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Question - During 2020, Pharoah Company started a construction job with a contract price of $1,344,000. The job was completed in 2022. The following information is available. The contract is non-cancellable.
2020
2021
2022
Costs incurred to date
$336,000
$693,000
$898,800
Estimated costs to complete
504,000
231,000
0
Billings to date (non-refundable)
252,000
756,000
1,344,000
Collections to date
226,800
680,400
1,197,000
1. Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.
2. Prepare all necessary journal entries for 2021. (Use Materials, Cash, Payables for costs incurred to date.)
3. Calculate the amount of gross profit to be recognized each year, assuming the completed-contract method is used.
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