Pharoah Construction Company uses the percentage-of-completion method of accounting In 2020, Pharoah began work under a...

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Pharoah Construction Company uses the percentage-of-completion method of accounting In 2020, Pharoah began work under a non-cancellable contract #E2-D2, which provided for a contract price of $2,176,000. Other details follow 2020 2021 Costs incurred during the year $706,640 $1.452,000 Estimated costs to complete, as at December 31 899,360 Billings during the year (non-refundable) 416,000 1,411.200 Collections during the year 345,000 1,516,000 How much revenue should be recognized in 2020 and in 2021? 2020 2021 Revenue to be recognized $ $ eTextbook and Media List of Accounts Assuming the same facts as those above except that Pharoah uses the completed-contract method of accounting, how much revenue should be recognized in 2021? 2021 Revenue to be recognized Prepare a complete set of journal entries for 2020. (using the percentage-of completion method. Use Materials, Cash, Payables for costs incurred to date.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Debit Credit (To record cost of construction) (To record progress billings) (To record collections) (To record revenues) (To record construction expenses) eTextbook and Media 4 -7°C Most Pharoah Construction Company uses the percentage-of-completion method of accounting In 2020, Pharoah began work under a non-cancellable contract #E2-D2, which provided for a contract price of $2,176,000. Other details follow 2020 2021 Costs incurred during the year $706,640 $1.452,000 Estimated costs to complete, as at December 31 899,360 Billings during the year (non-refundable) 416,000 1,411.200 Collections during the year 345,000 1,516,000 How much revenue should be recognized in 2020 and in 2021? 2020 2021 Revenue to be recognized $ $ eTextbook and Media List of Accounts Assuming the same facts as those above except that Pharoah uses the completed-contract method of accounting, how much revenue should be recognized in 2021? 2021 Revenue to be recognized Prepare a complete set of journal entries for 2020. (using the percentage-of completion method. Use Materials, Cash, Payables for costs incurred to date.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Debit Credit (To record cost of construction) (To record progress billings) (To record collections) (To record revenues) (To record construction expenses) eTextbook and Media 4 -7°C Most

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Solution 229 230 contract price 231 232 Cost Incurred during the year 233 Estimated cost to complete ... View the full answer