Question

Wildhorse Construction Company uses the percentage-of-completion method of accounting. In 2020, Wildhorse began work under contract...

Wildhorse Construction Company uses the percentage-of-completion method of accounting. In 2020, Wildhorse began work under contract #E2-D2, which provided for a contract price of $2,165,000. Other details follow:

2020

2021

Costs incurred during the year $590,520 $1,409,000
Estimated costs to complete, as of December 31 1,005,480 –0–
Billings during the year 428,000 2,165,000
Collections during the year 349,000 1,509,000

What portion of the total contract price would be recognized as revenue in 2020? In 2021?

Revenue recognized in 2020 $

  

Revenue recognized in 2021 $

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Novak Construction Company uses the percentage-of-completion method of accounting. In 2020, Novak began work under contract...
Novak Construction Company uses the percentage-of-completion method of accounting. In 2020, Novak began work under contract #E2-D2, which provided for a contract price of $2,170,000. Other details follow: 2020 2021 Costs incurred during the year $615,810 $1,422,000 Estimated costs to complete, as of December 31 963,190 –0– Billings during the year 426,000 2,170,000 Collections during the year 343,000 1,520,000 (a) New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. What...
Nash Construction Company uses the percentage-of-completion method of accounting. In 2017, Nash began work under contract...
Nash Construction Company uses the percentage-of-completion method of accounting. In 2017, Nash began work under contract #E2-D2, which provided for a contract price of $2,234,000. Other details follow: 2017 2018 Costs incurred during the year $615,980 $1,420,000 Estimated costs to complete, as of December 31 1,005,020 –0– Billings to date 413,000 2,234,000 Collections during the year 351,000 1,530,000 (a) What portion of the total contract price would be recognized as revenue in 2017? In 2018? Revenue recognized in 2017 $...
Ivanhoe Construction Company uses the percentage-of-completion method of accounting. In 2021, Ivanhoe began work on a...
Ivanhoe Construction Company uses the percentage-of-completion method of accounting. In 2021, Ivanhoe began work on a contract it had received which provided for a contract price of $39500000. Other details follow: 2021 Costs incurred during the year $18800000 Estimated costs to complete as of December 31 12800000 Billings during the year 17500000 Collections during the year 9700000 What should be the gross profit recognized in 2021? $7900000 $4700000 $20700000 $1566667
Exercise 6-29 (Part Level Submission) Sandhill Construction Company uses the percentage-of-completion method of accounting. In 2017,...
Exercise 6-29 (Part Level Submission) Sandhill Construction Company uses the percentage-of-completion method of accounting. In 2017, Sandhill began work under a non-cancellable contract #E2-D2, which provided for a contract price of $2,024,000. Other details follow: 2017 2018 Costs incurred during the year $588,800 $1,311,000 Estimated costs to complete, as at December 31 883,200 0 Billings during the year (non-refundable) 386,400 1,545,600 Collections during the year 322,000 1,380,000 Collapse question part (a) How much revenue should be recognized in 2017 and...
Windham Construction Company uses the percentage of completion method of accounting. In 2018 Windham started work...
Windham Construction Company uses the percentage of completion method of accounting. In 2018 Windham started work on a two-year contract with a total price of $15,000,000. Data for 2018 and 2019 are presented below: (Follow GAAP)                                                                  2018                            2019                       Costs incurred to date             $7,200,000                  $12,050,000             Estimated costs to complete   4,800,000                         - 0 -             Billings during the year          6,000,000                      9,000,000             Collections during the year     4,200,000                      8,900,000 (a)       How much...
Gomez, Inc. began work in 2010 on contract #3814, which provided for a contract price of...
Gomez, Inc. began work in 2010 on contract #3814, which provided for a contract price of $7,200,000. Other details follow: 2010 2011 Costs incurred during the year $1,200,000 $3,675,000 Estimated costs to complete, as of December 31 3,600,000 0 Billings during the year 1,350,000 5,400,000 Collections during the year 900,000 5,850,000 14. Assume that Gomez uses the percentage-of-completion method of accounting. The portion of the total gross profit to be recognized as income in 2010 is a. $450,000. b. $600,000....
A company began work in 2020 on a contract for $7,800. Other data are as follows:...
A company began work in 2020 on a contract for $7,800. Other data are as follows:                                                        2020                         2021 Costs incurred to date                 $3,000 $5,600 Estimated costs to complete         2,000       — Billings to date    3,100                   7,800 Collections to date                       1,000                      4,400 If the company uses the percentage-of-completion method, for the journal entry that records construction revenue, construction expense, and gross profit for 2020, how much will be recorded for Construction in Process?
A company began work in 2020 on a contract for $6,800. Other data are as follows:...
A company began work in 2020 on a contract for $6,800. Other data are as follows:                                                        2020                         2021 2020 2021 costs incurred to date $3,100 $5,600 Estimated Costs to complete 2,000 ----------- Billings to date 3,400 6,800 Collections to date 2,000 4,800 If the company uses the percentage-of-completion method, the gross profit to be recognized in 2021 is                          .
In 2016 the ole construction corp began construction work under a 3 year contract. The contract...
In 2016 the ole construction corp began construction work under a 3 year contract. The contract price was $1,600,000. The Job was completed in 2018.                                                                                 2016                       2017                       2018 Costs incurred to date                                    400000                  935000                  1070000 Estimated costs to complete                       700000                  165000                  0 Billings to date                                                  300000                  900000                  1600000 Collections to date                                           270000                  810000                  1525000 Compute the amount of Gross Profit to be recognized for 2016 and 2017 assuming that ole is required to recognize revenue overtime. Compute the...
Long Construction Company uses the percentage-of-completion method of accounting for long-term construction contracts. During 2021, Long...
Long Construction Company uses the percentage-of-completion method of accounting for long-term construction contracts. During 2021, Long began work on a $400 million fixed-fee construction contract, which was completed in 2024. Cost incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Cost Incurred Estimated Costs to Complete as of December 31 2021 $60 $240 2022 $84 $176 For the year 2022, Long should have recognized gross profit on this contract...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • The City of Macon due to the population growth, the city plans to add an oxidation...
    asked 6 minutes ago
  • You are the new accounting manager at the Barry Transport Company. Your CFO has asked you...
    asked 12 minutes ago
  • [6.74] Nutritional intake among Canadian high-performing female athletes—A total of n = 201 elite female athletes...
    asked 17 minutes ago
  • Complete the ANOVA summary table below. In addition, answer the following questions for the ANOVA summary...
    asked 20 minutes ago
  • Using the data below, compute the following predicted values. 70 62.5 69 64.6 64 69.1 71...
    asked 44 minutes ago
  • Given a normal distribution with μ=100 and σ=8​, and given you select a sample of n...
    asked 48 minutes ago
  • Cane Company manufactures two products called Alpha and Beta that sell for $155 and $115, respectively....
    asked 48 minutes ago
  • A 1.50 V battery supplies 0.250 W of power to a small flashlight for 30.0 min....
    asked 1 hour ago
  • Each of the following surveys has bias. Identify the type of bias. Explain why you think...
    asked 1 hour ago
  • How did the authors of the constitution create a balance between federal and state governments and...
    asked 1 hour ago
  • Discuss how differences between the American and British educational systems might have contributed to higher occupational...
    asked 1 hour ago
  • Each datum feature on a part requiring identification must be assigned a different datum identification letter.                        
    asked 1 hour ago