Solution-Prepare schedules to compute the profit or loss

Prepare schedules to compute the profit or loss

Reference no: EM133159141

Question - On March 1, 2020, Sandhill Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,400,000. The building was completed by October 31, 2022. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2020, 2021, and 2022 are given below:

	2020	2021	2022
Contract costs incurred during the year	$2,683,800	$2,280,200	$2,336,000
Estimated costs to complete the contract at 12/31	3,706,200	2,336,000	-0-
Billings to Fabrik during the year	3,180,000	3,500,000	1,720,000

Required - Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2020, 2021, and 2022.

Reference no: EM133159141

Questions Cloud

How climate change and covid-19 has changed organisms : Describe how climate change and COVID-19 has changed organisms, population, communities, ecosystem and biosphere?

What is the hr strategic planning : What is the HR Strategic planning, recruitment and selection strategy, performance/ talent management strategy of coca-cola company?

Explain the concept or rightsizing : 1. Explain the concept or rightsizing. 2. What are the organizational strategies for rightsizing?

Primary-secondary-latent and tertiary stages of syphilis : Describe and explain the primary, secondary, latent, and tertiary stages of syphilis. List two reasons why women are at higher risks for developing UTIs

Prepare schedules to compute the profit or loss : Prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2020, 2021, and 2022

Working conditions and reporting relationships : Job descriptions detail the duties, responsibilities, working conditions and reporting relationships of each job. Most companies have standardized the format of

Problem-solving skill of the job candidate : The center manager of ArtTube Drawing is now looking for an energetic and passionate art teacher to teach children of 3-10 years old. She emphasizes that the ri

How much is the total legal capital of the company : If the ordinary share is no-par, how much is the total legal capital of the Company in December 31, 2021 and December 31, 2022 respectively

How is the researcher explaining his or her findings : Researchers have many ways of examining and relating their study. Quantitative, qualitative, and mixed measures are all differentiated by the question, 'How is

User Account

All Pages

Prepare schedules to compute the profit or loss

Reference no: EM133159141

Reference no: EM133159141

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT