Business, 16.04.2020 04:35 shawn20034
On March 1, 2017, Sheffield Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,330,000. The building was completed by October 31, 2019. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2017, 2018, and 2019 are given below:
2017 2018 2019
Contract costs incurred during the year $2,671,200 $2,193,000 $2,395,800
Estimated costs to complete the contract at 12/31 3,688,800 2,395,800 –0–
Billings to Fabrik during the year 3,170,000 3,510,000 1,650,000
(a) Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2017, 2018, and 2019. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any fields blank.)
2017
Cost to Date (12/31/17)
$
Entry field with correct answer2671200
Entry field with correct answer Estimated Cost to Complete
Entry field with correct answer3688800
Entry field with correct answer Total Cost
$
Entry field with incorrect answer633600
Entry field with correct answer Percent to complete
Entry field with correct answer42
%
Entry field with correct answer Revenue Recognized
$
Entry field with incorrect answer2698600 (incorrect)
Entry field with correct answer Costs Incurred
Entry field with correct answer2671200
Entry field with correct answer Profit/ Loss Recognized in 2017
$
Entry field with incorrect answer27400 (inorrect)
2018
Entry field with correct answer Costs to date (12/31/18)
$
Entry field with correct answer4864200
Entry field with correct answer Estimated Costs to Complete
Entry field with incorrect answer2385800 (incorrect)
Entry field with correct answer Estimated Total Costs
$
Entry field with incorrect answer7250000
(incorrect)
Percent complete
Entry field with correct answer67
%
Entry field with correct answer Revenue Recognized in 2018
$
Entry field with correct answer2082500
Entry field with correct answer Costs Incurred in 2018
Entry field with correct answer2193000
Entry field with correct answer Profit / (Loss) Recognized in 2018
$
Entry field with correct answer(110500)
2019
Entry field with correct answer total Costs Incurred
$
Entry field with incorrect answer(INCORRECT)
Entry field with incorrect answer Profit Previously RecognizedTotal Costs IncurredProfit / (Loss) Recognized in 2019Total Revenue RecognizedTotal Profit on ContractEAT_1364799800488_0_2561446 869231341 (INOCRRECT)
Entry field with incorrect answer(INCORRECT)
Entry field with incorrect answer Total Profit on ContractProfit / (Loss) Recognized in 2019Profit Previously RecognizedTotal Costs IncurredTotal Revenue RecognizedEAT_1364799800488_0_54601 63114080155 (INCORRECT
Entry field with incorrect answer2748900 (INCORRECT)
Less
:
Entry field with incorrect answer Profit / (Loss) Recognized in 2019Total Revenue RecognizedTotal Costs IncurredTotal Profit on ContractProfit Previously RecognizedEAT_1364799800488_0_25614 46869231341 (INCORRECT)
Entry field with incorrect answer(INCORRECT
Entry field with correct answer Profit. (Loss) Recognized in 2019
$
Entry field with correct answer353100
(b) Using the completed-contract method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2017, 2018, and 2019. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any fields blank. Enter loss using either a negative sign preceding the number e. g. -45 or parentheses e. g. (45).)
2017 $
Entry field with correct answer0
2018 $
Entry field with correct answer0
2019 $
Entry field with correct answer1070000
Answers: 3
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