Question: Question 1 Oriole Enterprises Ltd. has entered into a contract beginning in February 2020 to build two warehouses for Atalantis Structures Ltd. The contract is

Question 1 Oriole Enterprises Ltd. has entered into a contract beginningQuestion 1
Oriole Enterprises Ltd. has entered into a contract beginning in February 2020 to build two warehouses for Atalantis Structures Ltd. The contract is a non-cancellable fixed price contract for $10.2 million. The following data pertains to the contract during the construction period.
2020 2021 2022
Total costs to date $ 3,915,000 $ 8,700,000 $ 9,900,000
Estimated costs to complete 4,785,000 1,300,000 -
Progress billing during year 3,590,000 4,210,000 2,400,000
Cash collected during year 3,165,000 4,260,000 2,775,000
Determination of percentage complete for 2020, 2021 and 2022 (1.50 marks)
2020
2021 1
2022
Determine the amount of revenue to be recognized in 2020, 2021 and 2022 (1 mark)
What is the gross profit in dollars for 2020, 2021, and 2022? (3 marks)
2020 2021 2022 Total
What is the gross profit in percentage for 2020, 2021, and 2022? (1.5 marks)
2020 2021 2022 Total

Oriole Enterprises Ltd. has entered into a contract beginning in February 2020 to build two warehouses for Atalantis Structures Ltd. The contract is a non-cancellable fixed price contract for $10.2 million. The following data pertains to the contract during the construction period. 2020 2021 2022 Total costs to date $ 3,915,000 $ 8,700,000 $ 9,900,000 Estimated costs to complete 4,785,000 1,300,000 Progress billing during year 3,590,000 4,210,000 2,400,000 Cash collected during year 3,165,000 4,260,000 2,775,000 Determination of percentage complete for 2020, 2021 and 2022 (1.50 marks) 2020 2021 2022 Determine the amount of revenue to be recognized in 2020, 2021 and 2022 (1 mark) What is the gross profit in dollars for 2020, 2021, and 2022? (3 marks) 2020 2021 2022 Total What is the gross profit in percentage for 2020, 2021, and 2022? (1.5 marks) 2020 2021 2022 Total

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