Question: how do you get numbers 1-10? the problems are attached below PROBLEM 1 : Percentage of Completion Method USE THE FOLLOWING INFORMATION FOR THE QUESTIONS

how do you get numbers 1-10? the problems are attached below

how do you get numbers 1-10? the problems are attached below PROBLEM

PROBLEM 1 : Percentage of Completion Method USE THE FOLLOWING INFORMATION FOR THE QUESTIONS THAT FOLLOWS A company began work on a long-term construction contract in 1995 . The contract price was $3. 000. 000 Year-end information related to the contract is as follows :" 2019 2020 2021 2022 Estimated total cost $2, 500, 000 $2. 500, 000 Cost incurred $2, 500, 000 700, 000 $2, 500, 000 Billings 900, 000 400, 000 800, 000 500, 000 200, 000 Collections 1, 000 , 000 1, 000, 000 600, 000 200, 000 1 , 200. 000 1, 000, 000 If the company uses the percentage - of- completion method of accounting for this contract , find :" REQUIREMENT :` 1 . Recognized gross profit ( loss ) in Year 2019. 2 . Recognized revenue in Year 2020 . 3 . The recognized contract asset ( liability ) as of the end of Year 2020 . 4 . The Percentage - of - completion as of the end of Year 2021 5. Recognized revenue in Year 2022 PROBLEM 2: Zero - profit Method Assume the same information as the PROBLEM 1 , except that the company opt to use the zero - profit method in recognizing revenue . REQUIREMENT :` 6. Recognized gross profit ( loss ) in Year 2019 7. Recognized revenue in Year 2020 . 1. The recognized contract asset ( liability ) as of the end of Year 2020 . 9. The Percentage - of - completion as of the end of Year 2021 10 . Recognized revenue in Year 2022

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