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  • Citation Builders, Incorporated, Builds Office Buildings

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    Jalaj Gupta
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    citarion

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    Citation Builders, Incorporated, builds office buildings

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    citarion

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    2 views5 pages

    Citation Builders, Incorporated, Builds Office Buildings

    Uploaded by

    Jalaj Gupta
    citarion

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 5

    ranging 10 to 20 homes

    deposit 10%
    unsold 3 months

    total contract price 19 million 19000000

    2021 2022 2023


    Costs incurred 3800000 9025000 4275000
    Estimated costs to complete 11400000 4275000 0
    Billings 1900000 9500000 7600000
    Cash Collections 1710000 8090000 9200000

    12 identical homes
    sell 800000
    deposts 8 homes 3 completed
    completed homes 600000
    9 uncompleted homes 3600000

    ques 8550000
    Ques 1 Recognise revenue upon completion

    Ques 2 2024
    Revenue Recognised 0
    Gross Profit 0

    Balance sheet
    Current Assets
    Accounts receivable 190000
    Costs in excess of billings 1900000

    Current liabilities

    Ques 3
    2024
    Revenue Recognised 4750000
    Gross Profit 950000

    2024
    Contract price 19000000
    Actual costs to date 3800000
    Estimated costs to complete 11400000
    Total estimated costs 15200000
    Estimated gross profit 3800000

    % Completed 25%
    3800000/15200000
    Revenue 4750000
    less:Revenue already recognised 0
    Revenue to be recognised 4750000
    Less:Costs incurred 3800000
    Gross profit to be recognised 950000

    Balance sheet
    Current Assets
    Accounts receivable 190000
    Costs and profits in excess of billings 2850000

    Current liabilities

    Ques 4
    2025
    Revenue Recognised 6650000
    Gross Profit -3325000

    2024
    Contract price 19000000
    Actual costs to date 3800000
    Estimated costs to complete 11400000
    Total estimated costs 15200000
    Estimated gross profit 3800000

    % Completed 25%
    3800000/15200000
    Revenue 4750000
    less:Revenue already recognised 0
    Revenue to be recognised 4750000
    Less:Costs incurred 3800000
    Gross profit to be recognised 950000

    Balance sheet
    Current Assets
    Accounts receivable 1600000

    Current liabilities
    Billings in excess of costs and profits 950000

    Ques 5
    Recognise revenue upon completion

    Ques 6
    Sales revenue 2400000
    Cost of goods sold 1800000
    Gross Profit 600000

    Balance sheet
    Current Assets
    Inventory (Work in process) 3600000

    Current liabilities
    Cusomter deposits 400000
    Recognise revenue upon completion

    2025
    0
    0

    1900000-1710000
    3800000-1900000

    2025
    9500000
    475000

    2025
    19000000
    12825000
    4275000
    17100000
    1900000

    75%
    12825000/17100000
    14250000
    4750000
    9500000
    9025000
    475000

    1900000-1710000
    (3800000+950000)-1900000
    -950000 -2375000

    2025
    19000000
    12825000
    8550000
    21375000
    -2375000

    60%
    12825000/21375000
    11400000
    4750000
    6650000
    9025000
    -2375000

    1900000+9500000-1710000-8090000

    9500000+1900000-(3800000+9025000+950000+-3325000)

    3*800000
    3*600000

    800000*0.1*(8-3)

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