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BRAD BRIDGEWATER, INC.           Computation of Gross Profit to Be Recognized on Uncompleted Contract Year Ended December 31, 2004 _____________________________________________________________ Total contract price         Estimated contract cost at completion                                     $2,000,000              ($700,000 + $1,300,000)         Fixed fee                                                                                               450,000                 Total                                                                                            2,450,000         Total estimated cost                                                                        2,000,000         Gross profit                                                                                          450,000         Percentage of completion ($700,000 ÷ $2,000,000)                            35%         Gross profit to be recognized ($450,000 X 35%)                     $   157,500 :.0001p

(a)   Contract billings to date                                                                   $61,500         Less accounts receivable 12/31/04                                                  21,500         Portion of contract billings collected                                             $40,000 (b) $18,200 = 28% $65,000         (The ratio of gross profit to revenue recognized in 2004.)         $1,000,000 X .28 = $280,000 (The initial estimated total gross profit before tax on the contract.) le='tab-stops:30.0pt 60.0pt right dotted 318.0pt blank 405.0pt 504.0pt'>        Sales Revenue—Texts*.................................            80,000         Allowance for Returns...................................       1,920,000         Accounts Receivable.....................................                               16,000,000         *A debit to either Sales Revenue—Texts or Sales Returns could be made here.

(b)   Construction in Process.......................................      535,000              ($935,000 – $400,000)                    Materials, Cash, Payables, etc..................                           535,000         Accounts Receivable ($900,000 – $300,000)....      600,000                 Billings and Construction in Process........                           600,000         Cash ($810,000 – $270,000)..................................      540,000                 Accounts Receivable.....................................                           540,000         Construction Expenses........................................      535,000         Construction in Process.......................................                           140,000                 Revenue from Long-term Contracts...........                           675,000*         *$1,500,000 X (85% – 40%) (c)   Gross profit recognized in: 2004 2005 2006 Gross profit $ –0– $ –0– $43

(a)   Gross profit recognized in: 2004 2005 2006 Contract price $1,500,000 $1,500,000 $1,500,000 Costs: Costs to date $400,000 $935,000 $1,070,000 Estimated costs to         complete   600,000   1,000,000 165,000   1,100,000                 0   1,070,000 Total estimated profit 500,000 400,000 430,000 Percentage completed to date          40%*         85%**          100% Total gross profit recognized 200,000 340,000 430,000 Less: Gross profit recognized in previous years                 0     200,000       340,000 Gross profit        recognized in current year $   200,000 $  140,000 $     90,000 * *$400,000 ÷ $1,000,000 **$935,000 ÷ $1,100,000

(a)   Cash (2004 slips) (300 X $900)..............................      270,000                 Dock Rent Revenue.........................................                           270,000         Cash (2005 slips) [200 X $900 X (1.00 – .05)]......      171,000                 Unearned Revenue (current)..........................                           171,000         Cash (2006 slips) [60 X $900 X (1.00 – .25)]........        40,500                 Unearned Revenue (non-current).................                             40,500 (b)   The marina operator should recognize that advance rentals generated $211,500 ($171,000 + $40,500) of cash in exchange for the marina’s pro­mise to deliver future services. In effect, this has reduced future cash flow by accelerating payments from boat owners. Also, the price of ren­tal services has effectively been reduced. The current cash bonanza does not reflect current earned income. The future costs of operation must be covered, in part, from thi

EXERCISE 18-2 (15-20 minutes) (a)   1.    6/3     Accounts Receivable—Kim Rhode.............      5,000                                   Sales..........................................................                       5,000                6/5       Sales Returns and Allowances.................          400                                     Accounts Receivable—Kim Rhode..                          400                6/7       Transportation-Out.......................................            24                                     Cash........................................................                             24                6/12     Cash................................................................      4,508                             Sales Discounts (2% X $4,600)..................            92                                     Accounts Receivable—Kim Rhode..                       4,600         2.    6/3       Accounts Receivable—Kim Rhode..........      4,900

SOLUTIONS TO EXERCISES EXERCISE 18-1 (15-20 minutes) (a)   Huish could recognize revenue at the point of sale based upon the time of shipment because the books are sold f.o.b. shipping point. Because of the return policy one might argue in favor of the cash collection basis. Because the returns can be estimated, one could argue for shipping point less estimated returns. (b)   Based on the available information and lack of any information indi­cating that any of the criteria in FASB Statement No. 48 were not met, the correct treatment is to report revenue at the time of shipment as the gross amount less the 12% normal return factor. This is supported by the legal test of transfer of title and the criteria in FASB No. 48 .   One could be very conservative and use the 30% maximum return allowance. (c)   July Sale Entry.         Accounts Receivable.....................................     16,000,000         Allowance for Returns...................................                          

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