During 2020, Carla Vista Company started a construction job with a contract price of $ 1,824,000. The job was completed in 2022. The following information is available. The contract is non-cancellable. 2020 2021 2022 Costs incurred to date $ 456,000 $ 940,500 $ 1,219,800 Estimated costs to complete 684,000 313,500 Billings to date (non-refundable) 342,000 1,026,000 1,824,000 Collections to date 307,800 923,400 1,624,500
During 2020, Carla Vista Company started a construction job with a contract price of $ 1,824,000. The job was completed in 2022. The following information is available. The contract is non-cancellable. 2020 2021 2022 Costs incurred to date $ 456,000 $ 940,500 $ 1,219,800 Estimated costs to complete 684,000 313,500 Billings to date (non-refundable) 342,000 1,026,000 1,824,000 Collections to date 307,800 923,400 1,624,500
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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