Sheridan Construction Company uses the percentage-of-completion method of accounting In 2023, Sheridan began work under a non-cancellable contract #E2-D2, which provided for a contract price of $2,227,000. Other details follow: Costs incurred during the year Estimated costs to complete, as at December 31 Billings during the year (non-refundable) Collections during the year (a) $660,240 2023 911.760 425,000 347,000 How much revenue should be recognized in 2023? In 2024? 2024 $1.422,000 0 1.848.000 1.523.000 2024
Sheridan Construction Company uses the percentage-of-completion method of accounting In 2023, Sheridan began work under a non-cancellable contract #E2-D2, which provided for a contract price of $2,227,000. Other details follow: Costs incurred during the year Estimated costs to complete, as at December 31 Billings during the year (non-refundable) Collections during the year (a) $660,240 2023 911.760 425,000 347,000 How much revenue should be recognized in 2023? In 2024? 2024 $1.422,000 0 1.848.000 1.523.000 2024
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Sheridan Construction Company uses the percentage-of-completion method of accounting. In 2023, Sheridan began work under a
non-cancellable contract #E2-D2, which provided for a contract price of $2,227,000. Other details follow:
Costs incurred during the year
Estimated costs to complete, as at December 31
Billings during the year (non-refundable)
Collections during the year
(a)
$660,240
911,760
425,000
347,000
How much revenue should be recognized in 2023? In 2024?
2023
$1,422,000
0
1.848,000
1.523.000
2024
Transcribed Image Text:(a)
J
How much revenue should be recognized in 2023? In 2024?
Revenue to be recognized
(b)
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