Reference no: EM132592251
During year 1, XYZ Construction Company started work on a $3 million construction contract that was completed in Year 2. The accounting records include the following information:
Year 1 Year 2
Costs incurred to date 900,000 2,720,000
Estimated cost to complete contract 1,800,000 -
Question A. How much percent of the work is completed during year 2?
Question B. How much contract revenue should XYZ construction company have recognized in year 1 if the method was percentage of completion method?
Question C. How much growth profit should have recognized in year 1 if the method was percentage of completion method?
Question D. How much growth profit should have recognized in year 1 if the method was completed contract?
Question E. How much growth profit is recognized in year 2 if the method was completed contract?
Question F. How much is the construction - in - progress account under percentage of completion method at the end of year 1?
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