Question Details

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

Brief item decscription

Item details:


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:

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

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


About this question:

This question was answered on: Sep 16, 2020

PRICE: $11.5

Solution~00010564.zip (18.37 KB)

Buy this answer for only: $11.5

Pay using PayPal (No PayPal account Required) or your credit card. All your purchases are securely protected by PayPal.

Need a similar solution fast, written anew from scratch? Place your own custom order

We have top-notch tutors who can help you with your essay at a reasonable cost and then you can simply use that essay as a template to build your own arguments. This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student. New solution orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

Order Now