How much revenue should be reported for 2021

Assignment Help Financial Accounting

Reference no: EM133346123

Question: Finch construction corp contracted to build a bridge for $5,000,000. Construction began in 2021 and was completed in 2022. Data relating to the construction are:

	2021	2022
Costs incurred	$1,620,000	$1,400,000
Estimated costs to complete	$1,380,000

Required:

Using the percentage of completion method and the cost-to-cost basis,

1. How much revenue should be reported for 2021? Show calculation

2. Prepare the journal entry to record progress billings of $1,700,000 during 2021

3. Prepare the journal entry to record the revenue and gross profit for 2021.

4. How much gross profit should be reported for 2022? show calculation

Reference no: EM133346123

Questions Cloud

Calculate the debt? ratio, times interest earned? ratio : Calculate the debt? ratio, times interest earned? ratio, and cash coverage ratio for 2013 and 2014 for Tyler Toys. Should any of these ratios or the change

Characteristics of a culturally sensitive social worker : Describe the key characteristics of a culturally sensitive social worker. How do you see yourself in relationship to these characteristics?

Passage about the belief system of christianity : Love of man would kill me" (Thus Spoke Zarathustra, 123). What point is Nietzsche making in this passage about the belief system of Christianity

Different experiences or aspects of learning in course : different experiences or aspects of learning in course, that you found particularly interesting and/or valuable to you personally AND to your future

How much revenue should be reported for 2021 : How much revenue should be reported for 2021? Show calculation Prepare the journal entry to record progress billings of $1,700,000 during 2021

Describe how the process is intended to address : Describe how the process is intended to address inequalities arising from the social and natural lotteries. Then explain either 1) Nozick's critique of Rawls

What is mckibbens main argument : What is McKibben's main argument? Provide at least two pieces of evidence that he uses to make his claim. What is the vicious cycle that traps us?

Identify four reasons why rbc will want this deal to go : From the case above indicate whether RBC is involved in an acquisition or a merger? Explain based on what was discussed in class. Identify four reasons why

Communicating and applying nursing research evidence : Communicating and using research evidence is an expectation of a BSN graduate - applicable to practice. Describe how you would apply the evidence to improve

User Account

All Pages