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On July 1, 2017, Sheridan Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,880,000. On July 1, Sheridan estimated that it would take between 2 and 3 years to complete the building. On December 31, 2019, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2017, 2018, and 2019. At 12/31/17 At 12/31/18 At 12/31/19 Contract costs incurred to date $298,000 $1,194,000 $2,098,500 Estimated costs to complete the contract 1,192,000 796,000 –0– Billings to Gumbel 300,000 1,100,000 1,820,000 (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 field blank.) 2017 [Entry field with correct answer] Costs to date (12/31/17) Estimated Total Costs Percent Complete Revenue Recognized Profit / (Loss) Recognized in 2017 Estimated Costs to Complete $ [Entry field with correct answer] [Entry field with correct answer] Costs to date (12/31/17) Revenue Recognized Estimated Costs to Complete Profit / (Loss) Recognized in 2017 Estimated Total Costs Percent Complete [Entry field with correct answer] [Entry field with correct answer] Revenue Recognized Percent Complete Profit / (Loss) Recognized in 2017 Costs to date (12/31/17) Estimated Costs to Complete Estimated Total Costs $ [Entry field with correct answer] [Entry field with correct answer] Profit / (Loss) Recognized in 2017 Percent Complete Costs to date (12/31/17) Estimated Total Costs Estimated Costs to Complete Revenue Recognized [Entry field with correct answer] % [Entry field with correct answer] Estimated Total Costs Percent Complete Revenue Recognized Estimated Costs to Complete Costs Incurred Profit / (Loss) Recognized in 2017 $ [Entry field with correct answer] [Entry field with correct answer] Estimated Costs to Complete Revenue Recognized Percent Complete Costs Incurred Profit / (Loss) Recognized in 2017 Estimated Total Costs [Entry field with correct answer] [Entry field with correct answer] Estimated Total Costs Costs Incurred Percent Complete Profit / (Loss) Recognized in 2017 Estimated Costs to Complete Revenue Recognized $ [Entry field with correct answer] 2018 [Entry field with correct answer] Estimated Total Costs Total Profit/Loss Contract Price Costs to date (12/31/18) Estimated Costs to Complete Gross Profit Recognized in 2017 Profit / (Loss) Recognized in 2018 Profit/Loss Recognized in 2017 $ [Entry field with correct answer] [Entry field with correct answer] Gross Profit Recognized in 2017 Contract Price Estimated Total Costs Profit/Loss Recognized in 2017 Profit / (Loss) Recognized in 2018 Total Profit/Loss Costs to date (12/31/18) Estimated Costs to Complete [Entry field with correct an.

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On July 1, 2017, Sheridan Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,880,000. On July 1, Sheridan estimated that it would take between 2 and 3 years to complete the building. On December 31, 2019, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2017, 2018, and 2019. At 12/31/17 At 12/31/18 At 12/31/19 Contract costs incurred to date $298,000 $1,194,000 $2,098,500 Estimated costs to complete the contract 1,192,000 796,000 –0– Billings to Gumbel 300,000 1,100,000 1,820,000 (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 field blank.) 2017 [Entry field with correct answer] Costs to date (12/31/17) Estimated Total Costs Percent Complete Revenue Recognized Profit / (Loss) Recognized in 2017 Estimated Costs to Complete $ [Entry field with correct answer] [Entry field with correct answer] Costs to date (12/31/17) Revenue Recognized Estimated Costs to Complete
Profit / (Loss) Recognized in 2017 Estimated Total Costs Percent Complete [Entry field with correct answer] [Entry field with correct answer] Revenue Recognized Percent Complete Profit / (Loss) Recognized in 2017 Costs to date (12/31/17) Estimated Costs to Complete Estimated Total Costs $ [Entry field with correct answer] [Entry field with correct answer] Profit / (Loss) Recognized in 2017 Percent Complete Costs to date (12/31/17) Estimated Total Costs Estimated Costs to Complete Revenue Recognized [Entry field with correct answer] % [Entry field with correct answer] Estimated Total Costs Percent Complete Revenue Recognized Estimated Costs to Complete Costs Incurred Profit / (Loss) Recognized in 2017 $
[Entry field with correct answer] [Entry field with correct answer] Estimated Costs to Complete Revenue Recognized Percent Complete Costs Incurred Profit / (Loss) Recognized in 2017 Estimated Total Costs [Entry field with correct answer] [Entry field with correct answer] Estimated Total Costs Costs Incurred Percent Complete Profit / (Loss) Recognized in 2017 Estimated Costs to Complete Revenue Recognized $ [Entry field with correct answer] 2018 [Entry field with correct answer] Estimated Total Costs Total Profit/Loss Contract Price Costs to date (12/31/18) Estimated Costs to Complete Gross Profit Recognized in 2017 Profit / (Loss) Recognized in 2018 Profit/Loss Recognized in 2017 $ [Entry field with correct answer] [Entry field with correct answer]
Gross Profit Recognized in 2017 Contract Price Estimated Total Costs Profit/Loss Recognized in 2017 Profit / (Loss) Recognized in 2018 Total Profit/Loss Costs to date (12/31/18) Estimated Costs to Complete [Entry field with correct answer] [Entry field with correct answer] Profit/Loss Recognized in 2017 Profit / (Loss) Recognized in 2018 Estimated Total Costs Costs to date (12/31/18) Gross Profit Recognized in 2017 Estimated Costs to Complete Contract Price Total Profit/Loss [Entry field with correct answer] [Entry field with incorrect answer] Profit / (Loss) Recognized in 2018 Gross Profit Recognized in 2017 Profit/Loss Recognized in 2017 Costs to date (12/31/18) Estimated Costs to Complete Estimated Total Costs Contract Price Total Profit/Loss [Entry field with incorrect answer] [Entry field with incorrect answer] Contract Price Total Profit/Loss Costs to date (12/31/18)
Estimated Costs to Complete Profit/Loss Recognized in 2017 Gross Profit Recognized in 2017 Estimated Total Costs Profit / (Loss) Recognized in 2018 $ [Entry field with incorrect answer] [Entry field with incorrect answer] Total Profit/Loss Costs to date (12/31/18) Profit / (Loss) Recognized in 2018 Contract Price Gross Profit Recognized in 2017 Estimated Costs to Complete Estimated Total Costs Profit/Loss Recognized in 2017 $ [Entry field with incorrect answer] [Entry field with incorrect answer] Add Less : [Entry field with incorrect answer] Estimated Total Costs Contract Price Estimated Costs to Complete Total Profit/Loss Profit/Loss Recognized in 2017 Profit / (Loss) Recognized in 2018 Gross Profit Recognized in 2017 Costs to date (12/31/18) [Entry field with incorrect answer] [Entry field with incorrect answer]
Gross Profit Recognized in 2017 Estimated Total Costs Total Profit/Loss Contract Price Estimated Costs to Complete Profit/Loss Recognized in 2017 Profit / (Loss) Recognized in 2018 Costs to date (12/31/18) $ [Entry field with incorrect answer] 2019 [Entry field with incorrect answer] Contract Price Costs to date (12/31/19) Gross Profit Recognized in 2018 Total Profit/Loss Profit/Loss Recognized in 2017 Profit/Loss Recognized in 2018 Gross Profit Recognized in 2017 Profit / (Loss) Recognized in 2019 Estimated Costs to Complete Estimated Total Costs $ [Entry field with incorrect answer] [Entry field with incorrect answer] Gross Profit Recognized in 2018 Estimated Total Costs Total Profit/Loss Estimated Costs to Complete Profit / (Loss) Recognized in 2019 Costs to date (12/31/19) Profit/Loss Recognized in 2018 Gross Profit Recognized in 2017
Contract Price Profit/Loss Recognized in 2017 [Entry field with incorrect answer] [Entry field with incorrect answer] [Entry field with incorrect answer] Total Profit/Loss Profit / (Loss) Recognized in 2019 Profit/Loss Recognized in 2017 Costs to date (12/31/19) Profit/Loss Recognized in 2018 Gross Profit Recognized in 2017 Estimated Costs to Complete Estimated Total Costs Gross Profit Recognized in 2018 Contract Price [Entry field with incorrect answer] [Entry field with incorrect answer] Costs to date (12/31/19) Contract Price Profit/Loss Recognized in 2017 Profit/Loss Recognized in 2018 Total Profit/Loss Gross Profit Recognized in 2018 Profit / (Loss) Recognized in 2019 Gross Profit Recognized in 2017 Estimated Costs to Complete Estimated Total Costs $ [Entry field with incorrect answer] [Entry field with incorrect answer] Contract Price Total Profit/Loss Profit/Loss Recognized in 2018
Gross Profit Recognized in 2017 Profit / (Loss) Recognized in 2019 Estimated Costs to Complete Gross Profit Recognized in 2018 Costs to date (12/31/19) Profit/Loss Recognized in 2017 Estimated Total Costs $ [Entry field with incorrect answer] [Entry field with incorrect answer] Add Less : [Entry field with incorrect answer] Gross Profit Recognized in 2018 Gross Profit Recognized in 2017 Profit / (Loss) Recognized in 2019 Estimated Total Costs Costs to date (12/31/19) Profit/Loss Recognized in 2017 Profit/Loss Recognized in 2018 Contract Price Total Profit/Loss Estimated Costs to Complete $ [Entry field with incorrect answer] [Entry field with incorrect answer] Costs to date (12/31/19) Estimated Total Costs Profit/Loss Recognized in 2018 Profit / (Loss) Recognized in 2019 Estimated Costs to Complete Contract Price
Total Profit/Loss Gross Profit Recognized in 2017 Profit/Loss Recognized in 2017 Gross Profit Recognized in 2018 [Entry field with incorrect answer] [Entry field with incorrect answer] [Entry field with incorrect answer] Total Profit/Loss Contract Price Profit/Loss Recognized in 2017 Estimated Total Costs Gross Profit Recognized in 2017 Gross Profit Recognized in 2018 Profit/Loss Recognized in 2018 Profit / (Loss) Recognized in 2019 Costs to date (12/31/19) Estimated Costs to Complete $ [Entry field with incorrect answer] (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.) 2018 [Entry field with incorrect answer] Estimated Total Costs Estimated Costs to Complete Profit / (Loss) Recognized in 2018 Costs to date (12/31/18) Contract Price $ [Entry field with incorrect answer] [Entry field with incorrect answer]
Estimated Costs to Complete Estimated Total Costs Contract Price Profit / (Loss) Recognized in 2018 Costs to date (12/31/18) [Entry field with incorrect answer] [Entry field with incorrect answer] Estimated Costs to Complete Estimated Total Costs Contract Price Profit / (Loss) Recognized in 2018 Costs to date (12/31/18) [Entry field with incorrect answer] [Entry field with incorrect answer] Estimated Total Costs Contract Price Costs to date (12/31/18) Estimated Costs to Complete Profit / (Loss) Recognized in 2018 [Entry field with incorrect answer] [Entry field with incorrect answer] Estimated Costs to Complete Costs to date (12/31/18) Contract Price Estimated Total Costs Profit / (Loss) Recognized in 2018 $ [Entry field with incorrect answer] 2019 [Entry field with incorrect answer] Costs Incurred Contract Price
Profit / (Loss) Recognized in 2018 Total Profit / (Loss) on Contract Profit / (Loss) Recognized in 2019 $ [Entry field with incorrect answer] [Entry field with incorrect answer] Profit / (Loss) Recognized in 2018 Profit / (Loss) Recognized in 2019 Contract Price Costs Incurred Total Profit / (Loss) on Contract [Entry field with incorrect answer] [Entry field with incorrect answer] Total Profit / (Loss) on Contract Profit / (Loss) Recognized in 2019 Profit / (Loss) Recognized in 2018 Costs Incurred Contract Price [Entry field with incorrect answer] [Entry field with incorrect answer] Less Add : [Entry field with incorrect answer] Profit / (Loss) Recognized in 2019 Contract Price Costs Incurred Total Profit / (Loss) on Contract Profit / (Loss) Recognized in 2018 [Entry field with incorrect answer] [Entry field with incorrect answer]
Costs Incurred Contract Price Profit / (Loss) Recognized in 2019 Total Profit / (Loss) on Contract Profit / (Loss) Recognized in 2018 $ [Entry field with incorrect answer now contains modified data] Solution (a) Percentage-of-Completion Method 2017 Costs up to 12/31/17........................................................... $ 298,000 Estimated costs for completetion......................................... 1,192,000 Estimated total costs.................................................... $1,4,90,000 Percentage completed ($298,000/$1,490,000)..................... 20% Revenue to be recognized ($1,880,000*20%)....................... $ 376000 Costs incurred...................................................................... ($298000) Profit to be recognized in 2017............................................ $ 78000 2018 Costs to date (12/31/18)....................................................... $1,1,94,000 Estimated costs to complete................................................. 796,000 Estimated total costs.................................................... $1990000 Contract price...................................................................... (1,880,000) Total loss............................................................................. $ 110,000 Total loss............................................................................. $ 110,000 Plus gross profit recognized in 2017.................................... 78,000 Loss recognized in 2018....................................................... $ 188,000 2019 Costs to date (12/31/19).............................................. $2,098,500 Estimated costs to complete........................................ 0 2,098,500 Contract price............................................................. 1,880,000 Total loss.................................................................... $ (218,500) Total loss.................................................................... $ (218,500) Less: Loss recognized in 2018.................................... $188000 Gross profit recognized in 2017.................................. (78,000) (110,000) Loss recognized in 2019.............................................. $ (108,500) (b) Completed-Contract Method 2017—No revenue or profit is reognized 2018
Costs to date (12/31/18)............................................... $1,194,000 Estimated costs to complete......................................... 796,000 Estimated total costs............................................ $1990000 Contract price............................................................... 1,880,000 Loss recognized in 2018............................................... $ (1100,000) 2019 Total costs incurred till 12/31/19.................................. $2,098,500 Total revenue recognized.............................................. 1,880000 Total loss on contract........................................... (218500) Less: loss recognized in 2018........................................ (110,000) Loss recognized in 2019................................................ $ (108500)

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  • 1. On July 1, 2017, Sheridan Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,880,000. On July 1, Sheridan estimated that it would take between 2 and 3 years to complete the building. On December 31, 2019, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2017, 2018, and 2019. At 12/31/17 At 12/31/18 At 12/31/19 Contract costs incurred to date $298,000 $1,194,000 $2,098,500 Estimated costs to complete the contract 1,192,000 796,000 –0– Billings to Gumbel 300,000 1,100,000 1,820,000 (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 field blank.) 2017 [Entry field with correct answer] Costs to date (12/31/17) Estimated Total Costs Percent Complete Revenue Recognized Profit / (Loss) Recognized in 2017 Estimated Costs to Complete $ [Entry field with correct answer] [Entry field with correct answer] Costs to date (12/31/17) Revenue Recognized Estimated Costs to Complete
  • 2. Profit / (Loss) Recognized in 2017 Estimated Total Costs Percent Complete [Entry field with correct answer] [Entry field with correct answer] Revenue Recognized Percent Complete Profit / (Loss) Recognized in 2017 Costs to date (12/31/17) Estimated Costs to Complete Estimated Total Costs $ [Entry field with correct answer] [Entry field with correct answer] Profit / (Loss) Recognized in 2017 Percent Complete Costs to date (12/31/17) Estimated Total Costs Estimated Costs to Complete Revenue Recognized [Entry field with correct answer] % [Entry field with correct answer] Estimated Total Costs Percent Complete Revenue Recognized Estimated Costs to Complete Costs Incurred Profit / (Loss) Recognized in 2017 $
  • 3. [Entry field with correct answer] [Entry field with correct answer] Estimated Costs to Complete Revenue Recognized Percent Complete Costs Incurred Profit / (Loss) Recognized in 2017 Estimated Total Costs [Entry field with correct answer] [Entry field with correct answer] Estimated Total Costs Costs Incurred Percent Complete Profit / (Loss) Recognized in 2017 Estimated Costs to Complete Revenue Recognized $ [Entry field with correct answer] 2018 [Entry field with correct answer] Estimated Total Costs Total Profit/Loss Contract Price Costs to date (12/31/18) Estimated Costs to Complete Gross Profit Recognized in 2017 Profit / (Loss) Recognized in 2018 Profit/Loss Recognized in 2017 $ [Entry field with correct answer] [Entry field with correct answer]
  • 4. Gross Profit Recognized in 2017 Contract Price Estimated Total Costs Profit/Loss Recognized in 2017 Profit / (Loss) Recognized in 2018 Total Profit/Loss Costs to date (12/31/18) Estimated Costs to Complete [Entry field with correct answer] [Entry field with correct answer] Profit/Loss Recognized in 2017 Profit / (Loss) Recognized in 2018 Estimated Total Costs Costs to date (12/31/18) Gross Profit Recognized in 2017 Estimated Costs to Complete Contract Price Total Profit/Loss [Entry field with correct answer] [Entry field with incorrect answer] Profit / (Loss) Recognized in 2018 Gross Profit Recognized in 2017 Profit/Loss Recognized in 2017 Costs to date (12/31/18) Estimated Costs to Complete Estimated Total Costs Contract Price Total Profit/Loss [Entry field with incorrect answer] [Entry field with incorrect answer] Contract Price Total Profit/Loss Costs to date (12/31/18)
  • 5. Estimated Costs to Complete Profit/Loss Recognized in 2017 Gross Profit Recognized in 2017 Estimated Total Costs Profit / (Loss) Recognized in 2018 $ [Entry field with incorrect answer] [Entry field with incorrect answer] Total Profit/Loss Costs to date (12/31/18) Profit / (Loss) Recognized in 2018 Contract Price Gross Profit Recognized in 2017 Estimated Costs to Complete Estimated Total Costs Profit/Loss Recognized in 2017 $ [Entry field with incorrect answer] [Entry field with incorrect answer] Add Less : [Entry field with incorrect answer] Estimated Total Costs Contract Price Estimated Costs to Complete Total Profit/Loss Profit/Loss Recognized in 2017 Profit / (Loss) Recognized in 2018 Gross Profit Recognized in 2017 Costs to date (12/31/18) [Entry field with incorrect answer] [Entry field with incorrect answer]
  • 6. Gross Profit Recognized in 2017 Estimated Total Costs Total Profit/Loss Contract Price Estimated Costs to Complete Profit/Loss Recognized in 2017 Profit / (Loss) Recognized in 2018 Costs to date (12/31/18) $ [Entry field with incorrect answer] 2019 [Entry field with incorrect answer] Contract Price Costs to date (12/31/19) Gross Profit Recognized in 2018 Total Profit/Loss Profit/Loss Recognized in 2017 Profit/Loss Recognized in 2018 Gross Profit Recognized in 2017 Profit / (Loss) Recognized in 2019 Estimated Costs to Complete Estimated Total Costs $ [Entry field with incorrect answer] [Entry field with incorrect answer] Gross Profit Recognized in 2018 Estimated Total Costs Total Profit/Loss Estimated Costs to Complete Profit / (Loss) Recognized in 2019 Costs to date (12/31/19) Profit/Loss Recognized in 2018 Gross Profit Recognized in 2017
  • 7. Contract Price Profit/Loss Recognized in 2017 [Entry field with incorrect answer] [Entry field with incorrect answer] [Entry field with incorrect answer] Total Profit/Loss Profit / (Loss) Recognized in 2019 Profit/Loss Recognized in 2017 Costs to date (12/31/19) Profit/Loss Recognized in 2018 Gross Profit Recognized in 2017 Estimated Costs to Complete Estimated Total Costs Gross Profit Recognized in 2018 Contract Price [Entry field with incorrect answer] [Entry field with incorrect answer] Costs to date (12/31/19) Contract Price Profit/Loss Recognized in 2017 Profit/Loss Recognized in 2018 Total Profit/Loss Gross Profit Recognized in 2018 Profit / (Loss) Recognized in 2019 Gross Profit Recognized in 2017 Estimated Costs to Complete Estimated Total Costs $ [Entry field with incorrect answer] [Entry field with incorrect answer] Contract Price Total Profit/Loss Profit/Loss Recognized in 2018
  • 8. Gross Profit Recognized in 2017 Profit / (Loss) Recognized in 2019 Estimated Costs to Complete Gross Profit Recognized in 2018 Costs to date (12/31/19) Profit/Loss Recognized in 2017 Estimated Total Costs $ [Entry field with incorrect answer] [Entry field with incorrect answer] Add Less : [Entry field with incorrect answer] Gross Profit Recognized in 2018 Gross Profit Recognized in 2017 Profit / (Loss) Recognized in 2019 Estimated Total Costs Costs to date (12/31/19) Profit/Loss Recognized in 2017 Profit/Loss Recognized in 2018 Contract Price Total Profit/Loss Estimated Costs to Complete $ [Entry field with incorrect answer] [Entry field with incorrect answer] Costs to date (12/31/19) Estimated Total Costs Profit/Loss Recognized in 2018 Profit / (Loss) Recognized in 2019 Estimated Costs to Complete Contract Price
  • 9. Total Profit/Loss Gross Profit Recognized in 2017 Profit/Loss Recognized in 2017 Gross Profit Recognized in 2018 [Entry field with incorrect answer] [Entry field with incorrect answer] [Entry field with incorrect answer] Total Profit/Loss Contract Price Profit/Loss Recognized in 2017 Estimated Total Costs Gross Profit Recognized in 2017 Gross Profit Recognized in 2018 Profit/Loss Recognized in 2018 Profit / (Loss) Recognized in 2019 Costs to date (12/31/19) Estimated Costs to Complete $ [Entry field with incorrect answer] (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.) 2018 [Entry field with incorrect answer] Estimated Total Costs Estimated Costs to Complete Profit / (Loss) Recognized in 2018 Costs to date (12/31/18) Contract Price $ [Entry field with incorrect answer] [Entry field with incorrect answer]
  • 10. Estimated Costs to Complete Estimated Total Costs Contract Price Profit / (Loss) Recognized in 2018 Costs to date (12/31/18) [Entry field with incorrect answer] [Entry field with incorrect answer] Estimated Costs to Complete Estimated Total Costs Contract Price Profit / (Loss) Recognized in 2018 Costs to date (12/31/18) [Entry field with incorrect answer] [Entry field with incorrect answer] Estimated Total Costs Contract Price Costs to date (12/31/18) Estimated Costs to Complete Profit / (Loss) Recognized in 2018 [Entry field with incorrect answer] [Entry field with incorrect answer] Estimated Costs to Complete Costs to date (12/31/18) Contract Price Estimated Total Costs Profit / (Loss) Recognized in 2018 $ [Entry field with incorrect answer] 2019 [Entry field with incorrect answer] Costs Incurred Contract Price
  • 11. Profit / (Loss) Recognized in 2018 Total Profit / (Loss) on Contract Profit / (Loss) Recognized in 2019 $ [Entry field with incorrect answer] [Entry field with incorrect answer] Profit / (Loss) Recognized in 2018 Profit / (Loss) Recognized in 2019 Contract Price Costs Incurred Total Profit / (Loss) on Contract [Entry field with incorrect answer] [Entry field with incorrect answer] Total Profit / (Loss) on Contract Profit / (Loss) Recognized in 2019 Profit / (Loss) Recognized in 2018 Costs Incurred Contract Price [Entry field with incorrect answer] [Entry field with incorrect answer] Less Add : [Entry field with incorrect answer] Profit / (Loss) Recognized in 2019 Contract Price Costs Incurred Total Profit / (Loss) on Contract Profit / (Loss) Recognized in 2018 [Entry field with incorrect answer] [Entry field with incorrect answer]
  • 12. Costs Incurred Contract Price Profit / (Loss) Recognized in 2019 Total Profit / (Loss) on Contract Profit / (Loss) Recognized in 2018 $ [Entry field with incorrect answer now contains modified data] Solution (a) Percentage-of-Completion Method 2017 Costs up to 12/31/17........................................................... $ 298,000 Estimated costs for completetion......................................... 1,192,000 Estimated total costs.................................................... $1,4,90,000 Percentage completed ($298,000/$1,490,000)..................... 20% Revenue to be recognized ($1,880,000*20%)....................... $ 376000 Costs incurred...................................................................... ($298000) Profit to be recognized in 2017............................................ $ 78000 2018 Costs to date (12/31/18)....................................................... $1,1,94,000 Estimated costs to complete................................................. 796,000 Estimated total costs.................................................... $1990000 Contract price...................................................................... (1,880,000) Total loss............................................................................. $ 110,000 Total loss............................................................................. $ 110,000 Plus gross profit recognized in 2017.................................... 78,000 Loss recognized in 2018....................................................... $ 188,000 2019 Costs to date (12/31/19).............................................. $2,098,500 Estimated costs to complete........................................ 0 2,098,500 Contract price............................................................. 1,880,000 Total loss.................................................................... $ (218,500) Total loss.................................................................... $ (218,500) Less: Loss recognized in 2018.................................... $188000 Gross profit recognized in 2017.................................. (78,000) (110,000) Loss recognized in 2019.............................................. $ (108,500) (b) Completed-Contract Method 2017—No revenue or profit is reognized 2018
  • 13. Costs to date (12/31/18)............................................... $1,194,000 Estimated costs to complete......................................... 796,000 Estimated total costs............................................ $1990000 Contract price............................................................... 1,880,000 Loss recognized in 2018............................................... $ (1100,000) 2019 Total costs incurred till 12/31/19.................................. $2,098,500 Total revenue recognized.............................................. 1,880000 Total loss on contract........................................... (218500) Less: loss recognized in 2018........................................ (110,000) Loss recognized in 2019................................................ $ (108500)