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Find the loss related to contract that Bueckers recognizes

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Question - Bueckers Company agrees to a $41,000 contract that will take two years to complete. Contract information as of December 31, 2021, the end of the first year, is as follows:

Costs incurred to date $16,200

Estimated costs to complete $19,800

Billings to date $14,400

Collections to date $12,900

If the contract qualifies for revenue recognition over time, the gross profit related to the contract the Buekers recognizes in its 2021 income statement is?

If the contract qualifies for revenue recognition over time, the accounts receivable balance related to the contract that Bueckers reports in its 2021 balance sheet is?

If the contract qualifies for revenue recognition over time, the costs and profit in excess of billings that Bueckers reports in its 2021 balance sheet is?

If the contract does NOT qualify for revenue recognition over time, the costs in excess of billings that Bueckers reports in its 2021 balance sheet is?

If the estimated costs to complete are $28,800 (instead of $19,800), the loss related to the contract that Bueckers recognizes in its 2021 income statement is?

Reference no: EM133146551

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