Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. nr 015 indiana co. began a construction project in

NR 015 Indiana Co. began a construction project in 2013 that will provide it $150...

90.2K

Verified Solution

Question

Accounting

image
NR 015 Indiana Co. began a construction project in 2013 that will provide it $150 million when it is completed in 2015. During 2013, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project. Suppose that, in 2014, Indiana incurred costs of $63.75 million and estimated an additional $42.75 million in costs to complete the project. Using the percentage-of-completion method, Indiana: Recognized $3.75 million loss on the project in 2014. Recognized $5.25 million gross profit on the project in 2014. Recognized $7.5 million gross profit on the project in 2014. None of the other answers is correct. A. B. C. D. Na 016 Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2013, are presented below: $450.000 (180.000) (195.000) 75,000 Bid price Contract cost 2012 2013 Gross profit Estimated cost to complete 12 31 2012 $200,000 12 31 2013

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students