QUESTION 3 4 Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below Contract amount S Cost: Gross profic Contract billings 202 202 ADH recognizes revenue upon completion of the contract. In its December 31, 2020, balance sheet, ADH would report The contract asset, contract amount in excess of billings, of $1,545,000. The contract liability, billings in excess of cost of $325.000. The contract asset, cost and profits in excess of billings, of $505.000. The contract asset, deferred profic, of $420,000. 3.090.000 1,220,000 620,000 830,000 420,000 1.545.000 1,545.000

QUESTION 3 4 Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below Contract amount S Cost: Gross profic Contract billings 202 202 ADH recognizes revenue upon completion of the contract. In its December 31, 2020, balance sheet, ADH would report The contract asset, contract amount in excess of billings, of $1,545,000. The contract liability, billings in excess of cost of $325.000. The contract asset, cost and profits in excess of billings, of $505.000. The contract asset, deferred profic, of $420,000. 3.090.000 1,220,000 620,000 830,000 420,000 1.545.000 1,545.000

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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