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 Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 48P

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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
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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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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 %
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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
Recording Long-Term Construction: Recognize Revenue at a Point in Time and Over Time Watson Construction Company contracted to build a plant for $500,000. Construction started in January 2020 and was completed in November 2021. Watson uses the cost-to-cost method to measure the completion of its performance obligations. Data relating to the contract follow. 2020 2021 Costs incurred during year $290,000 $120,000 Estimated additional costs to complete 125,000 0 Billings during year 270,000 230,000 Cash collections during year 250,000 250,000 Revenue Recognized at a Point in Time Revenue Recognized Over Time a. Provide the 2020 and 2021 journal entries for Watson assuming revenue is recognized at a point in time. Provide entries for (1) construction costs incurred, (2) progress billings, (3) cash collections, and (4) revenues and expenses. Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr.…
Current Attempt in Progress During 2023, Sunland Corporation started a construction job with a contract price of $3.50 million. Sunland ran into severe technical difficulties during construction but managed to complete the job in 2025. The contract is non-cancellable. Under the terms of the contract, Sunland sends billings as revenues are earned. Billings are non-refundable. The following information is available: (a) 2023 2024 2025 Costs incurred to date $500,000 $1,750,000 $3,400,000 Estimated costs to complete 2,625,000 1,750,000 -0- - Your answer is partially correct. Calculate the amount of gross profit that should be recognized each year under the percentage-of-completion method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Gross profit/(loss) $ 2023 2024 -100,000.00 $ 2025 $ 100000 द
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