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stice19_student_08-33.xlsx
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08-33

08-33 Name:
Enter the appropriate amounts/formulas in the blue-shaded cells, or select from the drop-down list.
The word “Wrong” will appear to the left of incorrect entries.
1. a. Percentage-of-Completion 2013 2014 2015 2016
1) Contract price
2) Actual cost incurred to date
3) Estimated cost to complete contract
4) Total estimated cost
Percentage of completion to date
Recognized revenue
Recognized Recognized
To Date in Prior Years in Current Year
2013 Recognized revenue
Cost (actual cost)
Gross profit
2014 Recognized revenue
Cost (actual cost)
Gross profit
2015 Recognized revenue
Cost (actual cost)
Gross profit
2016 Recognized revenue
Cost
Gross profit
2017 No gross profit recognized, only cash collection.
1. b. Completed-Contract
No revenue, cost, or gross profit recognized for years 2011 - 2013.
2016: Gross revenue
Cost of earned revenue
Gross profit
2017: None recognized.
Construction in Progress
Accounts Receivable
2. Journal Entries for 2013 - 2016: 2013 2014 2015 2016 Progress Billings on Construction Contracts
Debit Credit Debit Credit Debit Credit Debit Credit
Construction in Progress Cash
Materials, Labor, Cash, etc. Cost of Long-Term Construction Contracts
Accounts Receivable Revenue from Long-Term Construction Contracts
Progress Billings on Construction Contracts
Cash
Cost of Long-Term Construction Contracts
Revenue from Long-Term Construction Contracts
2017 Journal Entry: Debit Credit

Solution

08-33 Name: Solution
Enter the appropriate amounts/formulas in the blue-shaded cells, or select from the drop-down list.
The word “Wrong” will appear to the left of incorrect entries.
1. a. Percentage-of-Completion 2013 2014 2015 2016
1) Contract price $ 60,000,000 $ 60,000,000 $ 60,000,000 $ 60,000,000
2) Actual cost incurred to date $ 12,000,000 $ 30,160,000 $ 45,000,000 $ 55,000,000
3) Estimated cost to complete contract 38,000,000 27,840,000 10,555,555 - 0
4) Total estimated cost $ 50,000,000 $ 58,000,000 $ 55,555,555 $ 55,000,000
Percentage of completion to date 24.00% 52.00% 81.00% 100.00%
Recognized revenue $ 14,400,000 $ 31,200,000 $ 48,600,000 $ 60,000,000
Recognized Recognized
To Date in Prior Years in Current Year
2013 Recognized revenue $ 14,400,000 $ 14,400,000
Cost (actual cost) 12,000,000 12,000,000
Gross profit $ 2,400,000 $ 2,400,000
2014 Recognized revenue $ 31,200,000 $ 14,400,000 $ 16,800,000
Cost (actual cost) 30,160,000 12,000,000 18,160,000
Gross profit $ 1,040,000 $ 2,400,000 $ (1,360,000)
2015 Recognized revenue $ 48,600,000 $ 31,200,000 $ 17,400,000
Cost (actual cost) 45,000,000 30,160,000 14,840,000
Gross profit $ 3,600,000 $ 1,040,000 $ 2,560,000
2016 Recognized revenue $ 60,000,000 $ 48,600,000 $ 11,400,000
Cost 55,000,000 45,000,000 10,000,000
Gross profit $ 5,000,000 $ 3,600,000 $ 1,400,000
2017 No gross profit recognized, only cash collection.
1 b. Completed-Contract
No revenue, cost, or gross profit recognized for years 2013 - 2015.
2016: Gross revenue $ 60,000,000
Cost of earned revenue 55,000,000
Gross profit $ 5,000,000
2017: None recognized.
Construction in Progress
Accounts Receivable
2. Journal Entries for 2013 - 2016: 2013 2014 2015 2016 Progress Billings on Construction Contracts
Debit Credit Debit Credit Debit Credit Debit Credit Cash
Construction in Progress 12,000,000 18,160,000 14,840,000 10,000,000 Construction in Progress Cost of Long-Term Construction Contracts
Materials, Labor, Cash, etc. 12,000,000 18,160,000 14,840,000 10,000,000 Materials, Labor, Cash, etc. Revenue from Long-Term Construction Contracts
Accounts Receivable
Accounts Receivable 13,000,000 15,500,000 17,000,000 14,500,000 Progress Billings on Construction Contracts
Progress Billings on Construction Contracts 13,000,000 15,500,000 17,000,000 14,500,000 Cash
Cost of Long-Term Construction Contracts
Cash 12,000,000 13,500,000 15,000,000 15,000,000 Revenue from Long-Term Construction Contracts
Accounts Receivable 12,000,000 13,500,000 15,000,000 15,000,000
Cost of Long-Term Construction Contracts 12,000,000 18,160,000 14,840,000 10,000,000
Construction in Progress 2,400,000 1,360,000 2,560,000 1,400,000
Revenue from Long-Term Construction Contracts 14,400,000 16,800,000 17,400,000 11,400,000
Progress Billings on Construction Contracts 60,000,000
Construction in Progress 60,000,000
2017 Journal Entry: Debit Credit
Cash 4,500,000
Accounts Receivable 4,500,000