Cooper Construction Company had a contract starting April 2021, to construct a $24,000,000 building that is expected to be completed in September 2023, at an estimated cost of $22,000,000. At the end of 2021, the costs to date were $10,120,000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $4,800,000 and the cash collected during 2021 was 3,200,000. Cooper uses the percentage-of-completion method.
For the year ended December 31, 2021, Cooper would recognize gross profit on the building of:
a) $843,333
b) $920,000
c) $1,080,000
d) $0

b) $920,000

Explanation:

Under Completed contract method,the revenue is recognized only when the contract is 100% complete.

As the contract is not completed in 2021 , the profit is recognized only in the year of completion

If in case question is asked about % of completion answer should be as fallows:

Total gross profit on the contract = total contract value – total estimated cost

                                                                = 24,000,000 -22,000,000  

                                                               = 2,000,000

Total cost in 2021 = 10,120,000

Total % of completion in 2021 = total cost in 2021/ total cost of contract

                                                                = 10,120,000/22,000,000

                                                               = 46%  

Gross profit in 2021 = total gross profit on contract x Total % of completion in 2015

                                               = 2,000,000 x 46%

                                               = $920,000

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

happy to

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