On January 1, 2022, Winter Harvest Ltd. started a construction project for $4,500,000. Relevant data for 2022 and 2023 are as follows: 2022 2023 Current year construction costs $ 3,300,000 $ 620,000 Estimated remaining costs to complete 600,000-0- Current year billings 3,100,000 1,400,000 Current year collections 3,000,000 1,500,000 Required 1. Calculate the following amounts for each method: 2. Completed Contract Percentage of Completion 2022 2023 2022 2023 Gross Profit $ ? $ ? $ ? $ ? Construction in progress year -end balance. $?$?$?$? Costs in excess of billi\table[[, \table[[Completed], [Contract]], \table[[Percentage of], [Completion]]],[, 2022, 2023, 2022, 2023], [Gross Profit, $?, $?,$ ?,$?ngs (Billings in excess of costs) $ ? $ ? $ ? $ ?

On January 1, 2022, Winter Harvest Ltd. started a construction project for $4,500,000. Relevant data for 2022 and 2023 are as follows: 2022 2023 Current year construction costs $ 3,300,000 $ 620,000 Estimated remaining costs to complete 600,000-0- Current year billings 3,100,000 1,400,000 Current year collections 3,000,000 1,500,000 Required 1. Calculate the following amounts for each method: 2. Completed Contract Percentage of Completion 2022 2023 2022 2023 Gross Profit $ ? $ ? $ ? $ ? Construction in progress year -end balance. $?$?$?$? Costs in excess of billi\table[[, \table[[Completed], [Contract]], \table[[Percentage of], [Completion]]],[, 2022, 2023, 2022, 2023], [Gross Profit, $?, $?,$ ?,$?ngs (Billings in excess of costs) $ ? $ ? $ ? $ ?

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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