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

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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.

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...

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