On February 1, 2023, Cullumber Contractors agreed to construct a building at a contract price of...
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On February 1, 2023, Cullumber Contractors agreed to construct a building at a contract price of $5,720,000. Cullumber estimated total construction costs would be $3,936,000 and the project would be finished in 2025. Information relating to the costs and billings for this contract is as follows: Total costs incurred to date Estimated costs to complete Customer billings to date Collections to date 2023 2024 2025 LA Percentage-of-Completion Gross Profit $ 2023 $1,476,000 $2,592,000 2,460,000 1,728,000 2,120,000 3,936,000 Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and cost-recovery accounting, show the gross profit that should be reported for 2023, 2024, and 2025. GA 1,920,000 GA 2023 2024 2024 3,420,000 tA $ tA 2025 $4,560,000 -0- 2025 $ 5,520,000 5,420,000 Cost-Recovery Gross Profit On February 1, 2023, Cullumber Contractors agreed to construct a building at a contract price of $5,720,000. Cullumber estimated total construction costs would be $3,936,000 and the project would be finished in 2025. Information relating to the costs and billings for this contract is as follows: Total costs incurred to date Estimated costs to complete Customer billings to date Collections to date 2023 2024 2025 LA Percentage-of-Completion Gross Profit $ 2023 $1,476,000 $2,592,000 2,460,000 1,728,000 2,120,000 3,936,000 Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and cost-recovery accounting, show the gross profit that should be reported for 2023, 2024, and 2025. GA 1,920,000 GA 2023 2024 2024 3,420,000 tA $ tA 2025 $4,560,000 -0- 2025 $ 5,520,000 5,420,000 Cost-Recovery Gross Profit
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Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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