List of Accounts Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Allowance for Sales...

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List of Accounts Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Allowance for Sales Returns and Allowances Billings on Construction in Process Cash Commission Expense Commission Revenue Compensation Expense Consignment Sales Construction Expenses Construction in Process Contract Asset/Liability Cost of Goods Sold Estimated Inventory Returns Finished Goods Inventory Interest Expense Interest Income Interest Payable Interest Receivable Inventory Inventory on Consignment Loss from Long-Term Contracts Materials, Cash, Payables Miscellaneous Expense No Entry Notes Receivable Office Expense Refund Liability Rent Revenue Returned Inventory Revenue from Consignment Sales Revenue from Long-Term Contracts Sales Discounts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Service Revenue Unearned Rent Revenue Unearned Revenue Utilities Expense Warranty Expense Warranty Liability Warranty Revenue Assistance Used Inexperienced construction company George Corp. signed a risky non-cancellable contract to build a research facility at a fixed contract amount of $2,300,000. The work began in early 2023 and George incurred costs of $1,035,000. At December 31, 2023, the estimated future costs to complete the project totalled $1,035,000. During 2024, George ran into trouble with weather conditions and incurred the expected costs of $1,035,000 and estimated that it would need to spend an additional $355,000 to complete the project. During 2025, George reluctantly completed the project, incurring further costs of $385,000. Calculate the amount of gross profit or loss that should be recognized each year under the percentage-of-completion method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round percent complete to 2 decimal places, e.g. 15.25%.) December 31, 2023 December 31, 2024 December 31, 2025 Gross profit/(loss) $ List of Accounts Prepare the December 31, 2024 year-end journal entry to record costs, revenues, expenses, and losses from the contract. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round percent complete to 2 decimal places, e.g. 15.25%. List all debit entries before credit entries.) Date December 31, 2024 List of Accounts Account Titles and Explanation Debit Credit Sandhill Company sells goods that cost $300,000 to Tom Company for $415,000 on January 2, 2023. The sales price includes an installation fee, which is valued at $40,800. The fair value of the goods is $384,200. The goods were delivered on March 1, 2023. Installation is considered a separate performance obligation and was completed on June 18, 2023. Under the terms of the contract, Tom pays Sandhill $264,000 on delivery of the goods and the balance at the completion of the installation. Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Sandhill. Assume IFRS is followed. (Round percentage allocations to 2 decimal places, 15.25% and final answers to O decimal places, e.g. 5,275.) Performance Obligation Deliver goods When? How much? Installation Total List of Accounts $ Prepare the journal entries for Sandhill on January 2, March 1, and June 18, 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date > Account Titles and Explanation (To record sales) Debit Cr List of Accounts Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Allowance for Sales Returns and Allowances Billings on Construction in Process Cash Commission Expense Commission Revenue Compensation Expense Consignment Sales Construction Expenses Construction in Process Contract Asset/Liability Cost of Goods Sold Estimated Inventory Returns Finished Goods Inventory Interest Expense Interest Income Interest Payable Interest Receivable Inventory Inventory on Consignment Loss from Long-Term Contracts Materials, Cash, Payables Miscellaneous Expense No Entry Notes Receivable Office Expense Refund Liability Rent Revenue Returned Inventory Revenue from Consignment Sales Revenue from Long-Term Contracts Sales Discounts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Service Revenue Unearned Rent Revenue Unearned Revenue Utilities Expense Warranty Expense Warranty Liability Warranty Revenue Assistance Used Inexperienced construction company George Corp. signed a risky non-cancellable contract to build a research facility at a fixed contract amount of $2,300,000. The work began in early 2023 and George incurred costs of $1,035,000. At December 31, 2023, the estimated future costs to complete the project totalled $1,035,000. During 2024, George ran into trouble with weather conditions and incurred the expected costs of $1,035,000 and estimated that it would need to spend an additional $355,000 to complete the project. During 2025, George reluctantly completed the project, incurring further costs of $385,000. Calculate the amount of gross profit or loss that should be recognized each year under the percentage-of-completion method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round percent complete to 2 decimal places, e.g. 15.25%.) December 31, 2023 December 31, 2024 December 31, 2025 Gross profit/(loss) $ List of Accounts Prepare the December 31, 2024 year-end journal entry to record costs, revenues, expenses, and losses from the contract. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round percent complete to 2 decimal places, e.g. 15.25%. List all debit entries before credit entries.) Date December 31, 2024 List of Accounts Account Titles and Explanation Debit Credit Sandhill Company sells goods that cost $300,000 to Tom Company for $415,000 on January 2, 2023. The sales price includes an installation fee, which is valued at $40,800. The fair value of the goods is $384,200. The goods were delivered on March 1, 2023. Installation is considered a separate performance obligation and was completed on June 18, 2023. Under the terms of the contract, Tom pays Sandhill $264,000 on delivery of the goods and the balance at the completion of the installation. Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Sandhill. Assume IFRS is followed. (Round percentage allocations to 2 decimal places, 15.25% and final answers to O decimal places, e.g. 5,275.) Performance Obligation Deliver goods When? How much? Installation Total List of Accounts $ Prepare the journal entries for Sandhill on January 2, March 1, and June 18, 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date > Account Titles and Explanation (To record sales) Debit Cr