During 2020, Flint Company started a construction job with a contract price of $1,590,000. The job...

 

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During 2020, Flint Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is avallable. 2020 2021 2022 Costs incurred to date $901,180 197,820 903,000 $410,000 $1,067,000 Estimated costs to complete Billings to date Collections to date 590,000 297,000 -0- 1,590,000 1,434,000 271,000 805,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 Gross profit recognized in 2021 Gross profit recognized in 2022 Prepare all necessary journal entries for 2021. (Credit account titles are automatically indented when 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. For costs incurred use account Matentals, Cash, Payables. Account Titles and Explanation Debit Credit During 2020, Flint Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is avallable. 2020 2021 2022 Costs incurred to date $901,180 197,820 903,000 $410,000 $1,067,000 Estimated costs to complete Billings to date Collections to date 590,000 297,000 -0- 1,590,000 1,434,000 271,000 805,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 Gross profit recognized in 2021 Gross profit recognized in 2022 Prepare all necessary journal entries for 2021. (Credit account titles are automatically indented when 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. For costs incurred use account Matentals, Cash, Payables. Account Titles and Explanation Debit Credit

Answer rating: 100% (QA)

Solution Gross profit recognized in 2020 241900 Gross profit recognized in 2021 160720 Gross profit ... View the full answer