In January 2020, Bruins Construction Corp. contracted to construct a building for S 6,000,000. Construction started...
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In January 2020, Bruins Construction Corp. contracted to construct a building for S 6,000,000. Construction started in carly 2020 and was completed in 2021. The following additional information is available: 2020 2021 Costs incurred. .. 2,430,000 $2,700,000 Estimated costs to complete. 2,600,000 Collections during the year. 2,400,000 3,600,000 Progress billing during the year. 3,000,000 3,000,000 Bruins uses the percentage-of-completion method. Required: a) How much revenue should Bruins report for 2020 and 2021? Please show your caleulations. b) Prepare all jounal entries for 2020 and 2021 for this contract. Please type your answers in the box below, In January 2020, Bruins Construction Corp. contracted to construct a building for S 6,000,000. Construction started in carly 2020 and was completed in 2021. The following additional information is available: 2020 2021 Costs incurred. .. 2,430,000 $2,700,000 Estimated costs to complete. 2,600,000 Collections during the year. 2,400,000 3,600,000 Progress billing during the year. 3,000,000 3,000,000 Bruins uses the percentage-of-completion method. Required: a) How much revenue should Bruins report for 2020 and 2021? Please show your caleulations. b) Prepare all jounal entries for 2020 and 2021 for this contract. Please type your answers in the box below,
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Answer rating: 100% (QA)
2020 revenue 2898000 2021 revenue 3102000 Calculated as 2020 percentage of complete in 2... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
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