Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can it be done as a chart similar to this one so i can understand it better? *Problem 18-11 On July 1, 2017, Sweet Construction

Can it be done as a chart similar to this one so i can understand it better?

image text in transcribedimage text in transcribed

*Problem 18-11 On July 1, 2017, Sweet Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,890,000. On July 1, Sweet estimated that it would take between 2 and 3 years to complete the building. On December 31, 2019, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2017, 2018, and 2019. At 12/31/17 12/31/18 12/31/19 At At Contract costs incurred to date Estimated costs to complete the contract Billings to Gumbel $312,900 $1,148,400 $2,076,000 ,177,100 831,600 300,000 1,090,000 1,850,000 (a) Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2017, 2018, and 2019. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any field blank.) 2017 2018

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions