Newberg Construction Corp. contracted to construct a building for $400,000. Construction began in 2019 and was completed in 2020. Data relating to the contract arc as follows:
Newberg determined that its performance obligation was satisfied over time.
Required:
For the years ended December 31, 2019 and 2020, respectively, how much gross profit should Newberg report?
Financial And Managerial Accounting
Financial Accounting
College Accounting, Chapters 1-27
Financial & Managerial Accounting
Corporate Financial Accounting
Managerial Accounting: The Cornerstone of Business Decision-Making
Accounting Information Systems
Foundations of Business (MindTap Course List)
Essentials of Business Communication (MindTap Course List)
Contemporary Marketing
Management, Loose-Leaf Version
Fundamentals of Financial Management (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Accounting Information Systems
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Brief Principles of Macroeconomics (MindTap Course List)
MKTG 12:STUDENT ED.-TEXT
Principles of Microeconomics (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Principles of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Financial & Managerial Accounting
College Accounting (Book Only): A Career Approach
Accounting (Text Only)
College Accounting (Book Only): A Career Approach
Financial Accounting
Statistics for Business & Economics, Revised (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Exploring Economics
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Principles of Macroeconomics (MindTap Course List)
Pkg Acc Infor Systems MS VISIO CD
Corporate Financial Accounting
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Survey of Accounting (Accounting I)
Cornerstones of Cost Management (Cornerstones Series)
Macroeconomics
Economics For Today
Practical Management Science
Microeconomics
Economics (MindTap Course List)
Purchasing and Supply Chain Management
Cornerstones of Financial Accounting
Managerial Accounting
MACROECONOMICS FOR TODAY
Microeconomics: Private and Public Choice (MindTap Course List)
Macroeconomics: Private and Public Choice (MindTap Course List)
Micro Economics For Today
Understanding Management (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)