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Hardhat Construction Company

The document shows financial information for a construction company over three years from 2012 to 2014 including contract price, estimated costs, percentage completed, recognized gross profits, and 2012 financial statements with income statement and balance sheet.

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Wawex Davis
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29 views4 pages

Hardhat Construction Company

The document shows financial information for a construction company over three years from 2012 to 2014 including contract price, estimated costs, percentage completed, recognized gross profits, and 2012 financial statements with income statement and balance sheet.

Uploaded by

Wawex Davis
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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2012 2013 2014

Contract price Tk. 45,00,000 Tk. 45,00,000 Tk. 45,00,000

Less estimated cost:


cost to date 10,00,000 29,16,000 40,50,000
estimated cost to 30,00,000 11,34,000 -
complete
40,00,000 40,50,000 40,50,000

Estimated total gross 5,00,000 4,50,000 4,50,000


profit
Percent complete 25% 72% 100%
Construction in Process
2012 construction costs 10,00,000 12/31/14 to close
2012 recognized gross profit 1,25,000 completed project 45,00,000
2013 construction costs 19,16,000
2013 recognized gross profit 1,99,000
2014 construction costs 11,34,000
2014 recognized gross profit 1,26,000
Total 45,00,000 45,00,000
In 2012, its financial statement presentation as follows
HARDHAT CONSTRUCTION COMPANY
Income statement
For the year ended 2012
Revenue from long term contracts 11,25,000
Costs of construction 10,00,000
1,25,000
Gross profit

HARDHAT CONSTRUCTION COMPANY


Balance Sheet
As at 31 december,2012
Current Assets
Accounts Receivable (9,00,000-7,50,000) 1,50,000
Inventory
Construction in Process 11,25,000
less: billings 9,00,000
2,25,000

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