During 2020, Ayayai Company started a construction job with a contract price of $1,610,000. The job...
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During 2020, Ayayai Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available. 2020 2021 Costs incurred to date 2022 $1,067,000 $410,000 $754,800 Estimated costs to complete 590,000 355,200 -0- Billings to date 297,000 899,000 1,610,000 Collections to date 272,000 818,000 1,437,000 Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2020 2021 2022 Gross profit 590000 $ 754800 1067000 During 2020, Ayayai Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available. 2020 2021 Costs incurred to date 2022 $1,067,000 $410,000 $754,800 Estimated costs to complete 590,000 355,200 -0- Billings to date 297,000 899,000 1,610,000 Collections to date 272,000 818,000 1,437,000 Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2020 2021 2022 Gross profit 590000 $ 754800 1067000
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2020 2021 2022 Contract price 1610000 1610000 1610000 Estimated Cost Cost to Dat... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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