Please do not give solution in image format thanku On February 1, 2023, Oriole Contractors agreed to construct a building at a contract price of $3,380,000. The total estimatedconstruction costs would be $2,455,000 and the project would be finished in 2025. Information relating to the costs and billings forthis contract is as follows:Total costs incurred to dateEstimated costs to completeCustomer billings to dateCollections to date2023Gross profit/(loss)$ 920,6251,534,3751,100,0001,000,00020242023$ 1,553,1751,101,8252,455,0001,750,0002025$ 2,240,0002024-0-Calculate the gross profit/ (loss) that should be recognized for 2023, 2024, and 2025 using the percentage completion method. (Enternegative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round percentage complete to 1 decimalplace, e.g. 15.2% and final answers to O decimal places, e.g. 5,125.)3,380,0002,950,0002025

Given in the question 2023 2024 2025 Costs incurred to date $920,625…

Calculate the gross profit/ (loss) that should be recognized for 2023, 2024, and 2025 using the percentage completion method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round percentage complete to 1 decimal place, e.g. 15.2% and final answers to O decimal places, e.g. 5,125.)

Calculate the gross profit/ (loss) that should be recognized for 2023, 2024, and 2025 using the percentage completion method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round percentage complete to 1 decimal place, e.g. 15.2% and final answers to O decimal places, e.g. 5,125.)

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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Question

Please do not give solution in image format thanku

On February 1, 2023, Oriole Contractors agreed to construct a building at a contract price of $3,380,000. The total estimated
construction costs would be $2,455,000 and the project would be finished in 2025. Information relating to the costs and billings for
this contract is as follows:
Total costs incurred to date
Estimated costs to complete
Customer billings to date
Collections to date
2023
Gross profit/(loss)
$ 920,625
1,534,375
1,100,000
1,000,000
2024
2023
$ 1,553,175
1,101,825
2,455,000
1,750,000
2025
$ 2,240,000
2024
-0-
Calculate the gross profit/ (loss) that should be recognized for 2023, 2024, and 2025 using the percentage completion method. (Enter
negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round percentage complete to 1 decimal
place, e.g. 15.2% and final answers to O decimal places, e.g. 5,125.)
3,380,000
2,950,000
2025

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