Acct Forum/Excel

stice19_student_08-21.xlsx

08-21

8-21				Name:
	Enter the appropriate amounts/formulas in the blue-shaded cells.
	The word “Wrong” will appear to the left of incorrect entries.
			2014		2015	2016
	1.	Actual cost incurred to date
	2.	Estimated cost to complete contract
	3.	Total estimated cost
		Percentage of completion to date
					Recognized	Recognized
			To Date		in Prior Years	in Current Year
	2014	Recognized revenue
		Cost (rounded to actual cost)
		Gross profit
	2015	Recognized revenue
		Cost (rounded to actual cost)
		Gross profit
	2016	Recognized revenue
		Cost (rounded to actual cost)
		Gross profit

8-21				Name:	Solution
	Enter the appropriate amounts/formulas in the blue-shaded cells.
	The word “Wrong” will appear to the left of incorrect entries.
			2014		2015	2016
	1.	Actual cost incurred to date	$ 1,900,000		$ 5,500,000	$ 7,170,000
	2.	Estimated cost to complete contract	5,150,000		1,600,000	-
	3.	Total estimated cost	$ 7,050,000		$ 7,100,000	$ 7,170,000
		Percentage of completion to date	26.95%		77.46%	100.00%
					Recognized	Recognized
			To Date		in Prior Years	in Current Year
	2014	Recognized revenue	$ 2,425,500			$ 2,425,500
		Cost (rounded to actual cost)	1,900,000			1,900,000
		Gross profit	$ 525,500			$ 525,500
	2015	Recognized revenue	$ 6,661,560		$ 2,425,500	$ 4,236,060
		Cost (rounded to actual cost)	5,500,000		1,900,000	3,600,000
		Gross profit	$ 1,161,560		$ 525,500	$ 636,060
	2016	Recognized revenue	$ 8,600,000		$ 6,661,560	$ 1,938,440
		Cost (rounded to actual cost)	7,170,000		5,500,000	1,670,000
		Gross profit	$ 1,430,000		$ 1,161,560	$ 268,440