View the step-by-step solution to:

Chapter 18: Extra Credit Homework Opportunity (Spring '13) Name (Print): ___________________________ On March 1, 2012, Avengers Construction Company...

I need help with the attatched assignment... it would be greatly appreciated if you could included a breakdown of how you came up with the solution once completed. Thank you in advance!
Chapter 18: Extra Credit Homework Opportunity (Spring ’13) Name (Print): ___________________________ On March 1, 2012, Avengers Construction Company contracted to construct a factory building for Marvel Manufacturing Inc. for a total contract price of $6,500,000. The building was completed by October 31, 2014. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Marvel for 2012, 2013, and 2014 are given below. 2012 2013 2014 Contract costs incurred during the year $1,750,000 $2,432,000 $1,825,000 Estimated costs to complete the contract at 12/31 4,500,000 1,968,000 0 Billings to Pie during the year 1,950,000 3,050,000 1,500,000 Collections from Pie during the year 1,400,000 2,085,000 3,015,000 Note: If necessary, round to the nearest full percentage and/or dollar. 1. (1 point) Assume Avengers uses the percentage of completion method. Provide the following amounts: Revenues reported in 2012: _____________________ Expenses reported in 2013: _____________________ Gross Profit (Loss) reported in 2013: ____________________ Gross Profit (Loss) reported in 2014: ____________________ 2. (1 point) Assume Avengers uses the completed contract method. Provide the following amounts: Revenues reported in 2012: _____________________ Expenses reported in 2013: _____________________ Gross Profit (Loss) reported in 2013: ____________________ Gross Profit (Loss) reported in 2014: ____________________ NOTE: Remember to staple the paper(s) on which you did the work to this sheet.
Background image of page 1
Sign up to view the entire interaction

Top Answer

Hi please... View the full answer

8440434.xls

On March 1, 2012, Avengers Construction Company contracted to construct a factory building for Marvel Manufacturing Inc. for a total contract price of $6,500,000. The
building was completed by...

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online