apter 6 Question 9 of 9 - / 20 5 View Policies Current Attempt in Progress Blossom Enterprises Ltd. has entered into a contract beginning in February 2020 to build two warehouses for Atlantis Structures Ltd. The contract is a non-cancellable fixed price contract for $9.7 million. The following data pertain to the construction period (all figures in thousands). 2022 Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year 2020 $3.735 4,565 3,410 3,005 2021 4,565 1.700 3,990 4,040 1,600 -0- 2.300 2,655 Using the percentage-of-completion method, calculate the percent complete for 2020 and 2004 2020 2021 45 96 83 Percent complete % e Textbook and Media List of Accounts Question 9 of 9 - 720 E Calculate the amount of revenue to be recognized in 2020 and 2021. 2021 2020 $ Revenue recognized 4365000 $ 3686000 eTextbook and Media List of Accounts Calculate the construction costs to be expensed in 2021. Construction costs $ 4565000 e Textbook and Media List of Accounts uestion 9 of 9 -120 List of Accounts Assume that Blossom uses the zero-profit or completed-contract method. What would be the journal entry recorded on December 31, 2021? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Last saved 13 hours ago Attempts: 0 of 1 used Submit Ans Saved work will be auto submitted on the due date, Question 9 of 9 - /20 Show how the construction contract would be reported on the SFP and the income statement for the year ended December 31, 2021. (List Current assets in order of liquidity. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) BLOSSOM ENTERPRISES LTD. Partial Statement of Financial Position December 31, 2021 Current Assets $ BLOSSOM ENTERPRISES LTD. Partial Income Statement Year Ended December 31, 2021 $ Net Income /(Loss) $ apter 6 Question 9 of 9 - / 20 5 View Policies Current Attempt in Progress Blossom Enterprises Ltd. has entered into a contract beginning in February 2020 to build two warehouses for Atlantis Structures Ltd. The contract is a non-cancellable fixed price contract for $9.7 million. The following data pertain to the construction period (all figures in thousands). 2022 Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year 2020 $3.735 4,565 3,410 3,005 2021 4,565 1.700 3,990 4,040 1,600 -0- 2.300 2,655 Using the percentage-of-completion method, calculate the percent complete for 2020 and 2004 2020 2021 45 96 83 Percent complete % e Textbook and Media List of Accounts Question 9 of 9 - 720 E Calculate the amount of revenue to be recognized in 2020 and 2021. 2021 2020 $ Revenue recognized 4365000 $ 3686000 eTextbook and Media List of Accounts Calculate the construction costs to be expensed in 2021. Construction costs $ 4565000 e Textbook and Media List of Accounts uestion 9 of 9 -120 List of Accounts Assume that Blossom uses the zero-profit or completed-contract method. What would be the journal entry recorded on December 31, 2021? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Last saved 13 hours ago Attempts: 0 of 1 used Submit Ans Saved work will be auto submitted on the due date, Question 9 of 9 - /20 Show how the construction contract would be reported on the SFP and the income statement for the year ended December 31, 2021. (List Current assets in order of liquidity. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) BLOSSOM ENTERPRISES LTD. Partial Statement of Financial Position December 31, 2021 Current Assets $ BLOSSOM ENTERPRISES LTD. Partial Income Statement Year Ended December 31, 2021 $ Net Income /(Loss) $
