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Question - Recognition of Profit and Balance Sheet Presentation, Percentage-of-Completion
On February 1, 2010, Hewitt Construction Company obtained a contract to build an athletic stadium. The stadium was to be built at a total cost of $5,400,000 and was scheduled for completion by September 1, 2012. One clause of the contract stated that Hewitt was to deduct $15,000 from the $6,600,000 billing price for each week that completion was delayed. Completion was delayed 6 weeks, which resulted in a $90,000 penalty. Below are the data pertaining to the construction period.
2010
2011
2012
Costs to date
$1,620,000
$3,850,000
$5,500,000
Estimated costs to complete
3,780,000
1,650,000
-0-
Progress billings to date
1,200,000
3,300,000
6,510,000
Cash collected to date
1,000,000
2,800,000
QUESTIONS:
(a) Using the percentage-of-completion method, compute the estimated gross profit recognized in the years 2010-2012.
(b) Prepare a partial balance sheet for December 31, 2011, showing the balances in the receivable and inventory accounts.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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