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calculations!Homework Answers
| Answer 1. | ||
| Percentage of Completion Method | ||
| 2018 | 2019 | |
| Cost Incurred each year (A) | 348,000.00 | 1,995,000.00 |
| Cost Incurred to date (B) | 348,000.00 | 2,343,000.00 |
| Estimated Costs © | 1,392,000.00 | - |
| Total Estimated Costs (D = B + C) | 1,740,000.00 | 2,343,000.00 |
| % Completed (E = B / D) | 20.00% | 100.00% |
| Revenue | 520,000.00 | 2,080,000.00 |
| Expenses | 348,000.00 | 1,995,000.00 |
| Gross Profit | 172,000.00 | 85,000.00 |
| Revenue - 2018 = $2,600,000 X 20% = $520,000 | ||
| Revenue - 2019 = ($2,600,000 X 100%) - $520,000 = $2,080,000 | ||
| Answer 2. | ||
| Completed Contract Method | ||
| Year 1 | Year 2 | |
| Revenue | - | 2,600,000.00 |
| Expenses | - | 2,343,000.00 |
| Gross Profit | - | 257,000.00 |
| Answer 3. | ||
| Percentage of Completion Method | ||
| Balance Sheet (Partial) | ||
| 2018 | 2019 | |
| Current Assets | ||
| Accounts Receivable | 191,000.00 | 121,000.00 |
| Cost & Profits > Billings | 55,000.00 | 395,000.00 |
| Current Liabilities | ||
| Cost & Profits < Billings | - | - |
| Answer 4. | ||
| Completed Contract Method | ||
| Balance Sheet (Partial) | ||
| 2018 | 2019 | |
| Current Assets | ||
| Accounts Receivable | 191,000.00 | 121,000.00 |
| Cost & Profits > Billings | - | 629,000.00 |
| Current Liabilities | ||
| Cost & Profits < Billings | 117,000.00 | - |
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Assume Nortel Networks contracted to provide a customer with Internet Infrastructure for...
Help Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,760,000. The p...
Help Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,760,000. The project began in 2018 and was completed in 2019. 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 2018 364,000 $2,175,000 1,456,000 520,000 282,000 2019 0 1,780,000 1,830,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2018...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,600,000. The project began...
Assume Nortel Networks contracted to provide a customer with
Internet infrastructure for $2,600,000. 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
$
348,000
$
1,995,000
Estimated costs to complete as of 12/31
1,392,000
0
Billings during the year
465,000
1,740,000
Cash collections during the year
395,000
1,810,000
Required:
1. Compute the amount of revenue and gross profit or loss to be
recognized in...
Requirement 3 please Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,700,000....
Requirement 3 please
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,700,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below: 2018 356,000 $2,135,000 2019 Costs incurred during the year Estinated costs to complete as of 12/31 illings during the year Cash collections during the year 1,424,000 475, 000 1,760,000 278,000 1,820,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below: 2018 2019 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year $ 300,000 1,575,000 1,200,000 380,000 1,620,000 250,000 1,750,000 Required 1. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and...
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 $2,650,000. 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 $2,250,000. 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 $2,750,000. The project began...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,750,000. The project began in 2016 and was completed in 2017. Data relating to the contract are summarized below: 2016 2017 Costs incurred during the year $ 360,000 $ 2,155,000 Estimated costs to complete as of 12/31 1,440,000 0 Billings during the year 500,000 1,770,000 Cash collections during the year 280,000 1,825,000 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 $2,250,000. 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...
Help Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,760,000. The project began in 2018 and was completed in 2019. 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 2018 364,000 $2,175,000 1,456,000 520,000 282,000 2019 0 1,780,000 1,830,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2018...
Assume Nortel Networks contracted to provide a customer with
Internet infrastructure for $2,600,000. 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
$
348,000
$
1,995,000
Estimated costs to complete as of 12/31
1,392,000
0
Billings during the year
465,000
1,740,000
Cash collections during the year
395,000
1,810,000
Required:
1. Compute the amount of revenue and gross profit or loss to be
recognized in...
Requirement 3 please
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,700,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below: 2018 356,000 $2,135,000 2019 Costs incurred during the year Estinated costs to complete as of 12/31 illings during the year Cash collections during the year 1,424,000 475, 000 1,760,000 278,000 1,820,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below: 2018 2019 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year $ 300,000 1,575,000 1,200,000 380,000 1,620,000 250,000 1,750,000 Required 1. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and...
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 $2,650,000. 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 $2,250,000. 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 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 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...
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