Can someone help me on Req 2B, No 4 Year 2022 construction in
progress is incorrect. It is saying that the answer is not
$946,740. Please help. Thanks.
Oops, I meant construction in progress should be a credit, not a debit. Then the entry will equal out to 2,776,433
Req 2B | No | Year | General Journal | Debit $ | Credit $ |
4 | 2022 | Cost of Construction | 2,776,433 | ||
Construction in progress | 946,741 | ||||
Revenue from long term Contracts | 1,829,692 | ||||
Can someone help me on Req 2B, No 4 Year 2022 construction in progress is incorrect....
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,300,000. During 2021, costs of $2,100,000 were incurred with estimated costs of $4,100,000 yet to be incurred. Billings of $2,600,000 were sent, and cash collected was $2,350,000. In 2022, costs incurred were $2,600,000 with remaining costs estimated to be $3,750,000. 2022 billings were $2,850,000 and $2,575,000 cash was collected. The project was completed in 2023 after additional costs of...
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,240,000. During 2021, costs of $2,080,000 were incurred with estimated costs of $4,080,000 yet to be incurred. Billings of $2,580,000 were sent, and cash collected was $2.330,000. In 2022, costs incurred were $2,580,000 with remaining costs estimated to be $3,720,000. 2022 billings were $2.830,000 and $2,555,000 cash was collected. The project was completed in 2023 after additional costs of...
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8.210,000. During 2021, costs of $2,070,000 were incurred with estimated costs of $4,070,000 yet to be incurred. Billings of $2,570,000 were sent, and cash collected was $2,320,000. In 2022, costs incurred were $2,570,000 with remaining costs estimated to be $3,705.000. 2022 billings were $2.820,000 and $2,545,000 cash was collected. The project was completed in 2023 after additional costs of...
Please help!
On February 1, 2021, Arrow Construction Company entered into a three-vear construction contract to build a bridge for a price of $8,200,000. During 2021, costs of $2,080,000 were incurred, with estimated costs of $4,080,000 yet to be incurred. Billings of $2,596,000 were sent, and cash collected was $2,330,000. In 2022, costs incurred were $2,596,000 with remaining costs estimated to be $3.720.000. 2022 billings were $2,846,000, and $2,555,000 cash was collected. The project was completed in 2023 after additional...
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,500,000. During 2021, costs of $2,200,000 were incurred, with estimated costs of $4,200,000 yet to be incurred. Billings of $2,740,000 were sent, and cash collected was $2,450,000. In 2022, costs incurred were $2,740,000 with remaining costs estimated to be $3,900,000. 2022 billings were $2.990,000, and $2,675,000 cash was collected. The project was completed in 2023 after additional costs of...
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,390,000. During 2021, costs of $2.130,000 were incurred with estimated costs of $4,130,000 yet to be incurred. Billings of $2,630,000 were sent, and cash collected was $2,380,000. In 2022, costs incurred were $2.630,000 with remaining costs estimated to be $3,795,000.2022 billings were $2,880,000 and $2,605,000 cash was collected. The project was completed in 2023 after additional costs of $3,930,000...
Please address and answers marked wrong and show steps as to
correctly solve the questions
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,500,000. During 2021, costs of $2,200,000 were incurred, with estimated costs of $4,200,000 yet to be incurred. Billings of $2,740,000 were sent, and cash collected was $2,450,000. In 2022, costs incurred were $2,740,000 with remaining costs estimated to be $3,900,000. 2022 billings were $2,990,000,...
Saved Help Save & Exit Submit Exercise 6-21 (Algo) Long-term contract; revenue recognition over time; loss projected on entire project (LO6-9) On February 1, 2021, Arrow Construction Company entered into a three year construction contract to build a bridge for a price of $8,390,000. During 2021, costs of $2.130,000 were incurred with estimated costs of $4,130,000 yet to be incurred. Billings of $2,630,000 were sent, and cash collected was $2,380,000. In 2022, costs incurred were $2,630,000 with remaining costs estimated...
On February 1, 2018, Arrow Construction Company entered into a
three-year construction contract to build a bridge for a price of
$8,125,000. During 2018, costs of $2,050,000 were incurred, with
estimated costs of $4,050,000 yet to be incurred. Billings of
$2,560,000 were sent, and cash collected was $2,300,000. In 2019,
costs incurred were $2,560,000 with remaining costs estimated to be
$3,675,000. 2019 billings were $2,810,000, and $2,525,000 cash was
collected. The project was completed in 2020 after additional costs
of...
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,300,000. During 2021, costs of $2,120,000 were incurred, with estimated costs of $4,120,000 yet to be incurred. Billings of $2,644,000 were sent, and cash collected was $2,370,000. In 2022, costs incurred were $2,644,000 with remaining costs estimated to be $3,780,000. 2022 billings were $2,894,000, and $2,595,000 cash was collected. The project was completed in 2023 after additional costs of...