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Prepare schedule of measurement recognition of revenue

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Reference no: EM132538104

Question - MultiBuild Inc. is a contractor of apartment in South Jakarta. The contract price is $ 3.000.000. MultiBuild Inc., use recovery cost/zero profit method in revenue recognition for the project. There is information related to the construction of apartment:

 

2017

2018

2019

Cost to date

550.000

1.178.000

3.100.000

Estimated cost to complete

1.950.000

1.922.000

0

Progress billing during the year

900.000

1.110.000

990.000

Cash collected during the year

810000

1.100.000

1.090.000

Requirement -

1. Prepare schedule of measurement recognition of revenue, cost and gross profit based on recovery cost/zero profit method of MultiBuild Inc. for 2017, 2018, and 2019!

2. Record all journal entries necessary each year, include journal of completion contract in 2019!

3. Prepare presentation the revenue, cost and gross profit recognition in a financial statement.

Reference no: EM132538104

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