Ch 8 CONTRACT SALES

Ch 8 CONTRACT SALES - 21.75 62.35 100.00 Contract price...

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Contract Price 2,000,000 estimated total costs 1,180,000 Gross profit estimated total profit 820,000.00 2009 estmimated remaining costs 820,000 Recognized revenue 800,000 Cost (20,000) (3) Total Cost (1+2) Cost to Percentage (1/3) Gross profit 820,000 2,007 360,000 820,000 1,180,000 30.51% Given 2007 2008 2009 2,008 Contract Price 2,000,000.00 Total Costs for the period 360,000.00 672,000.00 2,009 820,000 Actual cost incurred to date 360,000.00 1,032,000.00 Total 820,000 Actual cost compared to total estimated costs 21.75% 40.60% Total Estimated Cost (360,000/x=21.75/100) 1,655,172.41 1,295,172.41 Cost-cost percentage Gross Profit for the period 75,000.00 140,000.00 Gross profit percentage earned this period compared to total expected gross profit 21.75% 51.88% Total Expected gross profit (75,000/x=21.75/100) 344,827.59 269,827.59 Revenue recognized for the period 435,000.00 812,000.00 753,000.00 2,000,000.00 Percentage of Revenue Recognized for the period 21.75% 40.60% 37.65% Percentage of completion to date

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Unformatted text preview: 21.75% 62.35% 100.00% Contract price 2,000,000 2,007 % of total estimated Recognized reve 435,000 0.2175 Cost 360,000 0 Gross profit 75,000 Estimated Cost 1,655,172.41 Cost to cost percentage 2,008 Recognized revenue Cost 140,000 Estimated cost remaining 1,515,172.41 contract price 2,000,000.00 2,000,000.00 2,000,000.00 actual cost 360,000.00 est cost 1,655,172.41 est profit (1) Actual Costs (2) Estimated Cost to Complete Contract price 170000 Estimated cost at contract date (01/02/08) 115000 cost incurred (12/31/08) 60000 estimated cost to complete (12/31/08) 59000 Amount billed 80000 Amount recevied 55000 est gross profit 111000 percentage of completion method 0.51 completed contract method actual cost incurred to date Recognized gross profit ( current assets accounts receivable 170000 construction in progress 60000 less:progress billings on construction contracts 80000 Current Liabilities Progress Billings on Construction Contracts 20000 60000...
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This note was uploaded on 04/12/2011 for the course ACCT 2310 taught by Professor Santoshattar during the Fall '08 term at Cuyahoga CC.

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Ch 8 CONTRACT SALES - 21.75 62.35 100.00 Contract price...

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