Current Attempt in Progress Blossom Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Bridgeport Structures Ltd. The contract is a non-cancellable fixed-price contract for $10.2 million. 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 Show Transcribed Text Percent complete 2023 2023 45 % $4,230 2024 3 5,170 600 2025 5,170 3,905 4,595 1,700 3,445 4,645 2,110 Using the percentage-of-completion method, calculate the percentage complete for each year of the contract. (Round answers to O decimal places, e.g. 52%) 500 2024 -0- 94 % 2025 100 %

Current Attempt in Progress Blossom Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Bridgeport Structures Ltd. The contract is a non-cancellable fixed-price contract for $10.2 million. 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 Show Transcribed Text Percent complete 2023 2023 45 % $4,230 2024 3 5,170 600 2025 5,170 3,905 4,595 1,700 3,445 4,645 2,110 Using the percentage-of-completion method, calculate the percentage complete for each year of the contract. (Round answers to O decimal places, e.g. 52%) 500 2024 -0- 94 % 2025 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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