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1.

C
Contract Price
Total Estimated Cost 2,750,000 % of completion = cost incurred/ est. total cost
Est. Gross Profit (2,000,000) = 400,000
x % of completion 750,000 ###
= (400,000 + 1,600,000)
Realized Gross Profit 0.20 = 20%
+ Cost incurred to date 150,000
C.I.P. 400,000
550,000
2. A
Mobilization Fee
5% x 100 million
Progress billings 5,000,000
50%-10%-8%= 32% x
100,000,000
x 90% (100%-10% retention)
Payments made in 2016 28,800,000
33,800,000
3. C

2013 % of completion Cost Incurred to date/Total Estimated cost


2014 48.87% 3120/6384
72.32% 4704/6504

Contract Price 2013 2014 2015


Cost Incurred to date 6,720,000 6,720,000 6,720,000
Est. Gross Profit (Loss) (6,384,000) (6,504,000) (6,768,000)
% of completion 336,000 216,000 (48,000)
Realized GP 2013 48.87% x72.32%
Gross profit/loss prior years 164,203 156,211
Loss Incurred, 2014 & 2015 (164,203) (156,211)
(7,992) (204,211)
CONST. IN PROGRESS
cost incurred to date
add: GP 2013 5,856,000
Loss 2014 164,203
Loss 2015 (7,992)
Construction in Progress (204,211)
5,808,000

4. D
Construction in progress/ Est. cost at completion= % of completion
1837500/3675000=50%
Contract Price
x % of completion 5,250,000
Construction Revenue 50%
Less: Est. ost at completion 2,625,000
Realized GP (1,837,500)
787,500

5. C
Contract Price
Est. Total Cost (4000+2000+2 8,000,000
No profit or loss 8,000,000
0
6. C
Contract Price
Less: Estimated Cost
33,600,000
20,800,000
Estimated Gross Profit 7,200,000
Percentage of Completion (20,080,000/28,000,000) 28,000,000
Gross Profit for 2016 5,600,000
26/35
7 4,160,000
Recognized Revenue (33,6000,000 x 3/4)
Less: Cost Incurred in 3rd quarter (28,000,000 x 3/4)
Gross Profit 25,200,000
21,000,000
8. D 4,200,000
Contract Price
Less: Estimated Cost
Cost Incurred to Date 42,000,000
Estimated Cost to Complete
Estimated Gross Profit 18,000,000
Percentage of Completion (18,000,000/36,000,000) 18,000,000 36,000,000
Gross Profit 6,000,000
50%
9 3,000,000
Costs Incurred to Date:
Materials
Labor
Overhead: 5,000,000
Administrative costs reimbursable 4,000,000
Depreciation during construction
Divided by: Total Estimated Costs 2,000,000
Percentage of Completion 1,000,000 12,000,000
30,000,000
10. D 40%
Contract Price
Multiplied by Mobilization Fee 2,400,000,000
Cash Received 1%
24,000,000
11. A
Percentage of Completion Method
Total Contract Price
Less: Total estimated cost 4,000,000 Zero Profit Method
(2,400,000) 0 (gross profit should be
Gross profit rate 1,600,000 recognized only at the year
Recognized profit 33.33% of completion)
533,333
12. C
Cost incurred to date (4,800,000 x 60%)
Less: Cost incurred prior year (4,500,000 x 20%)
Cost incurred during the year 2,880,000
(900,000)
1,980,000
13. B
Percentage of completion method
Contract price
Less: Total estimated cost
Estimated gross profit 3,000,000
% of completion (900,000/2,700,000) (2,700,000)
Recognized gross profit 300,000
Add: Cost incurred 33.33%
Construction in progress 100,000
900,000
Zero profit method 1,000,000
Construction in progress
Cost incurred

14. B 900,000
Contract billings
Accounts receivable 47,000
Cash collected (15,000)
32,000
Contract price
Gross profit rate
Income recognized 800,000
Divided by CIP 10,000
Initial gross profit 50,000
20%
15. B 160,000

Contract price (3,120,000 x 120%)


Less: 2015 2016
Cost incurred to date 3,744,000 3,744,000
Estimated cost to complete
Total estimated cost 546,000 1,544,400
Estimated gross profit 2,054,000 1,315,000
% of completion 2,600,000 2,860,000
Gross profit earned to date 1,144,000 884,000
Less: Gross profit earned in prior years 0.20 0.54
Gross profit earned this year 240,240 477,360
- 240,240
16. C 240,240 237,120
Under percentage of completion
Beginning of the year

Apartment A

Contract Price Apartment B


Less: Total Estimated Cost 1,620,000
Cost incurred to date 2,520,000
Estimated cost to comple600,000
Gross Profit (Loss) 840,000 1,440,000 1,560,000
Multiply by 180,000 690,000 2,250,000
Gross profit to be recognized 41.66% 270,000
75,000 69.33%
187,200
% of completion
60,000/144,000
41.66% 1,560,000/2,250,000
During the year 69.33%

Apartment A

Contract Price Apartment B


Less: Total Estimated Cost 1,620,000
Cost incurred to date 2,520,000
Estimated cost to comple1,200,000
Gross Profit (Loss) 244,000 1,440,000 1,560,000
Multiply by % of completion 180000 750,000 2,310,000
83.33% 210,000
150,000 100%
Realized Gross Profit 75,000 210,000
75,000 187,200
Apartment A 22,800
Apartment B 75,000
Total RGP 22,800
97,800
Under Zero profit method
Contract Price
Less: Total Estimated Cost 2,520,000
Cost incurred to date The gross profit under zero profit
Estimated cost to comple (1,560,000) method should be recognized only
Gross Profit (750,000) in the year of completion. In 2016,
210,000 only Apartment B is completed.
17.C

Contract Price 2014


Less: Total Est. Cost 6,000,000 2015 2016
Cost incurred to date 6,000,000 5,950,000
Est. Cost to Complete 500,000
Gross Profit (Loss) 2,000,000 2,340,000 2,650,000
Multiply by % of completion 3,500,000 260,000 -
Gross Profit recognized 20% 3,400,000 3,300,000
Less: GP in prior periods 700,000 90% 100%
Realized Gross Profit - 3,060,000 3,300,000
700,000 700,000 3,060,000
18. A 2,360,000 240,000

Contract Price 2014


Less: Total Est. Cost 3,250,000 2015
Cost incurred to date 3,250,000
Est. Cost to Complete 1,075,000
Gross Profit (Loss) 1,612,500 2,625,000
Multiply by % of completion 562,500 750,000
Gross Profit (Loss) 40% (125,000.00)
Less: GP in prior periods 225,000 -
Realized Gross Profit - (125,000)
225,000 (225,000)
Construction in Progress Balance (350,000)
Gross profit in 2014
Cost incurred to 12/31/15
Less: Loss in 2015 225,000
Contract Billings (3250000 x 75%) 2,625,000
Current Asset 350,000
(CIP exceeds Contract billings) 2,437,500
62,500

19. A

Construction in Progress 2015


Less: Construction Cost 488,000 2016
Gross Profit incurred to date 420,000 1,456,000
Less: CIP prior year 68,000 768,000
Recognized gross profit - 688,000
68,000 488,000
20. C 200,000

Contract price
Less: Total estimated cost 12,600,000
Cost incurred to date 12,600,000
Estimated cost to comple (2,850,000)
(8,150,000) (6,080,000)
% of completion 1,600,000 (3,920,000)
Gross profit incurred to date 0.25 2,600,000
Less: Gross profit prior year 400,000 0.598
Recognized gross profit - 1,554,800
400,000 400,000
1,154,800

% of completion
2,850,000-100,000
2,850,000 + 8,150,000 6,080,000-100,000
= 6,080,000 + 3,920,000
0.25
0.598

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