Zenith Limited financial year begins April 1 each year. The company was contracted by a customer...

 

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Zenith Limited financial year begins April 1 each year. The company was contracted by a customer on October 30, 2018 to construct a swimming pool. The contract was completed December 20, 2019. The following financial year end information was provided as follow: Mar 31, 2020 600,000 invoiced to customer Total cost incurred to date 450,000 Amount received from customers to date 600,000 Certified value of work completed to date 600,000 A. Calculate the contract revenue for 2019 and 2020 B Calculate the contract profit for 2019 and 2020 C. Calculate the contract asset for 2019 D. Trade receivables for 2019 Mar 31, 2019 $ 250,000 190,000 210,000 280,000 2 marks 2 marks 3 marks 3 marks Zenith Limited financial year begins April 1 each year. The company was contracted by a customer on October 30, 2018 to construct a swimming pool. The contract was completed December 20, 2019. The following financial year end information was provided as follow: Mar 31, 2020 600,000 invoiced to customer Total cost incurred to date 450,000 Amount received from customers to date 600,000 Certified value of work completed to date 600,000 A. Calculate the contract revenue for 2019 and 2020 B Calculate the contract profit for 2019 and 2020 C. Calculate the contract asset for 2019 D. Trade receivables for 2019 Mar 31, 2019 $ 250,000 190,000 210,000 280,000 2 marks 2 marks 3 marks 3 marks

Answer rating: 100% (QA)

A Contract Revenue 2019250000 2020 350000 B C... View the full answer