Cullumber Construction Company uses the percentage-of-completion method of accounting. In 2025, Cullumber began work under contract #E2-D2, which provided for a contract price of $2,187,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year (a) Your answer is correct. Revenue recognized in 2025 Revenue recognized in 2026 $ 2025 $ $658,560 909,440 421,000 348,000 918540 2026 What portion of the total contract price would be recognized as revenue in 2025? In 2026? (Do not round intermediate calculations.) 1268460 $1,408,000 -0- 1,667,000 1,527,000

Cullumber Construction Company uses the percentage-of-completion method of accounting. In 2025, Cullumber began work under contract #E2-D2, which provided for a contract price of $2,187,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year (a) Your answer is correct. Revenue recognized in 2025 Revenue recognized in 2026 $ 2025 $ $658,560 909,440 421,000 348,000 918540 2026 What portion of the total contract price would be recognized as revenue in 2025? In 2026? (Do not round intermediate calculations.) 1268460 $1,408,000 -0- 1,667,000 1,527,000

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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Use the following accounts; Cash Foreign exchange gain Foreign exchange loss Capital Bank Short-term investments Loss on sale of short-term investment Gain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events that occurred during December 2018, the company's first month: Date 12/1 The owner invested $ 200,000 cash for capital. 12/5 r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro (Exchange rate was 1 Euro= 1,5 Dollar) 12/10 The Company purchased short-term investment with cash for $2,500. 12/18 The Company sold short-term investment with cash for $2.000 Note: • Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements: 1- Give the journal entry for each transaction. 2- Post each transaction to Taccounts.
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