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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.
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