On January 1, 2022, Winter Harvest Ltd. started a construction project for $ 4,500,000. Relevant data...
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On January 1, 2022, Winter Harvest Ltd. started a construction project for $ 4,500,000. Relevant data for 2022 and 2023 are as follows: 2022 2023 Current year construction costs $ 620,000 3,300,000 Estimated remaining costs to complete 600,000 -0- Current year billings 3,100,000 1,400,000 Current year collections 3,000,000 1,500,000 Required 1. Calculate the following amounts for each method: Completed Percentage of Completion Contract 2022 2023 2022 2023 Gross Profit $ ? $ ? $ ? $ ? Construction in $ ? $ ? $ ? $ ? progress year-end balance. Costs in excess of $ ? $ ? billings (Billings in excess of costs) $ ? %24 %24 On January 1, 2022, Winter Harvest Ltd. started a construction project for $ 4,500,000. Relevant data for 2022 and 2023 are as follows: 2022 2023 Current year construction costs $ 620,000 3,300,000 Estimated remaining costs to complete 600,000 -0- Current year billings 3,100,000 1,400,000 Current year collections 3,000,000 1,500,000 Required 1. Calculate the following amounts for each method: Completed Percentage of Completion Contract 2022 2023 2022 2023 Gross Profit $ ? $ ? $ ? $ ? Construction in $ ? $ ? $ ? $ ? progress year-end balance. Costs in excess of $ ? $ ? billings (Billings in excess of costs) $ ? %24 %24
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Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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