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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 26E

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