Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus...
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Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount $ 3,450,000 Cost: 2020 1,300,000 2021 700,000 Gross profit: 2020 950,000 2021 500,000 Contract billings: 2020 1,725,000 2021 1,725,000 ADH recognizes revenue upon completion of the contract. In its December 31, 2020, balance sheet, ADH would report: Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount $ 3,450,000 Cost: 2020 1,300,000 2021 700,000 Gross profit: 2020 950,000 2021 500,000 Contract billings: 2020 1,725,000 2021 1,725,000 ADH recognizes revenue upon completion of the contract. In its December 31, 2020, balance sheet, ADH would report:
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