Spreadsheet Assignment 1

Spreadsheet Assignment 1 - $8,400,000 2015 Construction in...

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Catherine Rivas Spreadsheet Assignment 2012 2013 2014 2015 Cost to date $11,000,000 $20,000,000 $27,000,000 $40,000,000 estimated cost to complete $29,000,000 $20,000,000 $13,000,000 $0 progress billings to date $6,000,000 $18,000,000 $28,000,000 $48,000,000 cash collectedto date $6,000,000 $15,000,000 $25,000,000 $48,000,000 a) Gross profit 2012 2013 2014 2015 Contract Price $48,000,000 $48,000,000 $48,000,000 $48,000,000 Cost to date $11,000,000 $20,000,000 $27,000,000 40,000,000 Estimated cost to complete $29,000,000 $20,000,000 $13,000,000 $0 Total estimated cost $40,000,000 $40,000,000 $40,000,000 $40,000,000 Gross profit $8,000,000 $8,000,000 $8,000,000 $8,000,000 Percentage of completion $2,200,000 $4,000,000 $5,400,000 $8,000,000 $1,800,000 $1,400,000 $2,600,000 b) Journal Entries under percentage of completion method 2014 Construction in process 7,000,000 materials,cash,payable 7,000,000 Accounts Receivable 10,000,000 Billings on CIP 10,000,000 Cash 10,000,000 Accounts Receivable 10,000,000 Construction expense 7,000,000 Construction in process $1,400,000 Revenue from construction
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Unformatted text preview: $8,400,000 2015 Construction in process $13,000,000 materials,cash,payable $13,000,000 Accounts Receivable 20,000,000 Billings on CIP 20,000,000 Cash 23,000,000 Accounts Receivable 23,000,000 Construction Expense $13,000,000 Construction in process $2,600,000 Revenue from construction $15,600,000 Billings on const. in process 48,000,000 construction in process 48,000,000 c) Journal Entries under completed contract method 2014 Construction in process 7,000,000 materials,cash,payable 7,000,000 Accounts Receivable 10,000,000 Billings on CIP 10,000,000 Cash 10,000,000 Accounts Receivable 10,000,000 2015 Construction in process 13,000,000 materials,cash,payable 13,000,000 Accounts Receivable 20,000,000 Billings on CIP 20,000,000 Cash 23,000,000 Accounts Receivable 23,000,000 Billing Const. in process 48,000,000 Revenue from construction 48,000,000 Costs of Construction 40,000,000 Construction in process 40,000,000...
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This note was uploaded on 03/20/2012 for the course BUS LAW 320 taught by Professor Soos during the Spring '10 term at Rutgers.

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