what is the CIP as of 2021?
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8 what is the CIP as of 2021?
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- During 2019, R Corp., a manufacturer of chocolate candies, contracted to purchase 100,000 pounds of cocoa beans at 1.00 per pound, delivery to be made in the spring of 2020. Because a record harvest is predicted for 2020, the price per pound for cocoa beans had fallen to 0.80 by December 31, 2019. Of the following journal entries, the one that would properly reflect in 2019 the effect of the commitment of R Corp. to purchase the 100,000 pounds of cocoa is:Redsiam, Inc. began work in 2020 on contract #3814, which provided for a contract price of P7,200,000. Other details follow:Rogers Ltd. has entered into a contract beginning in February 2020 to build two warehouses for ocean Ltd. The contract is a non-cancellable fixed price contract for $9.4 million. The following data pertain to the construction period. 2020 2021 2022 Costs for the year $3,285,000 4,015,000 1,800,000 Estimated costs to complete 4,015,000 1,825,000 -0- Progress billings for the year (non-refundable) 2,960,000 3,440,000 3,000,000 Cash collected for the year 2,605,000 3,490,000 3,305,000 a) Using the percentage-of-completion method, calculate the percent complete for each year of the contract. b) Calculate the amount of the gross profit to be recognized each year of the contract. c) Prepare the journal entries for 2020 and 2021. (Use Materials, Cash, Payables for costs incurred to date.) d) What is the balance in the Contract Asset/Liability account at December 31, 2020 and 2021? Show how the construction contract would be reported on the SFP…
- LMAO Company uses percentage of completion method in accounting for its long-term contracts. During 2019, it started work on a P10,000,000 project. At that time, LMAO estimated that it would take 3-4 years to complete the project. In 2019, the outcome of the project cannot be estimated reliably but in 2020, LMAO was already certain the project is estimated to cost P8,000,000. As of December 31, 2019, costs incurred amounts to P3,175,000. This amount includes P200,000 costs of materials stored in the warehouse intended for the next stage of construction the following year. The engineers' estimate of construction costs at completion is P8,500,000. LMAO billed the client 30% of the contract price and collected the same amount. In 2020, LMAO incurred P3,575,000 more and billed the customer P3,300,000. At the end of the year, the estimated cost to complete is still P2,250,000. How much is the Gross Income in 2020?*On February 1, 2020, Mar Contractors agreed to construct a building at a contract price of $15,400,000. Mar initially estimated total construction costs would be $12,000,000 and the project would be finished in 2023. Information relating to the costs and billings for this contract during 2020-2022 is as follows: Total costs incurred during the year Estimated costs to complete Customer billings to date Collections to date 2020 4,500,000 7,500,000 6,600,000 6,000,000 2021 5,300,000 4,200,000 12,000,000 10,500,000 2022 4,000,000 1,800,000 13,800,000 13,500,000 a. Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract and all the necessary journal entries for the years ended December 31, 2020, 2021, and 2022. b. Using the cost-recovery method, prepare schedules to compute the profit or loss to be recognized as a result of this contract all the necessary journal entries to record the costs,…Suppose that a contract is started on January 1, 2018, with an estimated completion date of December 31, 2019. The final contract price is P1,500,000. In the first year covering January 1 to December 31, 2018: Cost incurred amounted to P600,000. Half the work on the contract was completed. Certificates of work completed have been issued to the value of P750,000. It is estimated with reasonable certainty that further costs to completion in 2019 will be P600,000. Requirements: 1. The contract is certified at what percentage of completion? 2. At Dec 31, 2018, the entity will recognize how much profit? 3. At Dec 31, 2018, the entity will recognize how much contract asset?
- A company enters into a contract to build a factory for a customer. The agreed price is $3,000,000 and the specified completion date is 31 December 2021. However, the contract provides that the company should receive an incentive payment of a further $300,000 if the factory is completed by 30 November 2021. Similarly, the price will be reduced by $300,000 if the factory is not completed until after 31 January 2022. The company estimates that there is a 15% probability that the factory will be completed by 30 November 2021, an 80% probability that it will be completed in December 2021 or January 2022 and a 5% probability that it will not be completed until after 31 January 2022. What is the expected value of the transaction price for this contract? $3,030,000 $3,000,000 $2,985,000 $3,045,000Zoro Company enters into a contract to sell Product A and Product B on July 1, 2020 for an upfront cash payment of P250,000. Product A will be delivered at the end of the year, and Product B will be delivered the following year. Zoro Company sells Product A for P80,000 and Product B for P240,000. 1. How many performance obligations are there in the contract? 2.what is the transaction price? 3.how much is revenue to be recognized in 2020? 4. how much is revenue to be recognized in 2021?In December 2021, Jordan Inc and Otter-Manufacturing signed a 3 year contract for Jordon to update Otter’s computer networks starting in 2022. The contract calls for annual payments of $20,000 due on January 1 of each year, with the first payment due on 1/1/22. The implicit rate of interest used by Jordon in pricing this contract was 8%. Is a journal entry required for 2021? If so, how would it be done? If journal entry is required then show in proper format.
- ZEN Ltd signs a contract on 30 June 2019, agreeing to build a bridge for XYN at a contract price of $20 million. XYN will be in control of the asset throughout the construction process. ZEN estimates that construction costs will be as follows:Year Ending Cost30th June 2020 $ 5,000,00030th June 2021 $ 8,000,00030th June 2022 $ 3,000,000Total $16,000,000The contract provides that XYN will make payments on 30 June of each year as follows:2020 $ 4,000,0002021 $ 10,000,0002022 $ 6,000,000Total $20,000,000The contract is completed as expected on 30 June 2022. Assume that actual costs and cash collections with expectations and that cost (an input measure) is used as the basis for assessing progress on the car contract.Required:(a) Calculate the income and gross profit recognised each year 2020, 2021, 2022.(b) Prepare the journal entries for the year ended 30th June 2020On April 12, 2021, Jacob’s Construction contracted to build a 400 Unit Apartment Complex at a contract price of $85 million. The schedule of expected (which equals actual) cash collections and contract direct costs (excluding SG&A) is as follows: Year Cash Collections Cost Incurred 2021 $60 million $ 45 million 2022 20 million 27 million Total $80 million $72 million Calculate the Gross Profit for the Total Contract Calculate the Gross Margin for the Total Contract Calculate the revenue for 2021 Calculate the revenue for 2022 Calculate the gross profit for 2021 Calculate the gross profit for 2022 Calculate the gross margin for 2021 Calculate the gross margin for 2022On January 2, 2019, TI enters into a contract with Drewry Corp. to build a new piece of equipment. The contract price is $3,200,000, and construction is expected to take 18 months. Drewry is billed and pays $1,600,000 of the contract price on January 2, 2019, and will pay the balance at completion. TI estimates that the cost of construction will be $2,300,000. Drewry includes two performance bonuses in the contact: • U.S. Bonus: If the equipment design receives a U.S. patent by March 15, 2020, Drewry will pay a $200,000 bonus. • International Bonus: If the equipment receives approval for international distribution by January 31, 2020, Drewry will pay a $1,000,000 bonus. The bonuses are payable when a U.S. patent is approved and when international distribution is approved. On the date the contract is signed, TI estimates that there is an 80% chance it will receive U.S. patent protection by March 15, 2020, but only a 30% chance that the equipment will be approved for…
