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Sunland Construction Company has entered into à has been estimated that the complex will cost $605.000 and will take three years to construct. The complex will be billed to the purchasing company at $1.040,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date Gross profit/(loss) S eTextbook and Media List of Accounts 2020 Gross profe/Doss 2020 $272,250 332.750 272.250 242,250 2021 $453.750 151.250 555.000 505.000 Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the number es-45 or parentheses es (45)) 2020 2021 2022 $615.000 2021 0 1.040.000 1.040,000 Using the completed-contract method calculate the estimated gross profe that would be recognized during each year of the construction period. Do not leave any answer field blank Enter O for amounts Enter negative amounts using either a negative sign preceding the number eg -45 or parentheses eg (453) $ 2022 2022

Sunland Construction Company has entered into à has been estimated that the complex will cost $605.000 and will take three years to construct. The complex will be billed to the purchasing company at $1.040,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date Gross profit/(loss) S eTextbook and Media List of Accounts 2020 Gross profe/Doss 2020 $272,250 332.750 272.250 242,250 2021 $453.750 151.250 555.000 505.000 Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the number es-45 or parentheses es (45)) 2020 2021 2022 $615.000 2021 0 1.040.000 1.040,000 Using the completed-contract method calculate the estimated gross profe that would be recognized during each year of the construction period. Do not leave any answer field blank Enter O for amounts Enter negative amounts using either a negative sign preceding the number eg -45 or parentheses eg (453) $ 2022 2022

SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 41P
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Sunland Construction Company has entered into a non-cancellable contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $605,000 and will take three years to construct. The complex will be billed to the purchasing company at $1.040,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date Gross profit/(loss) $ eTextbook and Media List of Accounts Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the number eg-45 or parentheses eg. (45)) 2020 Gross profit/(los) $ 2020 2021 $272.250 $453.750 332.750 151.250 272.250 555.000 1,040.000 242,250 505.000 1.040,000 2020 2022 $615,000 2021 0 2021 Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter Ofor amounts Enter negative amounts using either a negative sign preceding the number eg -45 or parentheses eg (451) $ 2022 $ 2022
Transcribed Image Text:Sunland Construction Company has entered into a non-cancellable contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $605,000 and will take three years to construct. The complex will be billed to the purchasing company at $1.040,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date Gross profit/(loss) $ eTextbook and Media List of Accounts Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the number eg-45 or parentheses eg. (45)) 2020 Gross profit/(los) $ 2020 2021 $272.250 $453.750 332.750 151.250 272.250 555.000 1,040.000 242,250 505.000 1.040,000 2020 2022 $615,000 2021 0 2021 Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter Ofor amounts Enter negative amounts using either a negative sign preceding the number eg -45 or parentheses eg (451) $ 2022 $ 2022
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