Assume Nortel Networks contracted to provide a customer with internet infrastructure for $2.400,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: Costs incurred during the year Estimated costs to complete of 12/31 lines during the year Cith collection during the year 2021 2012 $32,000 $1,719,000 1,378,000 444,000 1,956,000 295.000 2.102,000 Required: 1 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion 2 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not quality for revenue recognition over time 3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion 4 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. Complete this question by entering your answers in the tabs below. Required Required 1 Required 2 Required Compute the amount of revenue and gross profit or loss to be recognised in 2021 and 2022 assuming Nortel recognizes revenge over time according to percentage of completion (Loss amounts should be indicated with a minusson Use percentage calculated and rounded in the table below to arrive at your final answer Percentages of completion Choose numerator + Choose denominator % complete to dalo 2021 2022 0 0 To date 2021 Recognized in prior years Recognized in 2021 0 Construction revenue Construction expenso Gross profit loss) $ $ $ 0 0 2022 To date Recognized in prior years Recognized in 2022 0 Construction revenue Construction expense Gross profit (los) $ $ $ 0 0 Round Required 2 > plina Unin x m Dashboard x mashboard Malltres Drobnjak - Outlook X 9 Qu lm cha tomheducation.com/ext/map/index.html con contestemal browser launch Urhttps253A%252F%252Fnewconnect.meducation.com%252F/ YouTube Maps 6 Homework Suved muyor 2. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not for revenue recognition over time. 3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion 4. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required* Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. (loss amounts should be indicated with a minus sion) Revenue Grous Profit (1030) 2021 2022 es Required 1 Required 2 Required 3 Required 4 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion Balance Sheet (Partial At December 31, 2021 Current assets Book Print erences Current liabilities X Can X method The word SMO Outlook Orion - Chapter exto meducation.com/est/map/index.html?con..constel browser daunch http%25252Fnewconnect.education.com 252Factum DYouTube Mape cm Chapter 6 Homework i Complete this question by entering your answers in the tabs below. 7. Required 1 Hraquared2 Required Required 4 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. Balance Sheet (Partial) At December 31, 2021 BOOK Current assets Current liabilities Sicer Hill d * Assume Nortel Networks contracted to provide a customer with internet infrastructure for $2.400,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: Costs incurred during the year Estimated costs to complete of 12/31 lines during the year Cith collection during the year 2021 2012 $32,000 $1,719,000 1,378,000 444,000 1,956,000 295.000 2.102,000 Required: 1 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion 2 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not quality for revenue recognition over time 3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion 4 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. Complete this question by entering your answers in the tabs below. Required Required 1 Required 2 Required Compute the amount of revenue and gross profit or loss to be recognised in 2021 and 2022 assuming Nortel recognizes revenge over time according to percentage of completion (Loss amounts should be indicated with a minusson Use percentage calculated and rounded in the table below to arrive at your final answer Percentages of completion Choose numerator + Choose denominator % complete to dalo 2021 2022 0 0 To date 2021 Recognized in prior years Recognized in 2021 0 Construction revenue Construction expenso Gross profit loss) $ $ $ 0 0 2022 To date Recognized in prior years Recognized in 2022 0 Construction revenue Construction expense Gross profit (los) $ $ $ 0 0 Round Required 2 > plina Unin x m Dashboard x mashboard Malltres Drobnjak - Outlook X 9 Qu lm cha tomheducation.com/ext/map/index.html con contestemal browser launch Urhttps253A%252F%252Fnewconnect.meducation.com%252F/ YouTube Maps 6 Homework Suved muyor 2. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not for revenue recognition over time. 3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion 4. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required* Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. (loss amounts should be indicated with a minus sion) Revenue Grous Profit (1030) 2021 2022 es Required 1 Required 2 Required 3 Required 4 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion Balance Sheet (Partial At December 31, 2021 Current assets Book Print erences Current liabilities X Can X method The word SMO Outlook Orion - Chapter exto meducation.com/est/map/index.html?con..constel browser daunch http%25252Fnewconnect.education.com 252Factum DYouTube Mape cm Chapter 6 Homework i Complete this question by entering your answers in the tabs below. 7. Required 1 Hraquared2 Required Required 4 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. Balance Sheet (Partial) At December 31, 2021 BOOK Current assets Current liabilities Sicer Hill d *
