Using Percentage-of-Completion and Completed Contract Methods Halsey Building Company signed a contract to build an...
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Accounting
Using Percentage-of-Completion and Completed Contract Methods
Halsey Building Company signed a contract to build an office building for $40,000,000. The scheduled construction costs follow.
Year
Cost
2016
$9,000,000
2017
15,000,000
2018
6,000,000
Total
$30,000,000
The building is completed in 2018. For each year, compute the revenue, expense, and gross profit reported for this construction project using each of the following methods. a. Percentage-of-completion method
2016
2017
2018
Revenue
Answer
Answer
Answer
Expense
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Answer
Gross Profit
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Answer
Answer
b. Completed contract method
2016
2017
2018
Revenue
Answer
Answer
Answer
Expense
Answer
Answer
Answer
Gross Profit
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Answer
Answer
Answer & Explanation
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