5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following costs incurred and costs to complete information. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) Answer is complete but not entirely correct. 2026 S $ 2024 2025 3,100,000 $ 2,965,699 $ 558,000 $ (1,030,000) $ 2024 $ 2,542,000 5,658,000 3,934,301✔ 4,301 x 2025 $ 3,810,000 4,120,000 2026 $ 3,930,000 0

5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following costs incurred and costs to complete information. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) Answer is complete but not entirely correct. 2026 S $ 2024 2025 3,100,000 $ 2,965,699 $ 558,000 $ (1,030,000) $ 2024 $ 2,542,000 5,658,000 3,934,301✔ 4,301 x 2025 $ 3,810,000 4,120,000 2026 $ 3,930,000 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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