Please fill all cells! I need help Current Attempt in ProgressDuring 2025, Oriole Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. Thefollowing information is available.202520262027Costs incurred to date$380,000 $847,770 $1,069,000Estimated costs to complete620,000253.230-0-Billings to date302,000896,0001,610,000Collections to date272,000812,0001,418,000(a) Prepare all necessary journal entries for 2026. (Credit account titles are automatically indented when amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. For costs incurred use accountMaterials, Cash, Payables. List all debit entries before credit entries.)Account Titles and ExplanationDebitCreditConstruction in ProcessMaterials, Cash, Payables(To record cost of construction.)Accounts ReceivableBillings on Construction in Process(To record progress billings.)CashAccounts Receivable(To record collections.)Construction in Process(To recognize revenue.)160130

Step 1: Percentage of completion method:- The percentage of completion method is an accounting…

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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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View Policies Current Attempt in Progress During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2025 $383,800 626,200 302,000 271,000 Gross profit recognized in 2025 $ Gross profit recognized in 2026 Gross profit recognized in 2027 ▬▬▬▬ $ 2026 $ $905,280 198,720 896,000 817,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. 2027 $1,063,000 -0- 1,610,000 1,419,000 C C Σ
During 2020, Huskies Together Company started a construction job with a contract price of $1,600,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred $400,000 $425,000 $245,000 Estimated costs to complete 600,000 275,000 -0- Billings to date 300,000 900,000 1,600,000 Collections to date 270,000 810,000 1,425,000 a. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. b. Prepare all necessary journal entries for 2021, assuming the percentage-of-completion method is used. C. Assuming that the estimated costs to complete the contract on 12/31/2021 is revised to $800,000, using the completed-contract method, compute the revenue and gross profit or loss to be recognized as a result of this contract for the years ended December 31, 2020, 2021. (Ignore income taxes.)
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Question Three: $960,000. The job was completed in 2022. The following information is available: During 2020 Nass Company started a construction job with a contract price of Costs to date Estimated costs to complete Billings to date Collections to date 2020 $240,000 360,000 180,000 162,000 (a) Percentage-of-completion Date 2021 2021 $495,000 165,000 540,000 486.000 Required: a) Preparing all the journal entries for 2021 Assuming Nass uses the percentage-of-completion method. Account b) Assume that Nass uses the cost-recovery method, record the revenue, and gross profit if any, recognized in 2021 and 2022. c) Show the presentation of construction-in-process and billings in construction-in-process accounts in the statement of financial position in 2020 under both the percentage-of-completion and the cost-recovery method. 2022 $642,000 0 960,000 855,000 Debit Credit ASI -991E ATU
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During 2020, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $400,000 $825,000 $1,070,000 Estimated costs to complete 600,000 275,000 –0– Billings to date 300,000 900,000 1,600,000 Collections to date 270,000 810,000 1,425,000 Instructions a. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. b. Prepare all necessary journal entries for 2021. c. Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.
During 2020, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $400,000 $825,000 $1,070,000 Estimated costs to complete 600,000 275,000 –0– Billings to date 300,000 900,000 1,600,000 Collections to date 270,000 810,000 1,425,000 Compute the amount of gross profit to be recognized each year, assuming the cost-recovery method is used.
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 5,170 2024 Ĵ 5,170 600 3,905 4,595 3,445 4,645 2,110 2025 500 Using the percentage-of-completion method, calculate the percentage complete for each year of the contract. (Round answers to 0 decimal places, e.g. 52%.) 2024 -0- 1,700 94 % 2025 100 %
ABC Construction Company began work on a contract in 2022 and completed the contract in 2023. The total contact price was P8,500,000. Information related to the construction project are as follows: 2022 2023 Costs incurred during the year P1,200,000 P6,250,000 Estimated costs to complete 4,800,000 - Progress billings during the year 1,450,000 7,050,000 Collections during the year 800,000 6,000,000 How much is the gross profit to be recognized in 2023?
During 2025, Cullumber Company started a construction job with a contract price of $1,620,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date Ⓡ 2025 $393,900 $889,380 Gross profit recognized in 2026 616,100 Gross profit recognized in 2027 303,000 273.000 Gross profit recognized in 2025 $ 2026 $ $ 208,620 902,000 814,000 2027 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. $1,061,000 -0- 1,620,000 1,418,000
During 2020, Tamarisk Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $405,900 $766,500 $1,076,000 Estimated costs to complete 584,100 328,500 -0- Billings to date 300,000 893,000 1,610,000 Collections to date 267,000 809,000 1,435,000 (a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ Gross profit recognized in 2021 Gross profit recognized in 2022 2$ eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer %24 %24
During 2020, Teal Company started a construction job with a contract price of $1,620,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $393,900 $889,380 $1,061,000 Estimated costs to complete 616,100 208,620 -0- Billings to date 303,000 902,000 1,620,000 Collections to date 273,000 814,000 1,418,000 (a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ Gross profit recognized in 2021 $ Gross profit recognized in 2022 %24 %24

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