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Answered: - Lopez Inc. began working in 2014 on contract #3814, which
Lopez Inc. began working in 2014 on contract #3814, which provided for a contract price of $4,800,000. Other details:
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?2014 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?2015
Costs incurred during the year ? ? ? ? ? ? ? ? ? ? ?$800,000 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? $2,450,000
Estimated costs to complete as of 12/31 ? ? ? ?$2,400,000 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?$0
Billings during the year ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? $900,000 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?$3,600,000
Collections during the year ? ? ? ? ? ? ? ? ? ? ? ? ? $600,000 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?$3,900,000
Assume that Lopez uses the percentage-of-completion method of accountig. The portion of the total gross profit to be recognized as income in 2014 is
a. $300,000
b. $400,000
c. $1,200,000
d. $1,600,000
Assume that Lopez uses the completed-contract method of accounting. The portion of the total gross profit to be recognized as income in 2015 is
a. $600,000
b. $900,000
c. $1,550,000
d. $4,800,000
PLEASE SHOW ALL CALCULATIONS. THANK YOU.
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DATE ANSWEREDOct 07, 2020
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