 4 | 700 | 3,200 | 1,400 | 4,900 | 975 | Ac€?? | ||||||
| 5 | 700 | 3,200 | 2,700 | 4,900 | 3,100 | Ac€?? | ||||||
| 6 | 700 | 3,200 | 3,800 | 6,555 | 3,500 | Ac€?? | ||||||
| Required: |
|
Complete the following table. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.) Gross Profit (Loss) Recognized Percentage of Completion Completed Contract Situation 2016 2017 2018 2016 2017 2018 1 2 3 4 5 6 |
