Morneau Contractors Inc. agreed to construct a building for $475,000 Construction commenced in 2023 and was completed in below. (Click the icon to view the contract data) Required a. For each of the three years, determine the following amounts relating to the above contract revenue, expenses, gross profit accounts receivable balance, and construction in process inventory balance b. Record the journal entries using T-accounts Requirement a For each of the three years, d decimal places, XXX% Round your final answ Revenues-current year Expenses Gross profit (loss) 2023 19 Contract data Costs incurred during the year Estimated costs to complete Billings during year Collections during year Estimated profit on contract $ Print 2023 114,155 280.045 95,000 85.000 Done 2024 210 215 73.630 213.750 200.750 2 2025 130.630 156.250 181.250 X cent complete to two

Morneau Contractors Inc. agreed to construct a building for $475,000 Construction commenced in 2023 and was completed in below. (Click the icon to view the contract data) Required a. For each of the three years, determine the following amounts relating to the above contract revenue, expenses, gross profit accounts receivable balance, and construction in process inventory balance b. Record the journal entries using T-accounts Requirement a For each of the three years, d decimal places, XXX% Round your final answ Revenues-current year Expenses Gross profit (loss) 2023 19 Contract data Costs incurred during the year Estimated costs to complete Billings during year Collections during year Estimated profit on contract $ Print 2023 114,155 280.045 95,000 85.000 Done 2024 210 215 73.630 213.750 200.750 2 2025 130.630 156.250 181.250 X cent complete to two

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 6P

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