Reference no: EM133053974
Question - The Company has consistently used the percentage-of-completion method to account for construction projects. On January 1, 2020, they entered into a fixed-price contract to construct an office building for $7,000,000.
The company estimates that the cost to construct will be $1,575,000. Costs to date in 2020 are $1,575,000 and the estimated cost to complete is $3,675,000. Billing for the current year are $1,417,500 and the client has paid $1,275,750.
Use the above information to answer the following question or questions.
On December 31, 2020, company would record how much Revenue on Long Term Contract?
What would be the amount of gross profit on the company's statement of comprehensive income?
On December 31, 2020, the balance in the Accounts Receivable account would be?
On December 31, 2020, the balance in the Contract Asset account would be reported as?
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