Reference no: EM132525825
Numark Company had a contract starting April 2019, to construct a $24,000,000 building that is expected to be completed in September 2021, at an estimated cost of $22,000,000. At the end of 2019, the costs to date were $10,120,000 and the estimated total costs to complete had not changed. The progress billings during 2019 were $4,800,000 and the cash collected during 2019 was $3,200,000. Numark uses the percentage-of-completion method.
Question 1: What is the percentage of completion of the building for revenue recognition purposes at December 31, 2019?
Question 2: For the year ended December 31, 2019, what is the amount Numark would recognize as gross profit on the building?
Question 3: What are the journal entries to recognise revenue for 2019?
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