The following details apply to a contract where performance obligations are satisfied over time at 31 December 20X5. $ Total contract revenue 120,000 Costs to date 48,000 Estimated costs to completion 48,000 Amounts invoiced 50,400 The contract is agreed to be 45% complete at 31 December 20X5. What amount should appear in the statement of financial as at 31 December 20X5 as a contract asset?
The following details apply to a contract where performance obligations are satisfied over time at 31 December 20X5. $ Total contract revenue 120,000 Costs to date 48,000 Estimated costs to completion 48,000 Amounts invoiced 50,400 The contract is agreed to be 45% complete at 31 December 20X5. What amount should appear in the statement of financial as at 31 December 20X5 as a contract asset?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following details apply to a contract where performance obligations are satisfied over time at 31
December 20X5.
$
Total contract revenue 120,000
Costs to date 48,000
Estimated costs to completion 48,000
Amounts invoiced 50,400
The contract is agreed to be 45% complete at 31 December 20X5.
What amount should appear in the statement of financial as at 31 December 20X5 as a contract asset?
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