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ACC305 Wk 2 E5-10 Project Contracts


ACC305 Wk 2 E5-10 Project Contracts fin571

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ACC305 Wk 2 E5-10 Project Contracts
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This 0 page Study Guide was uploaded by an elite notetaker on Monday November 9, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 30 views.


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Date Created: 11/09/15
E510 Sanderson Construction 1 Determine the amount of gross pro t or loss to be recognized in each of the three years using the percentage of completion method 2 How much revenue will Sanderson report in its 2011 and 2012 income statements related to this contract using the percentageof completion method 3 Determine the amount of gross pro t or loss to be recognized in each of the three years using the completed contract method 4 Determine the amount of revenue cost and gross pro t or loss to be recognized in each of the three years under IFRS assuming that using the percentageof completion method is not appropriate 5 Suppose the estimated costs to complete at the end of 2012 are 80 million instead of 60 million Determine the amount of gross pro t or loss to be recognized in 2012 using the percentageof completion method Exercise 510 Requirement 1 in millions 2011 2012 2013 Contract price w m 5 Actual costs to date 40 120 170 Estimated costs to complete Q Q i Total estimated costs 1 0 m L0 Estimated gross pro t actual in 2013 j 40 40 Gross pro t loss recognition 2011 40 25 X 60 15 160 2012 120 6667 X 40 2667 15 1167 180 2013 220 170 50 15 1167 2333 Requirement 2 2011 220 X 25 55 2012 220 X 6667 14667 55 9167 2013 220 14667 7333 Requirement 3 Year Gross pro t loss recognized 2011 0 2012 0 2013 Q Total project income 5g Requirement 4 2011 Revenue 40 Cost m Gross profit 0 2012 Revenue 80 Cost S Gross profit 0 2013 Revenue 100 220 contract price 40 80 Cost 50 Gross profit 50 Requirement 5 2012 120 60 X 20 12 15 3 loss 200 220 40 80 80 20


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