requirement 1 in millions 2011 2012 2013contract

Question

Requirement 1
($ in millions) 2011 2012 2013
Contract price $340 340 340
Actual costs to date $70 150 200
Estimated costs to complete $150 90 0
Total estimated costs $220 240 200
Estimated gross profit (actual in 2013) $ 120 100 140

Gross profit (loss) recognition:

2011: $
= 
$

2012: 
= 


2013: 

Requirement 2
2011:
2012:
2013:

Requirement 3

Year Gross profit (loss) recognized
2011
2012
2013
Total project income $


Exercise 5-10 (concluded)
Requirement 4

2011:
Revenue: $
Cost: $
Gross profit: $

2012:
Revenue:
Cost: 
Gross profit: mce_markernbsp;

2013:
Revenue:
Cost: 
Gross profit: mce_markernbsp;

Requirement 5

2012: $
= 
$

Requirement 1

    ($ in millions)                                            2011               2012             2013

   Contract price                                           $340                 340               340

   Actual costs to date                                    $70                 150               200

   Estimated costs to complete                      $150                  90                   0

   Total estimated costs                                $220                240               200

   Estimated gross profit (actual in 2013)     $ 120               100               140

 

        Gross profit (loss) recognition:

 

        2011:                 $

                                       =

                                 $

 

        2012:                  

                                       = 

 

 

        2013:        

 

Requirement 2

          2011:

  2012:

  2013:

 

Requirement 3

 

Year	Gross profit (loss) recognized
2011
2012
2013
Total project income	$

 

Exercise 5-10 (concluded)

Requirement 4

 

2011:

Revenue:                $

Cost:                      $

Gross profit:          $

 

2012:

Revenue:               

Cost:                               

Gross profit:          mce_markernbsp;

 

2013:

Revenue:               

Cost:                                 

Gross profit:          $

 

Requirement 5

 

        2012:                 $

                                       =

                                 $