Brutus Construction
Brutus Construction Started Work on a New High

question 81

Essay

Brutus Construction
Brutus Construction started work on a new high rise building on January 1, 2016. The project completion date is December 2018. The contract price is $54,000,000. The following are the actual costs incurred and estimates of cost to complete the project.
$$\begin{array} { | c | c | c | } \hline \text { Years } & \text { Actual costs incurred } & \text { Estimated costs to complete } \\\hline 2016 & \$ 15,000,000 & \$ 30,000,000 \\\hline 2017 & 22,500,000 & 22,500,000 \\\hline 2018 & 17,500,000 & - 0 - \\\hline\end{array}$$
-Refer to Brutus Construction. Calculate gross profit or loss for each year using the completed-contract method.

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Definitions:

Hypothalamus

A region of the brain that coordinates both the autonomic nervous system and the activity of the pituitary, controlling body temperature, thirst, hunger, and other homeostatic systems.

Anterior Pituitary

A glandular portion of the pituitary gland that produces and secretes hormones regulating various bodily functions.

Follicular Cells

Epithelial cells in the thyroid gland that produce and secrete thyroid hormones Thyroxine (T4) and Triiodothyronine (T3).

Parafollicular Cell

Cells in the thyroid gland that produce calcitonin, a hormone that regulates calcium levels in the blood.