Hello please can you explain the step on the exercise were do the number come from thanks Question8Page 18-71W*P18.10 (LO 5, 6, 7) (Long-Term Contract with Interim Loss) On March 1, 2020,Pechstein Construction Company contracted to construct a factory building forFabrik Manufacturing Inc. for a total contract price of $8,400,000. The building wascompleted by October 31, 2022. The annual contract costs incurred, estimatedcosts to complete the contract, and accumulated billings to Fabrik for 2020, 2021,and 2022 are given below.202020212022Contract costs incurred during the year $2,880,000 $2,230,000 $2,190,000Estimated costs to complete the3,520,0002,190,000-0-contract at 12/31Billings to Fabrik during the year3,200,000Dr your resume3,500,000Instructionsa. Using the percentage-of-completion method, prepare schedules to computethe profit or loss to be recognized as a result of this contract for the yearsended December 31, 2020, 2021, and 2022. (Ignore income taxes.)b. Using the completed-contract method, prepare schedules to compute the profitor loss to be recognized as a result of this contract for the years endedDecember 31, 2020, 2021, and 2022. (Ignore incomes taxes.)Korpul Wind1,700,000Resume 12023(1) P많Try freePoArto2

The percentage of completion contract method is used to account for revenue and cost to be…

ge 18-71 "P18.10 (LO 5, 6, 7) (Long-Term Contract Pechstein Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,400,000. The building was completed by October 31, 2022. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2020, 2021, and 2022 are given below. 2020 Contract costs incurred during the year $2,880,000 2021 2022 $2,880,000 $2,230,000 $2,190,000 3,520,000 2,190,000 -0- 3,200,000 3,500,000 Estimated costs to complete the contract at 12/31 Billings to Fabrik during the year 1,700,000 Instructions a. Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.) b. Using the completed-contract method, prepare schedules to compute the profit ocult of this contract for the years ended

ge 18-71 "P18.10 (LO 5, 6, 7) (Long-Term Contract Pechstein Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,400,000. The building was completed by October 31, 2022. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2020, 2021, and 2022 are given below. 2020 Contract costs incurred during the year $2,880,000 2021 2022 $2,880,000 $2,230,000 $2,190,000 3,520,000 2,190,000 -0- 3,200,000 3,500,000 Estimated costs to complete the contract at 12/31 Billings to Fabrik during the year 1,700,000 Instructions a. Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.) b. Using the completed-contract method, prepare schedules to compute the profit ocult of this contract for the years ended

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

PICTURE ONE IS THE QOU PICTURE2 IS SAMPLE PLEASE DO THE SAME TABLE STYLE
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Direction: Choose the verb that agrees with the subject in the sentence. Write the letter of the correet TIO answer in the blank. ent i eg 1. The committee varying solutions. B. has C. are D. is A. have 2. A number of cases reported in the area. B. have been C. was D. has A. is 3. Everyone been informed about the incident, A. have В. are C. were D. has 4. She her office by 9 A.m. daily. A. reach B. reaches C. reached D. reaching 5. Raul and his friends also invited to the party. A. is B. was C. had D. were 6. The company of its stakeholders. A. think B. thought C. thinks D. thinking
Q.2.1.5 Explain to Stella the difference between a stop order and debit order
40.The accounts below appear in the December 31, 2020 trial balance of Spartans Corporation: Authorized Share Capital P 5,000,000Unissued Share Capital 2,000,000Subscribed Share Capital 1,000,000Subscription Receivable-due 2018 400,000Property Dividends Payable 800,000Share Premium 500,000Retained Earnings-unappropriated 600,000Retained Earnings-appropriated 300,000Treasury Shares-at cost 100,000 In its December 31, 2020 Statement of Financial Position, what is the amount of Spartans total Shareholders’ Equity.
please help with the question that is attached as a picture. thanks
WHAT I CAN DO? ACTIVITY 4 DIRECTIONS: Fill in the blanks with the missing word/s. Write your answer on the blank. with both hands. Begin rubbing the top of the foot, slowly working your way down to the sole of the foot. Apply as you get closer to the sole. Reverse directions and rub the foot moving slowly towards the top, reducing pressure as you go. 1. Hold the bottom of the more 2. Rub the of the foot. Use your for this, making small circles with medium to heavy pressure. Work your way around the entire heel. 3. Use cross-fiber on the heels of the feet. This means you use your thumbs to push up and down on the is pushing up, the other should be pushing down. While one thumb 4. Massage around the motion around the bone on either side, and gently rub your Use both hands to rub in a circular over the top of the bone. to massage the arch of the foot. With your hand closed 5. Use a in a fist, use the tops of your fingers to apply pressure to the Roll your hand back and forth to knead the…
Hello. Please help me answer this. Thank you.
dors.google.com/forms 0 choose the right answer Journal lists transactions in which order? Increasing Alphabetical Chronological Decreasing O choose the right answer Which one of the following is called the book of original entry? Receipt and Payment Account O General Ledger General Journal Trial Balance ...
annswer for practice 2 please ??????
Can you help me with posting this. 1st photo is question. 2nd photo is general journal
what is the gournal jeneral entry for: purchase furniture and fixtures on account 2. credit purchase.