ZuoTi.Pro
Question

& Exit 6 Check m Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,910,000. The pro
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the am


6 ह५ Cash collections during the year ww. 500,000 1,845,000 Required: 1. Compute the amount of revenue and gross profit or lo
6 2 Compute tne amount or revenue ana gross pront or ioss to oe recognizea in 2021 ana 0LL assuming this project aoes not qua
6 4. Compute the amount oT revenue ana gross protit or ioss to oe recognizea in 2021 ano 20LL assuming tris project aoes not
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Percentage of Completion Choose Numerator / Choose Denominator Actula Cost to Date / Estimated Total Costs 2021 376000 1880002) Gross Profit and Loss To be Recognised Gross Profit 2021 2022 2910000 269000 3) Partial Balance Sheet At December 31,2021Working Notes Contract Cost incurred During the Period Estimated Costs to Complete as of 12/31 Estiamted Costs Gross Profit 2

0 0
Add a comment
Know the answer?
Add Answer to:
& Exit 6 Check m Assume Nortel Networks contracted to provide a customer with Internet infrastructure...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,250,000. The project began...

    Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,250,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2022 $1,720,000 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2021 $ 320,000 1,280,000 405.000 300,000 1.670.000 1,775,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and...

  • Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2.250,000. The project began...

    Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2.250,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2022 $1,720,000 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2021 $ 320,000 1,280,000 405,000 300,000 1,670,000 1,775,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and...

  • Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,650,000. The project began...

    Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,650,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2021 $ 352,000 1,408,000 470,000 405,000 2022 $2,025,000 0 1,750,000 1,815,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021...

  • Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,960,000. The project began...

    Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,960,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2022 $2,300,000 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2021 $ 380,000 1,520,000 540,000 510,000 1, 820,000 1,850,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021...

  • Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,250,000. The project began...

    Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,250,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2021 $ 320,000 1,280,000 405,000 300,000 2022 $1,720,000 0 1,670,000 1,775,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021...

  • Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,350,000. The project began...

    Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,350,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2022 $1,830,000 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 2021 $ 328,000 1,312,000 436,000 341,000 1,690,000 1,785,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and...

  • Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,910,000. The project began...

    Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,910,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2021 2022 Costs incurred during the year $ 376,000 $ 2,265,000 Estimated costs to complete as of 12/31 1,504,000 0 Billings during the year 535,000 1,810,000 Cash collections during the year 500,000 1,845,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in...

  • Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,700,000. The project began...

    Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,700,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2021 2022 Costs incurred during the year $ 356,000 $ 2,135,000 Estimated costs to complete as of 12/31 1,424,000 0 Billings during the year 475,000 1,760,000 Cash collections during the year 415,000 1,820,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in...

  • Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,300,000. The project began...

    Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,300,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2021 2022 Costs incurred during the year $ 324,000 $ 1,800,000 Estimated costs to complete as of 12/31 1,296,000 0 Billings during the year 410,000 1,680,000 Cash collections during the year 310,000 1,780,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in...

  • Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,450,000. The project began...

    Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,450,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2021 2022 Costs incurred during the year $ 336,000 $ 1,870,000 Estimated costs to complete as of 12/31 1,344,000 0 Billings during the year 446,000 1,710,000 Cash collections during the year 361,000 1,795,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT