Homework: Revenue Recognition Assignment

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Compute the amount of revenue and gross profit or loss to be recognized in $2024$ and $2025,$ assuming Avaya recognizes revenue over time according to percentage of completion.

Note: Use percentages as calculated and rounded in the table below to arrive at your final answer. Loss amounts should be indicated with a minus sign.

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$\backslash$table$[[,$Percentages of completion$],[2024,$$$,372,000,-$:$,,=,0],[2025,,,-$:$,,=,0],[2024],[$To date,Recognized in prior years,Recognized in $2024],[$Construction revenue,,,,,$$,0],[$Construction expense,,,,,$$,0],[$Gross profit $($loss$),,,,,$$$,0]]$

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Next Complete this question by entering your answers in the tabs below.

Compute the amount of revenue and gross profit or loss to be recognized in $2024$ and $2025,$ assuming Avaya recognizes revenue over time according to percentage of completion.

Note: Use percentages as calculated and rounded in the table below to arrive at your final answer. Loss amounts should be indicated with a minus sign.

Show less $\frac{?}{{?}_{\frac{?}{?}}}$

$\backslash$table$[[,$Percentages of completion$],[2024,$$$,372,000,-$:$,,=,0],[2025,,,-$:$,,=,0],[,2024],[,,,,$Recognized in prior years,Recognized in $2024],[$Construction revenue,,,,,$$,0],[$Gross profit $($loss$),,,,,$$$,0],[,2025],[,,,,$Recognized in prior years,Recognized in $2025],[$Construction revenue,,,,,$$,0],[$Construction expense,,,,,$$,0]]$ completed in $2025.$ Data relating to the contract are summarized below:

Required:

Compute the amount of revenue and gross profit or loss to be recognized in $2024$ and $2025,$ assuming Avaya recognizes

revenue over time according to percentage of completion.

Compute the amount of revenue and gross profit or loss to be recognized in $2024$ and $2025,$ assuming this project does not

qualify for revenue recognition over time.

Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of $2024,$

assuming Avaya recognizes revenue over time according to percentage of completion.

Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of $2024,$

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 $2$

Compute the amount of revenue and gross profit or loss to be recognized in $2024$ and $2025,$ assuming this project does not

qualify for revenue recognition over time.

Note: Loss amounts should be indicated with a minus sign. Leave no cells blank. Cash collections dur$$ng the year

Required:

Compute the amount of revenue and gross profit or loss to be recognized in $2024$ and $2025,$ assuming Avaya recognizes

revenue over time according to percentage of completion.

Compute the amount of revenue and gross profit or loss to be recognized in $2024$ and $2025,$ assuming this project does not

qualify for revenue recognition over time.

Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of $2024,$

assuming Avaya recognizes revenue over time according to percentage of completion.

Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of $2024,$

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 $3$

Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of $2024,$

assuming Avaya recognizes revenue over time according to percentage of completion.Homework: Revenue Recognition Assignment

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Cash coullections dur$$ng the year

$490,0001,840,000$

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Required:

Compute the amount of revenue and gross profit or loss to be recognized in $2024$ and $2025,$ assuming Avaya recognizes revenue over time according to percentage of completion.

Compute the amount of revenue and gross profit or loss to be recognized in $2024$ and $2025,$ assuming this project does not qualify for revenue recognition over time.

Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of $2024,$ assuming Avaya recognizes revenue over time according to percentage of completion.

Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of $2024,$ assuming this project does not qualify for revenue recognition over time.

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[$Required $1,$Required $2,$Required $3,$Required $4]]$

Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of $2024,$ assuming this project d