User Account

All Pages

Compute amount of gross profit to be recognized each year

Assignment Help Accounting Basics
Reference no: EM132574423

During 2020, Sage Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available.

                                                    2020                  2021                       2022

Costs incurred to date              $380,000         $847,770             $1,069,000

Estimated costs to complete         620,000          253,230               -0-

Billings to date                            302,000             896,000           1,610,000

Collections to date                          272,000             812,000             1,418,000

(a) New attempt is in progress. Some of the new entries may impact the last attempt grading.

Your answer is incorrect.

Question 1: Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.

Gross profit recognized in 2020$

enter a dollar amount

Gross profit recognized in 2021$

enter a dollar amount

Gross profit recognized in 2022

Reference no: EM132574423

Questions Cloud

Preconditions for conducting constructive dialogue : What are the preconditions for conducting constructive dialogue in an organization? Is effective risk management possible without constructive dialogue?
What is the current ratio before the declaration : What is the current ratio before the declaration? What is the current ratio after declaration but before payment? What is the current ratio after the payment
Which models the price-quantity function of the lcd tv : Assuming a linear relationship between price and quantity, which of the following models the price-quantity function of the LCD TV?
Develop a plan of action for identifying : Required: Develop a plan of action for identifying and addressing political issues faced by criminal justice leaders?
Compute amount of gross profit to be recognized each year : Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.Estimated costs to complete
Explain the necessary frequency of communication : Explain the necessary frequency of communication. Explain whether or not there are secondary stakeholders involved.
Opinion of rizal rejection of the katipunan : What is your opinion of Rizal's rejection of the Katipunan's intent to stage an armed rebellion. Do some research to back up your claims.
Describe the event using given information : Describe the event. If based on an actual event, include the full article text hyperlink (web-address). Note: The event description is not included.
Compute taxable income if mr garrett agi consists entirely : Compute his taxable income if Mr. Garrett's AGI consists entirely of interest income. He is 19 years old and is considered a dependent of his parents

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the ?degree of operating leverage

Calculate the ?Degree of operating leverage?, ?Margin of safety in units, ?Margin of safety in revenues and ?Estimated income or loss.

  Prepare monthly income statements and balance sheets

Prepare monthly income statements, balance sheets, and cash budgets based on sales increases of 500 units per month and 30-day advance production for January

  Calculate the bonus earned by each manager

Calculate the bonus earned by each manager for each 6-month period and for the year 2010. What was the purpose of the change

  What is the maximum profit that the company can earn yearly

What is the current yearly operating income or loss? What is the current break-even point in units and in dollar sales? Assuming that the marketing studies are correct, what is the maximum profit that the company can earn yearly? At how many units an..

  Calculate the profit for each option

Considering all of the facts given, calculate the profit for each option and recommend which Mr Brown should take

  Prepare the journal entry to record the revenue

On December 1, 2019, Pinewood Company sold machinery to a customer for $2,000. Prepare the journal entry to record the revenue

  What is the payback period

ABC Company is adding a new product line that will require an investment of $1500000. The product line is estimated to generate cash inflows of $300,000 the first year, $250000 the second year, and $200,000 each year thereafter for ten more years...

  How much overhead cost would be assigned to product

How much overhead cost would be assigned to Product J00A using the company's activity-based costing system

  Draw a graph of the total monthly cost of the three plans

Draw a graph of the total monthly cost of the three plans for different levels of texting

  Calculate the budgeted production costs

Calculate the budgeted production costs for direct materials purchased, direct manufacturing labor, and manufacturing overhead, respectively

  Oneill co has 296467 in accounts receivable on january 1

oneill co. has 296467 in accounts receivable on january 1. budgeted sales for january are 835975. oneill expects to

  How fast is the temperature decreasing

Where h is the height in feet. How fast is the temperature decreasing when the person is at a height of 1000 feet and rising at a height of 821 ft/hr

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd