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.

---

Definitions:

Virginia Assembly

The legislative body of the Colony of Virginia, established in the 17th century, and a precedent for democratic governance in the English colonies.

British Army

The principal land warfare force of the United Kingdom, responsible for protecting the country and supporting international peacekeeping efforts.

Stamp Act Congress

was a meeting held in 1765 in New York City, consisting of representatives from several of the British colonies in North America; it was the first gathering of elected representatives to devise a unified protest against new British taxation.

Colonial Resisters

Individuals in the American colonies who opposed British rule, leading to actions such as protests, boycotts, and eventually the Revolutionary War.