Assume that Carla Vista Construction Company has a non-cancellable contract to construct a $4,400,000 bridge at an estimated cost of $3,960,000. The contract is to start in July 2023, and the bridge is to be completed in October 2025. The following data pertain to the construction period. (Note that, by the end of 2024, Carla Vista has revised the estimated total cost from $3,960,000 to $4,009,500) Assume that progress billings are non-refundable. Costs to date (12/31) Estimated costs to complete (12/31) Progress billings during the year Cash collected during the year (31) 2023 $1.029,600 2.930,400 911,000 2024 $2,806,650 1,202,850 2,407,000 765,240 1,757,110 2025 $4,009.500 0 1.082,000 1877.650 Under the percentage-of-completion, how would Carla Vista present the information for 2023 in the income statement?

Assume that Carla Vista Construction Company has a non-cancellable contract to construct a $4,400,000 bridge at an estimated cost of $3,960,000. The contract is to start in July 2023, and the bridge is to be completed in October 2025. The following data pertain to the construction period. (Note that, by the end of 2024, Carla Vista has revised the estimated total cost from $3,960,000 to $4,009,500) Assume that progress billings are non-refundable. Costs to date (12/31) Estimated costs to complete (12/31) Progress billings during the year Cash collected during the year (31) 2023 $1.029,600 2.930,400 911,000 2024 $2,806,650 1,202,850 2,407,000 765,240 1,757,110 2025 $4,009.500 0 1.082,000 1877.650 Under the percentage-of-completion, how would Carla Vista present the information for 2023 in the income statement?

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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