Oriole Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Whispering Winds Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.7 million. The following data pertain to the construction period (all figures in thousands). Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year (a) Your answer is incorrect. Percent complete 2023 2023 2024 $3,420 4,180 4,180 1,900 3,095 3,605 2,725 3,655 0 % 2025 1,800 Using the percentage-of-completion method, calculate the percentage complete for each year of the contract. (Round answers to O decimal places, e.g. 52%.) -0- 3,000 3,320 2024 0 % 2025 100 %

Oriole Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Whispering Winds Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.7 million. The following data pertain to the construction period (all figures in thousands). Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year (a) Your answer is incorrect. Percent complete 2023 2023 2024 $3,420 4,180 4,180 1,900 3,095 3,605 2,725 3,655 0 % 2025 1,800 Using the percentage-of-completion method, calculate the percentage complete for each year of the contract. (Round answers to O decimal places, e.g. 52%.) -0- 3,000 3,320 2024 0 % 2025 100 %

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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Use the percentage-completion method and show all calculations and explanation in detail.
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