Chapter 6, Problem 6.21E

Jhun Co. recognizes construction revenues and expenses using the percentage of completion method. During 2019, a single long-term contract was started, which continued through the year 2020. Information the project follows:   2019 Account receivable on contract  100,000  Construction expense   105,000 Construction in progress   122,000 Partial billings on contract   100,000   2020 Account receivable on contract  300,000 Construction expense   192,000 Construction in progress   364,000 Partial billings on contract   420,000 Profit recognized in 2019 should be? Profit recognized in 2020 should be?

Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.

What would be the journal entry for the following statement when converting from modified accrual to accrual accounting? The City finished a new Admin building with a final cost of $8,500,000 on June 30, 2022. Construction in progress at the beginning of the fiscal year was $6,000,000.

In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Answer is complete and correct. 2024 $ 2,400,000 5,600,000 2,000,000 1,800,000 2024 $ 3,000,000 $ $ 600,000 $ 2025 2026 4,500,000 $ 2,500,000 900,000 $ 300,000 2025 $ 3,600,000 2,000,000 4,000,000 3,600,000 2026 $ 2,200,000 0 4,000,000 4,600,000

At the beginning of 2021, Florida Road Construction entered into a contract to build a road for the government. Construction will take four years. The following information as of December 31, 2021 is available: Revenue according to contract 10,000,000 Total expected cost 8,000,000 Cost incurred during 2021 1,200,000 Cost incurred during 2022 2,400,000 Cost incurred during 2023 Cost incurred during 2024 1,600,000 2,800,000 Compute for the reported Gross Profit of Florida using: Year 2021 2022 2023 2024 Completed Contract Method Zero Profit Method Percentage of Completion Method

In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Costs incurred during the year Estimated costs to complete as of year-end Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) 2022 2021 $2,184,000 $3,510,000 5,616,000 2,106,000 2021 2,120,000 1,860,000 2022 . Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs curred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest hole dollar amount. Loss amounts should be indicated with a minus sign.) 2021 $2,184,000 5,616,000 2023 2023 $2,316,600 3,574,000 4,306,000…

1. Prepare a schedule showing the revenue, cost and gross profit earned each year using thepercentage of completion method, using the engineer’s estimate as a measure ofcompletion.2. Prepare all journal entries required to reflect the contract3. Prepare journal entries for 2020 assuming zero profit method is used.

Using the percentage-of-completion method and the cost-to-cost basis, prepare the journal entry to record progress billings of$1,638,800 during 2023.

Need part 1, 2a, 2b, 2c please    1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred).2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred).2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred).