How do we get the revenue that can be recognized

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Reference no: EM131211554

Smokey International Inc recently aquired the Kurtz Builders Company. Kurtz has incomplete accounting records. On one particular project, only the information below is available. Cost incurred during year ..... 2014 $200,000.00, 2015 $250,000.00. , 2016 ? Estimated cost to complete ..... 2014 - $450,000.00, 2015 - $190,000.00, 2016 $0 Recognized Revenue ..... 2014 - $220,000.00, 2015 - ?, 2016 - ? Gross profit on contract ..... 2014 - ?, 2015 - $10,000, 2016 - (10,000) Contract Price .... 2014 - $850,000 Because the information is incomplete, you are asked the following questions assuming the percentage-of-completion method is used, an output measure is used to estimate the percentage completed, and revenue is recorded using the actual cost approach. How do we get the Revenue that can be recognized?

Reference no: EM131211554

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