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Blue Construction Company uses the percentage-of-completion method of accounting. In 2020, Blue began work under contract #62 D2, which provided for a contract price of
Blue Construction Company uses the percentage-of-completion method of accounting. In 2020, Blue began work under contract #62 D2, which provided for a contract price of $2.224.000. Other details follow: 2020 2021 $644.800 $1.417,000 967,200 -0- Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 424,000 2.224.000 351.000 1.519,000 (a) What portion of the total contract price would be recognized as revenue in 2020? In 2021? $ Revenue recognized in 2020 $ Revenue recognized in 2021
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian edition
119-49633-5, 1119496497, 1119496330, 978-1119496496
