Check my work 5 Exercise 6-19 (Algo) Long-term contract; revenue recognition over time and at a point in time (LO6-9) Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2.910,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below Corts incurred during the Estimated costs to completo 12/31 Billing during the year cash collection during 2001 1378,000 1,265,00 1.504,00 . 539.000 1,010,000 500,000 1.045,00 Required: 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 partial balance sheet to show how the information related to this contract would be presented at the end of 2021 sung Norteltecognizes revenue over time according to percentage of completion 4. Prepare a partial balance she show how the information related to this contract would be presented at the end of 2021 assuming this project does not quality for revenue recognition over time. Complete this question by entering your answers in the tabs below. > 5 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 Checy Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 1 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 mission) Revenue Gross Profit (Loss) 2021 2022 Help Save Subm 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 assung Nortel recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) At December 31, 2021 Current assets Current abilities echimli.can.contexternal browser.USIAS Chapter 6 Homework V D 6 Check my Required 1 Required Required be Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2001 assuming this project does not qualify for revenue recognition over time Balance Sheet (Partian At December 31, 2021 Current assets oints book Pi Current labilities Here > 5 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 Checy Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 1 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 mission) Revenue Gross Profit (Loss) 2021 2022 Help Save Subm 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 assung Nortel recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) At December 31, 2021 Current assets Current abilities echimli.can.contexternal browser.USIAS Chapter 6 Homework V D 6 Check my Required 1 Required Required be Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2001 assuming this project does not qualify for revenue recognition over time Balance Sheet (Partian At December 31, 2021 Current assets oints book Pi Current labilities Here
