Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Requirement 1
2000 2001
Contract price $2,000,000 $2,000,000
Actual costs to date 300,000 1,875,000
Estimated costs to complete 1,200,000 -0-
Total estimated costs 1,500,000 1,875,000
Estimated gross profit $ 500,000 $ 125,000
Requirement 2
2000 $ -0-
2001 $125,000
Requirement 3
Balance Sheet
At December 31, 2000
Current assets:
Accounts receivable $ 110,000
Construction in progress $400,000*
Less: Billings (360,000)
Costs and profit in excess of billings 40,000
Requirement 4
Balance Sheet
At December 31, 2000
Current assets:
Accounts receivable $ 110,000
Current liabilities:
Billings ($360,000) in excess of costs ($300,000) $ 60,000
Exercise 4-4
Situation 1 - Percentage-of-Completion
2000: $1,500,000
= 33.3333% x $500,000 = $166,667
$4,500,000
2001: $3,600,000
= 80.0% x $500,000 = $400,000 - 166,667 = $233,333
$4,500,000
Situation 2 - Percentage-of-Completion
2000: $1,500,000
= 33.3333% x $500,000 = $166,667
$4,500,000
2001: $2,400,000
= 50.0% x $200,000 = $100,000 - 166,667 = $(66,667)
$4,800,000
Situation 3 - Percentage-of-Completion
2000: $1,500,000
= 33.3333% x $500,000 = $166,667
$4,500,000
Situation 4 - Percentage-of-Completion
2000: $ 500,000
= 12.5% x $1,000,000 = $125,000
$4,000,000
2001: $3,500,000
= 80.0% x $625,000 = $500,000 - 125,000 = $375,000
$4,375,000
Situation 5 - Percentage-of-Completion
2000: $ 500,000
= 12.5% x $1,000,000 = $125,000
$4,000,000
Situation 6 - Percentage-of-Completion
2000: $(100,000)
Requirement 2
Requirement 3
Problem 4-2
Requirement 1
2000 2001 2002
Contract price $10,000,000 $10,000,000 $10,000,000
Actual costs to date 2,400,000 6,000,000 8,200,000
Estimated costs to complete 5,600,000 2,000,000 -0-
Total estimated costs 8,000,000 8,000,000 8,200,000
Estimated gross profit (loss) $ 2,000,000 $ 2,000,000 $ 1,800,000
2001: $6,000,000
= 75.0% x $2,000,000 = $1,500,000 - 600,000 = $900,000
$8,000,000
2002: $1,800,000 - 1,500,000 = $300,000
Requirement 2
Requirement 3
Current assets:
Accounts receivable $ 200,000 $600,000
Construction in progress $3,000,000 $7,500,000
Less: Billings (2,000,000) (6,000,000)
Costs and profit in excess
of billings 1,000,000 1,500,000
Requirement 4
2000 2001 1999
Costs incurred during the year $2,400,000 $3,800,000 $3,200,000
Estimated costs to complete
as of year-end 5,600,000 3,100,000 -
2001: $6,200,000
= 66.6667% x $700,000 = $466,667 - 600,000 = $(133,333)
$9,300,000
Requirement 5
2000 2001 2002
Costs incurred during the year $2,400,000 $3,800,000 $3,900,000
Estimated costs to complete
as of year-end 5,600,000 4,100,000 -
2000: $2,400,000
= 30.0% x $2,000,000 = $600,000
$8,000,000