Question: In 2021. Super Sharp Students began work on a three-year construction project to build a new accounting super center (ASC) The ASC contract price is
In 2021. Super Sharp Students began work on a three-year construction project to build a new accounting super center (ASC) The ASC contract price is $150 million Super Sharp recognizes revenue on this contract over time according to percentage of completion At the end of 2021, the following financial statement information indicates the results to date for the ASC(missing items denoted by letter): Income Statement Revenue $ X Cost of Construction 35M Gross profit SX Balance Sheet Accounts receivable from construction billings Billings in excess of cost and profit (SX less $50M) $14M SX Cash Flow Statement $46M Cash Collections Required: Solve for all the unknowns, show your work. Revenue Gross profit Billings on construction: Net billings in excess of cost and profit % Complete at 2021
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