Question 9 of 9<>Cullumber Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Ivanhoe StructuresLtd. The contract is a non-cancellable fixed-price contract for $9.5 million. Billings and collections are lower in 2025 by $500,000 each.The following data pertain to the construction period (all figures in thousands).Costs for the yearEstimated costs to completeProgress billings for the year (non-refundable)Cash collected for the year2023$4,1855,1153,86020245.1153884,5402025200-0-1,1003,300 4,590 1,910 (d)Prepare the journal entry at December 31, 2024, to record long-term contract revenues, expenses, and losses for 2024. (Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" forthe account titles and enter O for the amounts. List all debit entries before credit entries.)Account Titles and ExplanationeTextbook and MediaDebitCredit

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Cullumber Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Ivanhoe Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.5 million. Billings and collections are lower in 2025 by $500,000 each. The following data pertain to the construction period (all figures in thousands). Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year 2023 2024 $4,185 5,115 5,115 388 3,860 4,540 3,300 4,590 1,910 2025 200 -0- 1,100

Cullumber Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Ivanhoe Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.5 million. Billings and collections are lower in 2025 by $500,000 each. The following data pertain to the construction period (all figures in thousands). Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year 2023 2024 $4,185 5,115 5,115 388 3,860 4,540 3,300 4,590 1,910 2025 200 -0- 1,100

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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