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54intermediate acct test bankch18-4

18-16TestBankforIntermed;Thefollowinginformationr;CooperConstructionCompan;buildingthatisexpectedto;69.FortheyearendedDecemb;buildingof:a.$421,667b.$;70.AtDecember31,2013Coop;a.$46


18 - 16 Test Bank for Intermediate Accounting, Fourteenth Edition

The following information relates to questions 69 and 70.

Cooper Construction Company had a contract starting April 2013, to construct a $12,000,000

building that is expected to be completed in September 2015, at an estimated cost of $11,000,000. At the end of 2013, the costs to date were $5,060,000 and the estimated total costs to complete had not changed. The progress billings during 2013 were $2,400,000 and the cash collected during 2013 was 1,600,000.

69. For the year ended December 31, 2013, Cooper would recognize gross profit on the

building of: a. $421,667 b. $460,000 c. $540,000 d. $0

70. At December 31, 2013 Cooper would report Construction in Process in the amount of:

a. $460,000 b. $5,060,000 c. $5,520,000 d. $4,720,000

71. Hayes Construction Corporation contracted to construct a building for $3,000,000.

Construction began in 2012 and was completed in 2013. Data relating to the contract are summarized below:

Year ended Costs incurred $1,200,000 $900,000 Estimated costs to complete 800,000 —

Hayes uses the percentage-of-completion method as the basis for income recognition. For

the years ended December 31, 2012, and 2013, respectively, Hayes should report gross profit of

a. $540,000 and $360,000. b. $1,800,000 and $1,200,000. c. $600,000 and $300,000. d. $0 and $900,000.

72.

Monroe Construction Company uses the percentage-of-completion method of accounting. In 2013, Monroe began work on a contract it had received which provided for a contract price of $20,000,000. Other details follow:

Costs incurred during the year $9,600,000 Estimated costs to complete as of December 31 6,400,000 Billings during the year 8,800,000 Collections during the year 5,200,000 What should be the gross profit recognized in 2013? a. $800,000 b. $10,400,000 c. $2,400,000 d. $4,000,000

Revenue Recognition 18 - 17

Use the following information for questions 73 and 74.

In 2013, Fargo Corporation began construction work under a three-year contract. The contract price is $3,600,000. Fargo uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2013, follow:

Balance Sheet

Accounts receivable—construction contract billings Construction in progress Less contract billings

Costs and recognized profit in excess of billings

Income (before tax) on the contract recognized in 2013

73.

How much cash was collected in 2013 on this contract? a. $150,000 b. $210,000 c. $30,000 d. $360,000

What was the initial estimated total income before tax on this contract? a. $450,000 b. $480,000 c. $600,000 d. $720,000

Adler Construction Co. uses the percentage-of-completion method. In 2012, Adler began work on a contract for $5,500,000 and it was completed in 2013. Data on the costs are: Costs incurred $1,950,000 $1,400,000 Estimated costs to complete 6300,000 — For the years 2012 and 2013, Adler should recognize gross profit of a. b. c. d.

$0

$1,290,000 $1,350,000 $1,350,000

$2,150,000 $860,000 $800,000 $2,150,000

$450,000

$150,000 90,000 $90,000

74.

75.

Use the following information for questions 76 and 77.

Gomez, Inc. began work in 2012 on contract #3814, which provided for a contract price of $9,600,000. Other details follow: 2012 2013

Costs incurred during the year $1,600,000 $4,900,000 Estimated costs to complete, as of December 31 4,800,000 0 Billings during the year 1,800,000 7,200,000 Collections during the year 1,200,000 5,850,000

18 - 18 Test Bank for Intermediate Accounting, Fourteenth Edition

76. Assume that Gomez uses the percentage-of-completion method of accounting. The portion

of the total gross profit to be recognized as income in 2012 is a. $600,000. b. $800,000. c. $2,400,000. d. $3,200,000.

77. Assume that Gomez uses the completed-contract method of accounting. The portion of the

total gross profit to be recognized as income in 2013 is a. $1,200,000. b. $1,800,000. c. $3,100,000. d. $9,600,000.

Use the following information for questions 78 and 79.

Kiner, Inc. began work in 2012 on a contract for $12,600,000. Other data are as follows: Costs incurred to date $5,400,000 $8,400,000 Estimated costs to complete 3,600,000 — Billings to date 4,200,000 12,600,000 Collections to date 3,000,000 10,800,000

78. If Kiner uses the percentage-of-completion method, the gross profit to be recognized in

2012 is

a. $2,160,000. b. $2,400,000. c. $3,240,000. d. $3,600,000.

79. If Kiner uses the completed-contract method, the gross profit to be recognized in 2013 is

a. $2,040,000. b. $4,200,000. c. $2,100,000. d. $8,400,000.

Use the following information for questions 80 and 81.

80. Horner Construction Co. uses the percentage-of-completion method. In 2012, Horner

began work on a contract for $11,000,000; it was completed in 2013. The following cost data pertain to this contract:

Cost incurred during the year $3,900,000 $2,800,000 Estimated costs to complete at the end of year 2,600,000 —

The amount of gross profit to be recognized on the income statement for the year ended December 31, 2013 is a. $1,600,000. b. $1,720,000. c. $1,800,000. d. $4,300,000.

Revenue Recognition 18 - 19

81.

If the completed-contract method of accounting was used, the amount of gross profit to be recognized for years 2012 and 2013 would be a. b. c. d.

82.

$4,500,000. $4,300,000. $0. $0.

$0.

$(200,000). $4,300,000. $4,500,000.

Remington Construction Company uses the percentage-of-completion method. During 2012, the company entered into a fixed-price contract to construct a building for Sherman Company for $18,000,000. The following details pertain to the contract:

Percentage of completion 25% Estimated total cost of contract $13,500,000 Gross profit recognized to date 1,125,000 The amount of construction costs incurred during 2013 was a. $9,000,000. b. $5,625,000. c. $3,375,000. d. $1,500,000.

60% $15,000,000 1,800,000

Use the following information for questions 83 and 84.

Eilert Construction Company had a contract starting April 2013, to construct a $18,000,000 building that is expected to be completed in September 2014, at an estimated cost of $16,500,000. At the end of 2013, the costs to date were $7,590,000 and the estimated total costs to complete had not changed. The progress billings during 2013 were $3,600,000 and the cash collected during 2013 was $2,400,000. Eilert uses the percentage-of-completion method.

83. For the year ended December 31, 2013, Eilert would recognize gross profit on the building

of

a. $0.

b. $632,500. c. $690,000. d. $810,000.

84. At December 31, 2013, Eilert would report Construction in Process in the amount of

a. $8,280,000. b. $7,590,000. c. $7,080,000. d. $690,000.

18 - 20 Test Bank for Intermediate Accounting, Fourteenth Edition

85. Hiser Builders, Inc. is using the completed-contract method for a $8,400,000 contract that

will take two years to complete. Data at December 31, 2013, the end of the first year, are as follows:

Costs incurred to date

Estimated costs to complete Billings to date Collections to date

$3,840,000 4,920,000 3,600,000 3,000,000

The gross profit or loss that should be recognized for 2013 is a. $0.

b. a $360,000 loss. c. a $180,000 loss. d. a $158,400 loss.

Use the following information for questions 86 through 88.

Gorman Construction Co. began operations in 2013. Construction activity for 2013 is shown below. Gorman uses the completed-contract method.

Billings Collections Estimated Contract Through Through Costs to Costs to Contract Price 12/31/13 12/31/13 12/31/13 Complete 1 $3,200,000 $3,150,000 $2,600,000 $2,150,000 — 2 3,600,000 1,500,000 1,000,000 820,000 $1,880,000 3 3,300,000 1,900,000 1,800,000 2,250,000 1,200,000

86. Which of the following should be shown on the income statement for 2013 related to

Contract 1?

a. Gross profit, $450,000 b. Gross profit, $1,000,000 c. Gross profit, $1,050,000 d. Gross profit, $600,000

87. Which of the following should be shown on the balance sheet at December 31, 2013

related to Contract 2? a. Inventory, $680,000 b. Inventory, $820,000

c. Current liability, $680,000 d. Current liability, $1,500,000

88. Which of the following should be shown on the balance sheet at December 31, 2013

related to Contract 3? a. Inventory, $200,000 b. Inventory, $350,000 c. Inventory, $2,100,000 d. Inventory, $2,250,000

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