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
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
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

See similar textbooks

Similar questions

On January 1, 2022, Sandhill Co. had a balance of $411,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions. Jan. 2 Purchased a patent (7-year life) $307,650. July 1 Sept. 1 Acquired a 9-year franchise; expiration date July 1, 2,031, $576,000. Research and development costs $178,500.
The reporting date is June 30, 2020. Classify the accounts as to what they belong. Current or noncurrent. 1.Loans Payable ( Due Dec 31,2020) 2 Loans Payable ( Due May 5,2022) 3.Notes Receivable ( due Oct. 8 ,2020) 4.Notes Receivable ( due Dec. 10, 2021) Please answer it completely. Thanks.
Spring Garden Flowers had the following balances at December 31, 2024, before the year-end adjustments: E (Click the icon to view the balances.) The aging of accounts receivable yields the following data: E (Click the icon to view the accounts receivable aging schedule.) Requirements Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. 1. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. 31 Data Table Accounts Receivable Allowance for Bad Debts 66,000 1,615 Requirement 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Allowance for Bad Debts Print Done Data Table Age of Accounts Receivable 0-60 Days Over 60 Days Total…
Sweet Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,000 Contribution to the plan 106,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,200 Benefits paid 40,500 Plan assets at January 1, 2020 633,900 Projected benefit obligation at January 1, 2020 701,600 Accumulated OCI (PSC) at January 1, 2020 149,900 Interest/discount (settlement) rate 9 %
(b) Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2025, using the straight-line method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 1,225.) Date Dec. 31, 2025 Account Titles and Explanation Debit Credit
The Garware Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information Accounts receivable on December 31 2020 RO 280000 Required balance in Allowance for Doubtful Accounts account on December 31 2020 RO 4000 Existing balance in Allowance for Doubtful Accounts account on December 31 2019 RO 3500 The journal entry to recognize uncollectible accounts expense on December 31 2017 is a. Dr Uncollectible Accounts Expense 4000 and Cr Allowance for Doubtful Accounts 4000 b. Dr Uncollectible Accounts Expense 500 and Cr Allowance for Doubtful Accounts 500 c. Dr Accounts Receivable 3500 Cr Allowance for Uncollectible Accounts Expense 3500 d. Dr Accounts Receivable 3500 Cr Uncollectible Accounts Expense 3500
None
please help...need help finding noncash assets
3)
Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
Please don't give image format
Prepare all of Blossom's journal entries for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)