What is total amount of revenue from long-term contracts

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Reference no: EM13138071

"Seasons Construction is constructing an office building under contract for Cannon Cafe. The contract calls for progress billings and payments of $620,000 each quarter. The total contract price is $7,440,000 and Seasons estimates total costs of $7,100,000. Seasons estimates that the building will take 3 years to complete, and commences construction on January 2, 2010.

At December 31, 2010, Seasons estimates that it is 30% complete with the construction, based on costs incurred. What is the total amount of Revenue from Long-Term Contracts recognized for 2010 and what is the balance in the Accounts Receivable account assuming Cannon Cafe has not yet made its last quarterly payment?

Reference no: EM13138071

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