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 | Answer | Answer | Answer |
| Gross Profit | Answer | Answer | Answer |
b. Completed contract method
| 2016 | 2017 | 2018 | |
|---|---|---|---|
| Revenue | Answer | Answer | Answer |
| Expense | Answer | Answer | Answer |
| Gross Profit | Answer | Answer | Answer |
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