Estimated Gross Profit Assignment

1. Sanshain Construction Company has entered into a contract beginning January 1, 2019, to build a parking complex. It has been estimated that the complex will cost$600,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $900,000. The following data pertain to the construction period.

Items 2019 2020 2021
Costs incurred to date $270,000 $450,000 $610,000
Estimated costs to complete 330,000 150,000 –0–
Billings to date 270,000 550,000 900,000
Collections to date 240,000 500,000 900,000

Instructions

A. Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period.

B. Record the necessary journal entry each year.

C. Prepare the partial income statement and statement of financial position for all periods (2019, 2020 and 2021)

D. Using the cost-recovery method, compute the estimated gross profit that would be recognized during each year of the construction period. Get Finance homework help today

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Australia Assessments
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Psychology
Thank you very much
Customer 452763, December 6th, 2021
Social Work and Human Services
Thank you
Customer 463783, January 28th, 2023
Healthcare & Medical
Excellent work!
Customer 463337, November 18th, 2022
Art (Fine arts, Performing arts)
very professional and well done.
Customer 462485, May 9th, 2022
Education
Well done. I just needed to rephrase a few things, but overall good.
Customer 458067, January 29th, 2022
Other
Great effort.
Customer 459155, May 4th, 2022
Public Health
Good work
Customer 452657, February 14th, 2020
Healthcare & Medical
Excellent work.
Customer 452441, May 16th, 2022
Business
WORK WELL DONE!
Customer 463463, November 1st, 2022
Education
great
Customer 463647, December 22nd, 2022
Ethics
Good Job!
Customer 454777, July 8th, 2020
Military
good job
Customer 456821, September 1st, 2022
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat