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Question - During 2020, Sheridan Company started a construction job with a contract price of $1,376,000. The job was completed in 2022. The following information is available. The contract is non-cancellable.
2020
2021
2022
Costs incurred to date
$344,000
$709,500
$920,200
Estimated costs to complete
516,000
236,500
0
Billings to date (non-refundable)
258,000
774,000
1,376,000
Collections to date
232,200
696,600
1,225,500
Required -
A. Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.
B. Prepare all necessary journal entries for 2021. (Use Materials, Cash, Payables for costs incurred to date.)
C. Calculate the amount of gross profit to be recognized each year, assuming the completed-contract method is used.
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