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Camden Corporations agreed to build a warehouse for a client at an agreed contract price of $1,800,000. Expected (and actual) costs for the warehouse follow:
Camden Corporations agreed to build a warehouse for a client at an agreed contract price of $1,800,000. Expected (and actual) costs for the warehouse follow: 2016, $405,000; 2017, $675,000; and 2018, $270,000. The company completed the warehouse in 2018. Compute revenues, expenses, and income for each year 2016 through 2018, and for all three years combined, using the cost-to-cost method.
Cost-to-Cost Method | ||||
---|---|---|---|---|
% of total | ||||
Costs | expected | Revenue | ||
Year | incurred | costs | recognized | Income |
2016 | Answer | Answer | Answer | Answer |
2017 | Answer | Answer | Answer | Answer |
2018 | Answer | Answer | Answer | Answer |
Total | Answer | Answer | Answer |
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