Intermediate Accounting III Week 1_Template for P 18_3

Intermediate Accounting III Week 1_Template for P 18_3 -...

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Unformatted text preview: Problem 18-3, Page 1 of 2, 06/09/201 , 07:01:05 N a m e : N a t is h a C ra ig ( S im s ) P ro b le m : P 1 8 - 3 , R e c o g n it io n o f P ro f it a n d E n t rie s o n L o n g - t e rm C o n t ra c t C o u rs e : In t e rm e d ia t e A c o u n t in g I D a t e : 5 /8 /2 0 1 On March 1, 2010, Chance Company entered into a contract to build an apartment building. It is estimated that the building wil cost $2,0 0,0 0 and wil take 3 years to complete. The contract price was $3,0 0,0 0 The information that fol ows pertains to the construction period: 2010 201 2012 Costs to date: $60 ,0 0 $1,560,0 0 $2,10 ,0 0 Estimated costs to complete: 1,40 ,0 0 520,0 0 0 Progres bil ing to date: 1,050,0 0 2,0 0,0 0 3,0 0,0 0 Cash col ected to date: 950,0 0 1,950,0 0 2,850,0 0 Instructions: Gros profit recognized in: 2010 201 2012 Contract price $3,0 0,0 0 $3,0 0,0 0 $3,0 0,0 0 Costs: Costs to date $60 ,0 0 $1,560,0 0 $2,10 ,0 0 Estimated costs to complete 1,40 ,0 0 2,0 0,0 0 520,0 0 2,080,0 0 0 2,10 ,0 0...
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This note was uploaded on 06/09/2011 for the course ACCOUNTING AC557 taught by Professor Shinedling during the Spring '08 term at Keller Graduate School of Management.

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Intermediate Accounting III Week 1_Template for P 18_3 -...

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