Current Attempt in ProgressSandhill Construction Company uses the percentage-of-completion method of accounting. In 2025, Sandhill began work undercontract #E2-D2, which provided for a contract price of $2,159,000. Other details follow:Costs incurred during the yearEstimated costs to complete, as of December 31Billings during the yearCollections during the year2025$571,3201,015,680415,000349,0002026$1,446,000-0-1,639,0001,505,000 Current Attempt in ProgressSandhill Construction Company uses the percentage-of-completion method of accounting. In 2025, Sandhill began work undercontract #E2-D2, which provided for a contract price of $2,159,000. Other details follow:Costs incurred during the yearEstimated costs to complete, as of December 31Billings during the yearCollections during the year2025$571,3201,015,680415,000349,0002026$1,446,000-0-1,639,0001,505,000

The percentage of completion method of accounting recognises revenues and…

Answered: Rovs recognized in 2026

Business

Accounting

Rovs recognized in 2026

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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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Current Attempt in Progress
Sandhill Construction Company uses the percentage-of-completion method of accounting. In 2025, Sandhill began work under
contract #E2-D2, which provided for a contract price of $2,159,000. Other details follow:
Costs incurred during the year
Estimated costs to complete, as of December 31
Billings during the year
Collections during the year
2025
$571,320
1,015,680
415,000
349,000
2026
$1,446,000
-0-
1,639,000
1,505,000

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Could you please recalculate the revenue recognized in 2026? The answer of 1,547,571 was incorrect. Thank you.

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