Question
During 2020, Blossom Company started a construction job with a contract price of $1,184,000. The job...
During 2020, Blossom Company started a construction job with a contract price of $1,184,000. The job was completed in 2022. The following information is available. The contract is non-cancellable.
| 2020 | 2021 | 2022 | ||||
|---|---|---|---|---|---|---|
| Costs incurred to date | $296,000 | $610,500 | $791,800 | |||
| Estimated costs to complete | 444,000 | 203,500 | 0 | |||
| Billings to date (non-refundable) | 222,000 | 666,000 | 1,184,000 | |||
| Collections to date | 199,800 | 599,400 | 1,054,500 |
(a)
Partially correct answer iconYour answer is partially correct.
Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
| 2020 | 2021 | 2022 | ||||
|---|---|---|---|---|---|---|
| Gross profit / (loss) | 177600 | 255300 | (74000) |
I have Percentages as 40%, 75% and 100%
The $255300 and (74000) are wrong in my answer.
Homework Answers
Answer #1
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