Homework Answers
2021
% of completion = cost incurred till now / total estimated cost
= $3000000/($3000000+$6000000)
= 33.33%
So revenue to be recognized = $12000000*33.33% = $4000000
Answer is option A.
2022
% completion = ($5000000+$3000000)/($3000000+$5000000+$2000000)
= 80%
Total revenue to be recognized = $1200000*80% = $9600000
Revenue already recognized in 2021 = $4000000
Revenue to be recognized in 2022 = $9600000 - $4000000
= $5600000
Answer is option b.
2023
Cost completion = 100%
Revenue to be recognized total = $12000000
Revenue already recognized till now = $9600000
Revenue to be recognized in 2023 = $2400000
Answer is option C.
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