Sheridan Construction Company uses the percentage-of-completion method of accounting In 2023, Sheridan began work under a non-cancellable contract #E2-D2, which provided for a contract price of $2,227,000. Other details follow: Costs incurred during the year Estimated costs to complete, as at December 31 Billings during the year (non-refundable) Collections during the year (a) $660,240 2023 911.760 425,000 347,000 How much revenue should be recognized in 2023? In 2024? 2024 $1.422,000 0 1.848.000 1.523.000 2024
Sheridan Construction Company uses the percentage-of-completion method of accounting In 2023, Sheridan began work under a non-cancellable contract #E2-D2, which provided for a contract price of $2,227,000. Other details follow: Costs incurred during the year Estimated costs to complete, as at December 31 Billings during the year (non-refundable) Collections during the year (a) $660,240 2023 911.760 425,000 347,000 How much revenue should be recognized in 2023? In 2024? 2024 $1.422,000 0 1.848.000 1.523.000 2024
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 18RE
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