Detailed answer of 1 and 2 please. Will rate generously. Maya Co. which is a publicly traded company started to build a 30-story Condo building in May2018. The project will take 5 years to finish, and the total contract price is $80,000,000. Thefollowing table provides information about the cost and revenue of the contract.20182019202020212022$15,400,000$14,000,000$29,000,000$10,000,000 4,000,000Costs incurredduring the yearEstimated costs45,000,000$38,500,000$22,000,0008,000,000to complete theprojectBillings15,000,000$16,000,000$20,000,000$19,000,000 10,000,000Required-1) Assume the company uses the percentage of completion method based on input,calculate and record the revenue and profit for each year.2) Determine how this contract will be presented in the balance sheets of 2019.

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Maya Co. which is a publicly traded company started to build a 30-story Condo building in May 2018. The project will take 5 years to finish, and the total contract price is $80,000,000. The following table provides information about the cost and revenue of the contract. 2018 2019 2020 2021 2022 Costs incurred during the year $10,000,000 4,000,000 $15,400,000 $14,000,000 $29,000,000 Estimated costs 45,000,000 $38,500,000 $22,000,000 8,000,000 to complete the project Billings 15,000,000 $16,000,000 $20,000,000 $19,000,000 10,000,000

Maya Co. which is a publicly traded company started to build a 30-story Condo building in May 2018. The project will take 5 years to finish, and the total contract price is $80,000,000. The following table provides information about the cost and revenue of the contract. 2018 2019 2020 2021 2022 Costs incurred during the year $10,000,000 4,000,000 $15,400,000 $14,000,000 $29,000,000 Estimated costs 45,000,000 $38,500,000 $22,000,000 8,000,000 to complete the project Billings 15,000,000 $16,000,000 $20,000,000 $19,000,000 10,000,000

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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