Cullumber Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed price contract for $2.6 millionbeginning September 1, 2020, to build a road for a municipality. It has been estimated that the road construction will be complete byJune 2022. The following data pertain to the construction period.202020212022Costs to date$816,000$1,664,400$2,182,000Estimated costs to complete1,584,000525,6000Progress billings to date (non-refundable)860,0002,132,0002,600,000Cash collected to date716,0002,023,0002,600,000Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year ofthe construction period. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)2020Gross profit/(loss)$20212022 Cullumber Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed price contract for $2.6 millionbeginning September 1, 2020, to build a road for a municipality. It has been estimated that the road construction will be complete byJune 2022. The following data pertain to the construction period.202020212022Costs to date$816,000$1,664,400$2,182,000Estimated costs to complete1,584,000525,6000Progress billings to date (non-refundable)860,0002,132,0002,600,000Cash collected to date716,0002,023,0002,600,000Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year ofthe construction period. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)2020Gross profit/(loss)$20212022

Name: Cullumber Construction Inc., which has a calendar year end, has enter
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Description: Cullumber Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed price contract for $2.6 millionbeginning September 1, 2020, to build a road for a municipality. It has been estimated that the road construction wil

Construction contract:A construction contract is a long-term contract because the work of the…

Business

Accounting

sing the percentage-of-completion method, prepare the journal entries for 2020 and 2021. (Use M osts incurred to date.) (Credit account titles are automatically indented when amount is entered. Do not equired, select "No Entry" for the account titles and enter O for the amounts.) For Year 2020:

sing the percentage-of-completion method, prepare the journal entries for 2020 and 2021. (Use M osts incurred to date.) (Credit account titles are automatically indented when amount is entered. Do not equired, select "No Entry" for the account titles and enter O for the amounts.) For Year 2020:

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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