Calculate the revenue to be recognized by sony

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Reference no: EM132746335

Question: Collections on billings/year: 1990 INR 300,000 1991 INR 100,000 1992 INR 1,100,000 A: B

Calculate the revenue to be recognized by Sony during 1990 - 1991. Suppose that percentage of completion is measured by the ratio of costs incurred to date divided by total estimated construction costs. You only need to complete the chart for the first two of the three years.

Using the information in your table, prepare all of the required journal entries for 1990 only.

Year(s) 1990 1991

Contract price

Cost opening balance

Current period costs

Costs to date

Estimated completion cost

Total estimated cost

Percentage complete

Revenue to date

Prior periods income

Current period income

Gross profit

Reference no: EM132746335

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