The following data pertains to Bell Co's construction jobs, which commenced during 2021: Project 1 Project 2 Contract price 420,000 300,000 Costs incurred during 2019 240,000 280,000 Estimated additional cost to complete 120,000 40,000 What amount of gross profit/(loss) would Bell report in 2021 under the percentage of completion method, completed contract method and zero profit method? 20,000; (20,000); (20,000) (20,000); 20,000; (20,000) 40,000; 0; 0 20,000; 0; 0
The following data pertains to Bell Co's construction jobs, which commenced during 2021: Project 1 Project 2 Contract price 420,000 300,000 Costs incurred during 2019 240,000 280,000 Estimated additional cost to complete 120,000 40,000 What amount of gross profit/(loss) would Bell report in 2021 under the percentage of completion method, completed contract method and zero profit method? 20,000; (20,000); (20,000) (20,000); 20,000; (20,000) 40,000; 0; 0 20,000; 0; 0
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter8: Revenue Recognition, Receivables, And Advances From Customers
Section: Chapter Questions
Problem 34E
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