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C
Contract Price
Total Estimated Cost 2,750,000 % of completion = cost incurred/ est. total cost
Est. Gross Profit (2,000,000) = 400,000
x % of completion 750,000 ###
= (400,000 + 1,600,000)
Realized Gross Profit 0.20 = 20%
+ Cost incurred to date 150,000
C.I.P. 400,000
550,000
2. A
Mobilization Fee
5% x 100 million
Progress billings 5,000,000
50%-10%-8%= 32% x
100,000,000
x 90% (100%-10% retention)
Payments made in 2016 28,800,000
33,800,000
3. C
4. D
Construction in progress/ Est. cost at completion= % of completion
1837500/3675000=50%
Contract Price
x % of completion 5,250,000
Construction Revenue 50%
Less: Est. ost at completion 2,625,000
Realized GP (1,837,500)
787,500
5. C
Contract Price
Est. Total Cost (4000+2000+2 8,000,000
No profit or loss 8,000,000
0
6. C
Contract Price
Less: Estimated Cost
33,600,000
20,800,000
Estimated Gross Profit 7,200,000
Percentage of Completion (20,080,000/28,000,000) 28,000,000
Gross Profit for 2016 5,600,000
26/35
7 4,160,000
Recognized Revenue (33,6000,000 x 3/4)
Less: Cost Incurred in 3rd quarter (28,000,000 x 3/4)
Gross Profit 25,200,000
21,000,000
8. D 4,200,000
Contract Price
Less: Estimated Cost
Cost Incurred to Date 42,000,000
Estimated Cost to Complete
Estimated Gross Profit 18,000,000
Percentage of Completion (18,000,000/36,000,000) 18,000,000 36,000,000
Gross Profit 6,000,000
50%
9 3,000,000
Costs Incurred to Date:
Materials
Labor
Overhead: 5,000,000
Administrative costs reimbursable 4,000,000
Depreciation during construction
Divided by: Total Estimated Costs 2,000,000
Percentage of Completion 1,000,000 12,000,000
30,000,000
10. D 40%
Contract Price
Multiplied by Mobilization Fee 2,400,000,000
Cash Received 1%
24,000,000
11. A
Percentage of Completion Method
Total Contract Price
Less: Total estimated cost 4,000,000 Zero Profit Method
(2,400,000) 0 (gross profit should be
Gross profit rate 1,600,000 recognized only at the year
Recognized profit 33.33% of completion)
533,333
12. C
Cost incurred to date (4,800,000 x 60%)
Less: Cost incurred prior year (4,500,000 x 20%)
Cost incurred during the year 2,880,000
(900,000)
1,980,000
13. B
Percentage of completion method
Contract price
Less: Total estimated cost
Estimated gross profit 3,000,000
% of completion (900,000/2,700,000) (2,700,000)
Recognized gross profit 300,000
Add: Cost incurred 33.33%
Construction in progress 100,000
900,000
Zero profit method 1,000,000
Construction in progress
Cost incurred
14. B 900,000
Contract billings
Accounts receivable 47,000
Cash collected (15,000)
32,000
Contract price
Gross profit rate
Income recognized 800,000
Divided by CIP 10,000
Initial gross profit 50,000
20%
15. B 160,000
Apartment A
Apartment A
19. A
Contract price
Less: Total estimated cost 12,600,000
Cost incurred to date 12,600,000
Estimated cost to comple (2,850,000)
(8,150,000) (6,080,000)
% of completion 1,600,000 (3,920,000)
Gross profit incurred to date 0.25 2,600,000
Less: Gross profit prior year 400,000 0.598
Recognized gross profit - 1,554,800
400,000 400,000
1,154,800
% of completion
2,850,000-100,000
2,850,000 + 8,150,000 6,080,000-100,000
= 6,080,000 + 3,920,000
0.25
0.598