Question Details

(Solution Download) On July 1, 2014, Torvill Construction Company Inc. contracted to build an office building for Gumbel


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

On July 1, 2014, Torvill Construction Company Inc. contracted

 

to build an office building for Gumbel Corp. for a total contract

 

price of $2,052,000. On July 1, Torvill estimated that it would

 

take between 2 and 3 years to complete the building. On December

 

31, 2016, the building was deemed substantially completed.

 

Following are accumulated contract costs incurred, estimated costs

 

to complete the contract, and accumulated billings to Gumbel for

 

2014, 2015, and 2016.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 12/31/14At 12/31/15At 12/31/16
Contract costs incurred to date$324,000$1,296,000$2,268,000
Estimated costs to complete the contract1,296,000864,000Ac??o0Ac??o
Billings to Gumbel324,0001,188,0001,998,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Using the percentage-of-completion method, compute the profit or

 

loss to be recognized as a result of this contract for the years

 

ended December 31, 2014, 2015, and 2016. (Ignore income taxes.)

 

(Enter loss amounts using either a negative sign

 

preceding the number e.g. -45 or parentheses e.g.

 

(45).)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

201420152016
Profit / (Loss) recognized$Entry field with correct answer$Entry field with incorrect answer$Entry field with incorrect answer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

.

 

Using the completed-contract method, compute the profit or loss to

 

be recognized as a result of this contract for the years ended

 

December 31, 2014, 2015, and 2016. (Ignore income taxes.)

 

(Enter loss amounts using either a negative sign

 

preceding the number e.g. -45 or parentheses e.g.

 

(45).)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

201420152016
Profit / (Loss) recognized$Entry field with correct answer$Entry field with incorrect answer$Entry field with incorrect answer

 

 

 

 


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