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(Solved) (Latest ver. Aug 2020) - KP Building Inc. Cash and Costs

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Question:

In 2011, KP Building Inc. began work on a four-year construction project (called â??Cincy Oneâ?). The contract price is $300 million. KP uses the percentage-of-completion method of accounting. At the end of 2011, the following financial statement information indicates the results to date for Cincy One:

INCOME STATEMENT
Gross Profit (before-taxes) recognized in 2011 $22 million

BALANCE SHEET
Accounts Receivable from construction billings $10 million
Construction in progress $66 million
Less: Billings on construction ($75 million)
Net billings in excess of construction in progress $9 million

Required: Compute the following, placing your answer in the spaces provided and
showing supporting computations:

Items to compute:

Cash collected by KP on Cincy One during 2011
Actual costs incurred by KP on Cincy One during 2011
At 12/31/2011, the estimated remaining costs to complete Cincy One
The percentage of Cincy One that was completed during 2011

 







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