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USCPA冲刺练习：SIM综合题练习

来源：高顿网校 2015-11-04

　　USCPA冲刺备考阶段，练题时不要忘记多练一些综合题哦。高顿网校USCPA小编搜集了一些USCPA的综合大题，供考生们练习。

　　Golden, Inc. began operation of its construction division on October 1, year 1, and entered into contracts for two separate projects. The No.1 project contract price was $600,000 and provided for penalties of $10,000 per week for late completion.

　　Although during year 2 the No.1 project had been on schedule for timely completion, it was completed four weeks late in August year 3. The No.2 project’s original contract price was $800,000. Change orders during year 3 added $40,000 to the original contract price. The following data pertains to the separate long-term construction projects in progress:

　　No.1 No.2

　　As of September 30, year 2:

　　Costs incurred to date $360,000 $410,000

　　Estimated costs to complete 40,000 410,000

　　Billings 315,000 440,000 Cash collections 275,000 365,000

　　As of September 30, year 3: Costs incurred to date 450,000 720,000

　　Estimated costs to complete – 180,000 Billings 560,000 710,000

　　Cash collections 560,000 625,000

　　Additional information

　　- Golden accounts for its long-term construction contracts using the percentage-of-completion method for financial reporting purposes and the completed-contract method for income tax purposes.

　　- Enacted income tax rates are 25% for year 2 and 30% for future years.

　　- Golden’s income before income taxes from all divisions, before considering revenues from long-term construction projects, was $300,000 for the year ended September 30, year 2. There were no other temporary or permanent differences.

　　Prepare a schedule showing Golden’s gross profit (loss) recognized for the years ended September 30, year 2, and year 3,under the percentage-of-completion method. Golden Inc.

　　SCHEDULE OF GROSS PROFIT (LOSS)

　　For the Year Ended September 30, year 2:

　　Estimated gross profit (loss): No.1 No.2

　　Contract price

　　Less total costs

　　Estimated gross profit (loss)

　　Percent complete:

　　Costs incurred to date

　　Total costs

　　Gross profit (loss) recognized

　　For the Year Ended September 30, year 3: Estimated

　　gross profit (loss):

　　Contract price

　　Less total costs

　　Estimated gross profit (loss)

　　Percent complete:

　　Costs incurred to date

　　Total costs

　　Percent complete

　　Gross profit (loss) recognized

　　Less gross profit (loss) recognized in prior year

　　Gross profit (loss) recognized

　　Answer:

　　No.1 No.2

　　$600,000 $800,000

　　$400,000 $820,000

　　$200,000 ($20,000)

　　\ \

　　$360,000 $410,000

　　$400,000 $820,000

　　$180,000 ($20,000)

　　$560,000 $840,000

　　$450,000 $900,000

　　$110,000 ($60,000)

　　\ \

　　$450,000 $720,000

　　$450,000 $900,000

　　100% 80%

　　$110,000 ($60,000)

　　$180,000 ($20,000)

　　($70,000) ($40,000)

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