Cooper Construction Company had a contract starting April 2021, to construct a $24,000,000 building that is expected to be completed in September 2023, at an estimated cost of $22,000,000. At the end of 2021, the costs to date were $10,120,000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $4,800,000 and the cash collected during 2021 was 3,200,000. Cooper uses the percentage-of-completion method.
For the year ended December 31, 2021, Cooper would recognize gross profit on the building of:
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Cooper Construction Company had a contract starting April 2021, to construct a $24,000,000 building that is expected to be completed in ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Carl invested $100,000 in a fund, which earned 8% over the next year. At the end of the year, he invested an additional $50,000 and the fund earned 18% over the next year. Carl withdrew no money from the fund.
Answers (1)
After Classic Corp. went public at $12 a share, it began suffering many years of losses. Isaac Fogel, who owned 64 percent of the stock, decided to take the company private again by buying shareholders' stock at a price of 20 cents a share.
Answers (1)
Carl and Karina file a joint return. Karina earned a salary of $38,000 and received dividends of $3,000, taxable interest income of $2,000, and nontaxable interest of $1,000.
Answers (1)
True or false: without government regulation, natural monopolies always earn zero profit in the long run.
Answers (1)
The financial statements of the Harrison Company report net sales of $200,000 and accounts receivable of $10,000 and $5,000 at the beginning of the year and end of year, respectively.
Answers (1)
New Questions in Business
If you were using a simple exponential smoothing forecast model (alpha value equal to 0.30) that generated a forecast of 25.
Answers (1)
McMurphy Corporation produces a part that is used in the manufacture of one of its products. The costs associated with the production of 12,000 units of this part are as follows: 36) Direct materials Direct labor Variable factory overhead Fixed
Answers (1)
The basic financial statements include all of the following except: Select one: a. Management's Discussion & Analysis b. Fund-basis financial statements c. Notes to the financial statements d. Government-wide statements e.
Answers (1)
The whole idea behind mass production was to: a. produce goods of the highest possible quality. b. give producers the maximum flexibility to respond to customer preferences. c. make large quantities of a limited variety of products at very low cost.
Answers (1)
Provenzano Corporation manufactures two products: Product B56Z and Product D32N. The company is considering implementing an activity-based costing (ABC) system that allocates its manufacturing overhead to four cost pools.
Answers (1)