4 Brady C began in 2018 and was in 2020. The is a series of independent situatio

Question

4 Brady C began in 2018 and was in 2020. The is a series of independent situations, numbered 1 through 6, involving differing costs for the project All costs are stated in thousands of dollars During(As of the End of Year) 2018 2019 2020 2018 2019 2020 1,510 2160 930 3.090 930 21,510 930 2.440 3,090 2.440 3 1510 2.160 1680 3,090 1,580 4 510 3,010 1020 3.570 880 510 3,010 1370 3,570 1580 5 6 510 3,010 1,900 4.700 1,790 e calculatlons. Enter answers In dollers. Round your final answers to the Complete the following table. (Do not round In nearest whole dollar. Negative amounts should be Indlcated by a minus sign.) rerences zed 2018 2019

Explanation / Answer

Gross Profit (Loss) Recognized Situation-1 Revenue Rcognized Over Time Revenue recognised Upon Completion 2016 2017 2018 2016 2017 2018 1 $164.13 $1,240.92 $2,764.95 $0.00 $0.00 $4,170.00 2 $164.13 $313.29 $2,182.58 $0.00 $0.00 $2,660.00 3 $164.13 $621.32 $2,634.55 $0.00 $0.00 $3,420.00 4 $127.50 $808.77 $3,143.73 $0.00 $0.00 $4,080.00 5 $127.50 $206.94 $3,395.56 $0.00 $0.00 $3,730.00 6 -$10.77 $198.89 $3,011.88 -$10.77 $188.13 $3,200.00 Revenue Recognised in 2016 Situation Cost Incurred during the year (A) Estimate Cost to complete the project (B) Total Cost Incurred C=A+B % of Completion D=A/C*100 Total Contract Revenue E Gross margin F=E-C Gross Profit Reccognized G=F*D 1 $1,510.00 $3,090.00 $4,600.00 32.83% $5,100.00 $500.00 $164.13 2 $1,510.00 $3,090.00 $4,600.00 32.83% $5,100.00 $500.00 $164.13 3 $1,510.00 $3,090.00 $4,600.00 32.83% $5,100.00 $500.00 $164.13 4 $510.00 $3,570.00 $4,080.00 12.50% $5,100.00 $1,020.00 $127.50 5 $510.00 $3,570.00 $4,080.00 12.50% $5,100.00 $1,020.00 $127.50 6 $510.00 $4,700.00 $5,210.00 9.79% $5,100.00 -$110.00 -$10.77 Revenue Recognised in 2017 Situation Cost Incurred during the year (A) Estimate Cost to complete the project (B) Total Cost Incurred C=A+B % of Completion D=A/C*100 Total Contract Revenue E Gross margin F=E-C Gross Profit to be Reccognized G=F*D Gross Profit already recognised in2016 (H) Gross Profit /(Loss) recognised (I=G-H) 1 $2,160.00 $930.00 $3,090.00 69.90% $5,100.00 $2,010.00 $1,405.05 $164.13 $1,240.92 2 $930.00 $2,440.00 $3,370.00 27.60% $5,100.00 $1,730.00 $477.42 $164.13 $313.29 3 $2,160.00 $1,580.00 $3,740.00 57.75% $5,100.00 $1,360.00 $785.45 $164.13 $621.32 4 $3,010.00 $880.00 $3,890.00 77.38% $5,100.00 $1,210.00 $936.27 $127.50 $808.77 5 $3,010.00 $1,580.00 $4,590.00 65.58% $5,100.00 $510.00 $334.44 $127.50 $206.94 6 $3,010.00 $1,790.00 $4,800.00 62.71% $5,100.00 $300.00 $188.13 -$10.77 $198.89 Revenue Recognised in 2018 Situation Cost Incurred during the year (A) Total Contract Revenue (B) Gross margin C=B-A Gross Profit to be Reccognized D=C Gross Profit already recognised in2016 (E) Gross Profit already recognised in2017 (F) Tptal Gross profit Recofnised till dateG=E+F Gross Profit /(Loss) recognised in2018 (H)=C-G 1 $930.00 $5,100.00 $4,170.00 $4,170.00 $164.13 $1,240.92 $1,405.05 $2,764.95 2 $2,440.00 $5,100.00 $2,660.00 $2,660.00 $164.13 $313.29 $477.42 $2,182.58 3 $1,680.00 $5,100.00 $3,420.00 $3,420.00 $164.13 $621.32 $785.45 $2,634.55 4 $1,020.00 $5,100.00 $4,080.00 $4,080.00 $127.50 $808.77 $936.27 $3,143.73 5 $1,370.00 $5,100.00 $3,730.00 $3,730.00 $127.50 $206.94 $334.44 $3,395.56 6 $1,900.00 $5,100.00 $3,200.00 $3,200.00 -$10.77 $198.89 $188.13 $3,011.88

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