Compute for the revenue in 2021, 2022, 2023 n January 1, 2021, ABC enters into a contract to construct a building for a customer. ABC identifies its performance obligation to satisfied over time.ABC uses the input method based on costs to measure its progress on the contract. The contract price is P9MInformation on the construction is provided below:202120222023a. Contract cost incurred per year2,760,000 3,540,000 500,000b. Billing per yearc. Collections on billings per yeard. Estimated costs to complete (at each yr. end) 4,140,000 700,00050%25%25%90%90%balanceNote:• Billings per year are stated as percentages of the contract price. The contract is non-cancellable.• The collection on billings in 2021 and 2022 are net of 10% retention. "Retention" is an amount withheld by the contracted and payable to thecontractor at the end of the contract when the project is completed and accepted. b. Compute for the revenue202120222023

The revenue and gross profit for contract can be recognized on the basis of percentage of the work…

January 1, 2021, ABC enters into a contract to construct a building for a customer. ABC identifies its performance obligation to satisfied over ABC uses the input method based on costs to measure its progress on the contract. The contract price is P9M nformation on the construction is provided below: 2021 2022 2023 . Contract cost incurred per year ). Billing per year E. Collections on billings per year 1. Estimated costs to complete (at each yr. end) 4,140,000 700,000 2,760,000 3,540,000 500,000 50% 25% 25% 90% 90% balance Hote: Billings per year are stated as percentages of the contract price. The contract is non-cancellable. The collection on billings in 2021 and 2022 are net of 10% retention. "Retention" is an amount withheld by the contracted and payable to the contractor at the end of the contract when the project is completed and accented

January 1, 2021, ABC enters into a contract to construct a building for a customer. ABC identifies its performance obligation to satisfied over ABC uses the input method based on costs to measure its progress on the contract. The contract price is P9M nformation on the construction is provided below: 2021 2022 2023 . Contract cost incurred per year ). Billing per year E. Collections on billings per year 1. Estimated costs to complete (at each yr. end) 4,140,000 700,000 2,760,000 3,540,000 500,000 50% 25% 25% 90% 90% balance Hote: Billings per year are stated as percentages of the contract price. The contract is non-cancellable. The collection on billings in 2021 and 2022 are net of 10% retention. "Retention" is an amount withheld by the contracted and payable to the contractor at the end of the contract when the project is completed and accented

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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