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Determine the costs in exess of billing that Tryon reports

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Question - On January 1, 2021 Tryon Company agrees to build an office for $41,000 that will take two years to finish.  As of Dec 31, 2021 the contract information is:

Costs incurred to date - $16,200

Estimated Cost to complete - $19,800

Billings to Date - $14,400

Collections to date - $12,900

Required -

1) Using percentage of completion, determine the gross profit in the 2021 income statement?

2) Determine the costs and profit in excess of billing that Tryon would report in its 2021 balance sheet?

3) Determine the accounts receivable balance related to the contract the Tryon would report in its 2021 balance sheet?

4) If the estimated cost to complete are $28,800 (instead of $19,800) determine the loss related the contract that Tyron will recognize in its 2021 income statement?

5) If the contract does not qualify for revenue recognition over time, determine the costs in exess of billing that Tryon reports in its 2021 balance sheet?

Reference no: EM133151665

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