Question: please i want the answer with an explanation 2) a Construction Company uses the percentage-of-completion method of accounting. In 2022, the company began work under

please i want the answer with an explanation 2) a Construction

please i want the answer with an explanation

2) a Construction Company uses the percentage-of-completion method of accounting. In 2022, the company began work under contract, which provided for a contract price of $2,200,000. Other details follow: Year 2022 2023 2024 000 000 000 Costs incurred to $640,000 $1,425,000 date Estimated further 960,000 costs to completion Invoiced to customer during the year 420,000 1,680,000 100,000 Required: Show how this contract would be reflected in the company's financial statements for the years 31 December 2022 and 2023 by filling out the missing data in the below table. 2023 Statement of Comprehensive Income 2022 Revenues Cost of Sales Statement of Financial Position 2022 Contract Asset (Liability) 2023

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

1.During 2014, Nilsen Company started a construction job with a contract price of $1,712,000. The job was completed in 2016. The following information is available. 2014 2015 2016 Costs incurred to...

1. Presented below is information related to equipment owned by Pujols Company at December 31, 2015 Cost 10,000,000 Accumulated depreciation to date 1,000,000 Value-in-use 8,000,000 Fair value less...

for journal entries it should be 5 part each has 2 Crane Construction Company uses the percentage-of-completion method of accounting. In 2020, Crane began work under a non- cancellable contract...

1. Presented below is information related to equipment owned by Pujols Company at December 31, 2015. Cost Accumulated depreciation to date Value-in-use Fair value less cost of disposal 10,000,000...

16. Meridith company provided the following information: January 1, 2014 December 31, 2014 Accounts receivable 2,400,000 Allowance for doubtful accounts 120,000 Sales on account 16,000,000 Cash...

2. Hamilton Construction Company uses the percentage-of-completion method of accounting 2015, Hamilton began work under contract which provided for a contract price of 2,400,0 Other details follow:...

what is the answer to this problem? 12. Winsor Construction Company uses the percentage-of-completion method of accounting. In 2007, Winsor began work on a contract it had received which provided for...

I need help with "C". I would like working notes too, so I know how you got the answers. Thank you! Ayayai Construction Company uses the percentage-of-completion method of accounting. In 2020, Ayayai...

Monty Construction Company uses the percentage-of-completion method of accounting. In 2020, Monty began work under contract #E2-D2, which provided for a contract price of $2,187,000. Other details...

step by step explanation needed "E18-36' (LO5,6) (Recognition of Revenue on Long-Term Contract and Entries) Hamilton Construction Company uses the percentage-of-completion method of accounting. In...

1. A 0.4723-g sample of primary-standard-grade Na 2 CO 3 required 34.78 mL of an H 2 SO 4 solution to reach the endpoint in the reaction: CO 3 2- (aq) + 2H + (aq) H 2 O(I) + CO 2 (g) What is the...

Demur Inc., a manufacturing company, has provided the following data for the month of April. The balance in the Work-in-Process Inventory account was $10,900 at the beginning of the month and $22,900...

how to find the total debit and credit balances on the unadjusted trial balance?

URGENT- PLEASE HELP! I seem to have a logic error in my code that is causing my code to not perform math "right" Like for instance if I have $1000 dollars, then I place a bet of $50 and win $100 then...