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Contract Method Assignment | Top Universities

During 2020, Sunland Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete 2020 2021 2022 $410,000 $901,180 $1,067,000 590,000 197,820 -0- 297,000 903,000 .590,000 271,000 805,000 1,434,000 Billings to date Collections to date ✓ Your answer is correct Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ 241900 Gross profit recognized in 2021 $ 160720 Gross profit recognized in 2022 $ 120380 During 2020, Sunland Company started a construction job with a contract price of $1.590,000.
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The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 2021 2022 $410,000 $901,180 $1,067,000 590,000 197,820 -O- 297.000 903,000 1.590,000 271,000 805.000 1.434,000 Your answer is correct. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ Gross profit recognized in 2021 $ Gross profit recognized in 2022 $ 241900 160720 120380 e Textbook and Media List of Accounts Your answer is partially correct. Prepare all necessary journal entries for 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select “No Entry”fo Debit Credit 0 Account Titles and Explanation Construction in Process Materials. Cash, Payables (To record cost of construction.) Accounts Receivable Billings on Construction in Pro (To record progress billings.) Cash Accounts Receivable (To record collections.) Construction in Process Cost of Goods Sold Revenue from Long-Term Cor (To recognize revenue.) 0 160720 e Textbook and Media List of Accounts * Your answer is incorrect. Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used. 2022 2021 2020 Gross profit $Get Accounting Homework Help Today

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