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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

FINANCIAL ACCOUNTING
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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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: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
(a) J How much revenue should be recognized in 2023? In 2024? Revenue to be recognized (b) eTextbook and Media List of Accounts Save for Lati Hi H C 2023 W P OA 2024 Attempts: 0 of 5 used Submit Antwer O 612°C A
Transcribed Image Text:(a) J How much revenue should be recognized in 2023? In 2024? Revenue to be recognized (b) eTextbook and Media List of Accounts Save for Lati Hi H C 2023 W P OA 2024 Attempts: 0 of 5 used Submit Antwer O 612°C A
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