1 answer

Hello, Can you please help me with this problem and give an explanation for the required...

Question:

Hello,

Can you please help me with this problem and give an explanation for the required tabs (1,2 and 3)? Thank you

Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021, to constructReq 1 and 2 Reg 3 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years.Req 1 and 2 Reg 3 Assuming Curtiss recognizes revenue over time according to percentage of completion, compute the amount to

Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021, to construct a four-story office building. At that time, Curtiss estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $5,140,000. Curtiss concludes that the contract does not qualify for revenue recognition over time. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Axelrod under the contract were as follows: At 12-31-2021 10% $ 378,000 3,402,000 739,000 Percentage of completion Costs incurred to date Estimated costs to complete Billings to Axelrod, to date At 12-31-2022 60% $3,318,000 2,212,000 2,550,000 At 12-31-2023 100% $5,599,000 5,140,000 Required: 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years. 2. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years. 3. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2021 and 2022 as either cost in excess of billings or billings in excess of costs. Complete this question by entering your answers in the tabs below.
Req 1 and 2 Reg 3 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years. 2. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) Show less Year Req 1 Req2 Gross Profit (Loss) Recognized Gross Profit (Loss) Recognized ("Upon Completion") ("Over Time") 0 $ (390,000) $ (459,000) $ 2021 2022 2023 Total project profit (loss) $ (390,000) $ (459,000) Req 1 and 2 Req3 >
Req 1 and 2 Reg 3 Assuming Curtiss recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2021 and 2022 as either cost in excess of billings or billings in excess of costs. 2021 2022 Balance Sheet (Partial) Current assets: Current liabilities: < Req 1 and 2 Reg 3 >

Answers

Answer Page: No ① o Gorosa puolito con los estos be recognized as a oresulta ng the contracte for each of three years 2021 AnPage No ③ Total coof Powered Gill date = $ 3318000 Total estimated cook - 3318000 = $5530,000 y of completion = 60% ContractPage No ③ Total cost incurved till date = $ 5599000 % of completion = 100 %, Total estimated cosf = $5599000 Contract price =Page No 9 incorred estimated in Curred @ Go mes Realit / loos recognized Tu Actual cost Total cost totalul contract | Gros pr

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