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  1. #1
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    Accounting brahs GTFIH!!! NEED HELP WITH zero profit method (REPS FOR LIFE

    I need help with the zero profit method. There isnt really anything in the textbook.

    -what is it?
    -how do i calculate it?
    -difference from percentage of completion method?
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  2. #2
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    bump
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    strong work ethic bro


    first question: What is it?
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  4. #4
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    Originally Posted by Dboss101 View Post
    I need help with the zero profit method. There isnt really anything in the textbook.

    -what is it?
    -how do i calculate it?
    -difference from percentage of completion method?
    Well, seeing that you live in Canada, which framework are you talking about?
    I can tell you the answer under ASPE or IFRS
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  5. #5
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    Originally Posted by Neeve View Post
    Well, seeing that you live in Canada, which framework are you talking about?
    I can tell you the answer under ASPE or IFRS
    ifrs
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  6. #6
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    Originally Posted by BENNAYBOY View Post
    strong work ethic bro


    first question: What is it?
    brah nothing in the text book.
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  7. #7
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    Originally Posted by Dboss101 View Post
    ifrs
    Okay, under IFRS, you expense construction costs as they are incurred.
    There is no cost-in-progress inventory asset like in ASPE.
    You may recognize revenues only to the extent that they can be recovered in the future and only up to the expense amount

    If all costs are recoverable, your net profit for the year is zero

    You would use this method if you cannot reliably estimate the costs of your project, your percentage of completion, or there is uncertainty regarding future cash flows

    edit: give reps to yevgheniy below me instead, he gave me this link and he's just starting out
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  8. #8
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    Originally Posted by Dboss101 View Post
    brah nothing in the text book.
    saw this thread. gave it to neeve. rape me pls. im his irl friend
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  9. #9
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    Originally Posted by Neeve View Post
    Okay, under IFRS, you expense construction costs as they are incurred.
    There is no cost-in-progress inventory asset like in ASPE.
    You may recognize revenues only to the extent that they can be recovered in the future and only up to the expense amount

    If all costs are recoverable, your net profit for the year is zero

    You would use this method if you cannot reliably estimate the costs of your project, your percentage of completion, or there is uncertainty regarding future cash flows

    edit: give reps to yevgheniy below me instead, he gave me this link and he's just starting out
    Originally Posted by yevgheniy View Post
    saw this thread. gave it to neeve. rape me pls. im his irl friend

    will rape both lol thanks

    edit: neeve went up one but yevgheniy didnt LOL
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  10. #10
    Registered User Neeve's Avatar
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    Originally Posted by Dboss101 View Post
    will rape both lol thanks

    edit: neeve went up one but yevgheniy didnt LOL
    do you also need to know the treatment under ASPE?
    Let me know if you need anything else brah
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  11. #11
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    This is an example from my hw online: ( can you explain how do do it? thanks ) Answer provided

    Cosky Construction Company is involved in a long-term construction contract to build an office building. The estimated cost is $40 million and the contract price is $56 million. Additional information follows:

    Year______Cash CollectionS________Actual Costs Incurred
    2009______$9,000,000______________$6,000,000
    2010______20,000,000______________18,000,000
    2011______14,000,000______________10,000,000
    2012______13,000,000_______________6,000,000
    TOTAL____$56,000,000______________$40,000,000

    The project is completed in 2012 as scheduled and all cash collections related to the contract have been received.


    Q)Determine the revenue, expense, and gross profit for each year of the contract, if Cosky Construction used the zero profit method? (If answer is zero, please enter 0. Do not leave any fields blank.)

    Answer:

    Year________Revenue______Expense_____Gross Profit
    2009______$6000000______$6000000________$0
    2010______$18000000_____$18000000_______$0
    2011______$10000000_____$10000000_______$0
    2012______$22000000_____$6000000_____$16000000
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  12. #12
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    Originally Posted by Dboss101 View Post
    This is an example from my hw online: ( can you explain how do do it? thanks ) Answer provided

    Cosky Construction Company is involved in a long-term construction contract to build an office building. The estimated cost is $40 million and the contract price is $56 million. Additional information follows:

    Year______Cash CollectionS________Actual Costs Incurred
    2009______$9,000,000______________$6,000,000
    2010______20,000,000______________18,000,000
    2011______14,000,000______________10,000,000
    2012______13,000,000_______________6,000,000
    TOTAL____$56,000,000______________$40,000,000

    The project is completed in 2012 as scheduled and all cash collections related to the contract have been received.


    Q)Determine the revenue, expense, and gross profit for each year of the contract, if Cosky Construction used the zero profit method? (If answer is zero, please enter 0. Do not leave any fields blank.)

    Answer:

    Year________Revenue______Expense_____Gross Profit
    2009______$6000000______$6000000________$0
    2010______$18000000_____$18000000_______$0
    2011______$10000000_____$10000000_______$0
    2012______$22000000_____$6000000_____$16000000
    yea brah
    there is a debit to expense for the actual costs incurred in the year
    the cash collections are higher than the expenses so the costs are recoverable, so the revenue = expense for the first 3 years

    In the 4th year, you no longer have any uncertainty left about cost / progress measurement or cash collections, your debit to the expense is the same (6M, actual costs incurred in the year) but your credit is for the entire revenue amount (all of the cash collections up to 2012 minus the revenues you already recognized in prior years).
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  13. #13
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    Originally Posted by Neeve View Post
    yea brah
    there is a debit to expense for the actual costs incurred in the year
    the cash collections are higher than the expenses so the costs are recoverable, so the revenue = expense for the first 3 years

    In the 4th year, you no longer have any uncertainty left about cost / progress measurement or cash collections, your debit to the expense is the same (6M, actual costs incurred in the year) but your credit is for the entire revenue amount (all of the cash collections up to 2012 minus the revenues you already recognized in prior years).

    get it now brah thanks
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  14. #14
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    is the zero-profit method pretty much the same thing as break-even analysis.

    GAAP all the way breh
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  15. #15
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    Originally Posted by Dboss101 View Post
    get it now brah thanks
    Under ASPE you would debit construction in process for the amount of costs incurred and credit the related cash/materials used/billings.
    There would simply be no revenue or expense until the project is complete.

    Same net result, but different treatments, and under ASPE you have a CIP inventory asset
    It's called the "completed contract" method I believe
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  16. #16
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    Originally Posted by Impurityz View Post
    is the zero-profit method pretty much the same thing as break-even analysis.

    GAAP all the way breh
    Different concepts entirely, break-even analysis usually refers to internal managerial calculations regarding expected units of productions needed to achieve a certain profitability level, whereas zero-profit is simply an accounting treatment under IFRS for construction projects
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    Originally Posted by Neeve View Post
    Different concepts entirely, break-even analysis usually refers to internal managerial calculations regarding expected units of productions needed to achieve a certain profitability level, whereas zero-profit is simply an accounting treatment under IFRS for construction projects
    lol yeah GAAP's method for construction projects is a lot more complicated...
    well in general GAAP is a lot more complicated anyway.
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  18. #18
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    Originally Posted by Dboss101 View Post
    I need help with the zero profit method. There isnt really anything in the textbook.

    -what is it?
    -how do i calculate it?
    -difference from percentage of completion method?
    Sounds like the same thing as a Break Even Analysis

    In which case you would basically assess how much revenue you need to generate (or find out how many units of w/e you must sell) to meet and pay all of your given expenses.
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  19. #19
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    phuck IFRS.

    GAAP >
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    Originally Posted by Italian.Muscle View Post
    phuck IFRS.

    GAAP >
    IFRS is way too loose and broad.

    GAAP all day
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    Originally Posted by Italian.Muscle View Post
    phuck IFRS.

    GAAP >
    Originally Posted by Impurityz View Post
    IFRS is way too loose and broad.

    GAAP all day
    can you explain in GAAP
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    Fantasy Football Addict Impurityz's Avatar
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    Originally Posted by Dboss101 View Post
    can you explain in GAAP
    It is completely different then what you are doing. (construction that is)

    Break even analysis is simply making enough revenue to cover your expenses.

    Examples:

    Y=X+C is a very basic formula where Y is dependent off of X.

    you pretty much set an equation to zero an solve.

    Example:

    It cost 100 dollars to rent out a venue for a concert. Each ticket you can sell for 5 dollars. How many tickets do you need to break even ( or in your case, get zero-profit)

    0= 5x +100
    5x=100
    x=20

    You need to sell 20 tickets to make enough money to cover your expenses
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    who knew id find the answers to my accounting assignment on here...
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    I had one of those but the wheels fell off
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