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Question - Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2013 and was completed in 2014. Data relating to the contract are summarized below:
2013
2014
Costs incurred during the year
$300,000
$1,575,000
Estimated costs to complete as of 12/31
1,200,000
0
Billings during the year
380,000
1,620,000
Cash collections during the year
250,000
1,750,000
Required:
1. Compute the amount of gross profit or loss to be recognized in 2013 and 2014 using the percentage-of-completion method.
2. Compute the amount of gross profit or loss to be recognized in 2013 and 2014 using the completed contract method.
3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2013 using the percentage-of-completion method.
4. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2013 using the completed contract method.
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