Oriole Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Whispering Winds Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.7 million. The following data pertain to the construction period (all figures in thousands). Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year (a) Your answer is incorrect. Percent complete 2023 2023 2024 $3,420 4,180 4,180 1,900 3,095 3,605 2,725 3,655 0 % 2025 1,800 Using the percentage-of-completion method, calculate the percentage complete for each year of the contract. (Round answers to O decimal places, e.g. 52%.) -0- 3,000 3,320 2024 0 % 2025 100 %
Oriole Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Whispering Winds Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.7 million. The following data pertain to the construction period (all figures in thousands). Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year (a) Your answer is incorrect. Percent complete 2023 2023 2024 $3,420 4,180 4,180 1,900 3,095 3,605 2,725 3,655 0 % 2025 1,800 Using the percentage-of-completion method, calculate the percentage complete for each year of the contract. (Round answers to O decimal places, e.g. 52%.) -0- 3,000 3,320 2024 0 % 2025 100 %
Financial Accounting Intro Concepts Meth/Uses
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ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter8: Revenue Recognition, Receivables, And Advances From Customers
Section: Chapter Questions
Problem 48P
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![Oriole Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Whispering Winds
Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.7 million. The following data pertain to the construction
period (all figures in thousands).
Costs for the year
Estimated costs to complete
Progress billings for the year (non-refundable)
Cash collected for the year
(a)
Your answer is incorrect.
Percent complete
2023
2023
0
2024
$3,420
4,180
3,095 3,605 3,000
2,725 3,655 3,320
%
2025
Using the percentage-of-completion method, calculate the percentage complete for each year of the contract. (Round answers to O
decimal places, e.g. 52%.)
4,180 1,800
1,900
-0-
2024
%
2025
100 %](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcbee65c2-441a-4496-bb86-f469b95a7a39%2Fc6d318ac-48a1-447c-9f0f-9cc80020fe90%2Fqqu2da_processed.png&w=3840&q=75)
Transcribed Image Text:Oriole Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Whispering Winds
Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.7 million. The following data pertain to the construction
period (all figures in thousands).
Costs for the year
Estimated costs to complete
Progress billings for the year (non-refundable)
Cash collected for the year
(a)
Your answer is incorrect.
Percent complete
2023
2023
0
2024
$3,420
4,180
3,095 3,605 3,000
2,725 3,655 3,320
%
2025
Using the percentage-of-completion method, calculate the percentage complete for each year of the contract. (Round answers to O
decimal places, e.g. 52%.)
4,180 1,800
1,900
-0-
2024
%
2025
100 %
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