6 Que 5 - Ch6 Required Ass X eee_auos M Gmail . YouTube 9 Maps Translate News B Studentstudy Ce... ' ...t:J|g cgluyelfml mysquthwest-Ya... Ch6 Required Assignment 0 Saved Help Save& Exit Submit Check my work Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,700,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 1.66 l ,, ,, ,, ,, ,,,2'021, ,,20'21,,l points Costs incurred during the year $ 356,000 $1,827,000 Estimated costs to complete as of 12/31 1,424,000 0 Billings during the year 492,000 2,208,000 Cash collections during the year 334,000 2,366,000 eBOOk H' t '" Required: prim 1. Compute the amount of revenue and gross prot or loss to be recognized in 2021 and 2022 assuming Nortei recognizes revenue over time according to percentage of completion. Re'e'emes 2. Compute the amount of revenue and gross prot or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. 3. Prepare a partial balance sheet to show how the Information related to this contract would be presented at the end of 2021 assuming Nortei recognizes revenue over time according to percentage of completion. 4. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. Complete this question by entering your answers In the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the amount of revenue and gross prot or loss to be recognized in 2021 and 2022 assuming Nortei recognizes revenue over time according to percentage of completion. (Loss amounts should be indicated with a minus sign. Use percentages as calculated and rounded in the table below to arrive at your nal answer.) Choose numerator Choose denominator % complete to date MC grlalw [Solved] Ski West, Inc., operate X Question 5 - Ch6 Required Ass X Course Hero x Course Hero x Course Hero X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%25... * I R : M Gmail YouTube Maps Translate = News B Student Study Ce... ... Ju Cyls ull plhi y! mysouthwest - Ya... Ch6 Required Assignment i Saved Help Save & Exit Submit Check my work 5 Complete this question by entering your answers in the tabs below. 1.66 Required 1 Required 2 Required 3 Required 4 points Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. (Loss amounts should be indicated with a minus sign. Use percentages as calculated and rounded in the eBook table below to arrive at your final answer. ) Hint Percentages of completion Print Choose numerator Choose denominator = % complete to date References 2021 = 2022 2021 To date Recognized in prior years Recognized in 2021 Construction revenue Construction expense Gross profit (loss) 2022 To date Recognized in prior years Recognized in 2022 Construction revenue Construction expense 5 = Gross profit (loss) Mc Graw HillHemme. M Gmail . YouTube 9 Maps Translate News B Studentstudy Ce... ' ".ch ghglfmi mysouthwest-Ya... Ch6 Required Assignment 0 Saved Help Save& Exit Submit Check my work Required: 5 1. Compute the amount of revenue and gross prot or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. 2. Compute the amount of revenue and gross prot or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. 1.66 3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 points assuming Nortel recognizes revenue over time according to percentage of completion. 4. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. eBook Him Complete this question by entering your answers In the tabs below. Print r Re \"mes Required 1 Required 2 Required 3 Required 4 Compute the amount of revenue and gross prot or loss to be recognized In 2021 and 2022 assuming this project does not qualify for revenue recognition over time. (Loss amounts should be indicated with a minus sign.) 2021 2022 Me Graw Hill [Solved] Ski West, Inc., operate X Question 5 - Ch6 Required Ass X Course Hero x Course Hero x Course Hero X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%25... * I R : M Gmail YouTube Maps Translate = News B Student Study Ce... ... Ju Cyls ull phi y! mysouthwest - Ya... Ch6 Required Assignment i Saved Help Save & Exit Submit Check my work 5 Complete this question by entering your answers in the tabs below. 1.66 Required 1 Required 2 Required 3 Required 4 points Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. eBook Hint Balance Sheet (Partial) At December 31, 2021 Print Current assets: References Current liabilities: Mc Graw Hill[Solved] Ski West, Inc., operate X Question 5 - Ch6 Required Ass X Course Hero x Course Hero x Course Hero X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%25... * I R : M Gmail YouTube Maps Translate = News B Student Study Ce... ... Ju Cyls ull phi y! mysouthwest - Ya... Ch6 Required Assignment i Saved Help Save & Exit Submit Check my work 5 Complete this question by entering your answers in the tabs below. 1.66 Required 1 Required 2 Required 3 Required 4 points Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. eBook Hint Balance Sheet (Partial) At December 31, 2021 Print Current assets: References Current liabilities: Mc Graw Hill