Question 12 --/1 View Policies Current Attempt in Progress During 2020, Headland Company started a construction...
During 2020, Sunland Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete 2020 2021 2022 $410,000 $901,180 $1,067,000 590,000 197,820 -0- 297,000 903,000 .590,000 271,000 805,000 1,434,000 Billings to date Collections to date ✓ Your answer is correct Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in...
During 2020, Oriole Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $366,300 623,700 297,000 270,000 2021 $831,440 262,560 894,000 816,000 2022 $1,067,000 -0- 1,590,000 1,417,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ Gross profit recognized...
During 2020, Ivanhoe Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $396,000 $806,600 $1,080,000 Estimated costs to complete 594,000 283,400 -0- Billings to date 301,000 268,000 892,000 816,000 1,590,000 1,427,000 Collections to date Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ Gross profit recognized...
During 2020, Pearl Company started a construction job with a
contract price of $1,590,000. The job was completed in 2022. The
following information is available.
2020
2021
2022
Costs incurred to date
$396,000
$806,600
$1,080,000
Estimated costs to complete
594,000
283,400
–0–
Billings to date
301,000
892,000
1,590,000
Collections to date
268,000
816,000
1,427,000
Compute the amount of gross profit to be recognized each year,
assuming the percentage-of-completion method is used.
Gross profit recognized in 2020
$enter a dollar amount...
During 2020, Sweet Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $380,000 $847,770 $1,069,000 Estimated costs to complete 620,000 253,230 –0– Billings to date 302,000 896,000 1,610,000 Collections to date 272,000 812,000 1,418,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $enter a dollar amount...
During 2020, Riverbed Company started a construction job with a contract price of $1,600,000. The job was completed in 2022. The following information is available. 2022 2020 2021 Costs incurred to date $404,000 $830,680 $1,069,000 Estimated costs to complete -0 606,000 262,320 Billings to date 300,000 906,000 1,600,000 Collections to date 272,000 810,000 1,416,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 Gross profit recognized in...
During 2020, Stellar Company started a construction job with a
contract price of $1,620,000. The job was completed in 2022. The
following information is available.
2020
2021
2022
Costs incurred to date
$373,700
$749,360
$1,070,000
Estimated costs to complete
636,300
352,640
–0–
Billings to date
302,000
907,000
1,620,000
Collections to date
268,000
815,000
1,425,000
Compute the amount of gross profit to be recognized each year,
assuming the percentage-of-completion method is used.
Gross profit recognized in 2020
$enter a dollar amount...
During 2020, Bramble Company started a construction job with a
contract price of $1,610,000. The job was completed in 2022. The
following information is available.
2020
2021
2022
Costs incurred to date
$434,300
$859,560
$1,073,000
Estimated costs to complete
575,700
242,440
–0–
Billings to date
301,000
897,000
1,610,000
Collections to date
271,000
817,000
1,428,000
Compute the amount of gross profit to be recognized each year,
assuming the percentage-of-completion method is used.
Gross profit recognized in 2020
$enter a dollar amount...
During 2020, Sunland Company started a construction job with a contract price of $1.590,000. The job was completed in 2022. The following information is available Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 2021 2022 $410,000 $901,180 $1,067.000 590.000 197,820 -0- 297.000 903,000 1.590,000 271.000 805,000 1.434.000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used Gross profit recognized in 2020 $ Gross profit recognized...
During 2017, Cullumber Company started a construction job with a contract price of $1,610,000. The job was completed in 2019. The following information is available. 2017 2018 2019 Costs incurred to date $434,300 $859,560 $1,073,000 Estimated costs to complete 575,700 242,440 -0- 1,610,000 Billings to date 301.000 897,000 271,000 1428,000 Collections to date 817,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used $ Gross profit recognized in 2017 $ Gross profit...