Looking for answers! Please include all the calculation for my study reference. Thanks a lot in advance. Aylmer Inc signed a 3-year contract to construct a new school on January 1, 2020 for$13,500,000Construction began in 2020. Aylmer has a December 31 year end.Data relating to the construction project is below:202020212022Costs to date4,900,0008,500,00012,750,000Estimated costs to complete7,850,0004,250,000Progress billings during the perio5,250,0004,600,0003,650,000Cash receipts during the period4,100,0005,300,0004,100,0001. Prepare ALL the appropriate journal entries for 2020 assuming Aylmer uses the percentage-of-completion method.2. For 2020, complete the partial income statements (up to gross profit only) for:a. The percentage-of-completion method.b. The completed contract method.3. For 2020, under the percentage-of-completion method, what is the balance in accounts receivable?4. For 2021, under the percentage-of-completion method, how much revenue should be recognized?

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Aylmer Inc signed a 3-year contract to construct a new school on January 1, 2020 for $13,500,000 Construction began in 2020. Aylmer has a December 31 year end. Data relating to the construction project is below: 2020 2021 2022 4,900,000 7,850,000 Costs to date 8,500,000 12,750,000 Estimated costs to complete 4,250,000 Progress billings during the perio Cash receipts during the period 5,250,000 4,600,000 3,650,000 4,100,000 5,300,000 4,100,000 1. Prepare ALL the appropriate journal entries for 2020 assuming Aylmer uses the percentage-of-completion method. 2. For 2020, complete the partial income statements (up to gross profit only) for: a. The percentage-of-completion method. b. The completed contract method. 3. For 2020, under the percentage-of-completion method, what is the balance in accounts receivable? 4. For 2021, under the percentage-of-completion method, how much revenue should be recognized?

Aylmer Inc signed a 3-year contract to construct a new school on January 1, 2020 for $13,500,000 Construction began in 2020. Aylmer has a December 31 year end. Data relating to the construction project is below: 2020 2021 2022 4,900,000 7,850,000 Costs to date 8,500,000 12,750,000 Estimated costs to complete 4,250,000 Progress billings during the perio Cash receipts during the period 5,250,000 4,600,000 3,650,000 4,100,000 5,300,000 4,100,000 1. Prepare ALL the appropriate journal entries for 2020 assuming Aylmer uses the percentage-of-completion method. 2. For 2020, complete the partial income statements (up to gross profit only) for: a. The percentage-of-completion method. b. The completed contract method. 3. For 2020, under the percentage-of-completion method, what is the balance in accounts receivable? 4. For 2021, under the percentage-of-completion method, how much revenue should be recognized?

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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