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Need help with this please Sheridan Construction Company has entered into a non-cancellable contract beginning January 1, 2017, to build a parking complex. It has
Need help with this please
Sheridan Construction Company has entered into a non-cancellable contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex will cost $516,000 and will take three years to construct. The complex will be billed to the purchasing company at $774,000. The following data pertain to the construction period. 2017 2018 2019 Costs to date $232,200 $387,000 $524,600 Estimated costs to complete 283,800 129,000 0 Progress billings to date (non-refundable) 232,200 473,000 774,000 Cash collected to date 206,400 430,000 774,000 Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter 0 for amounts.) 2017 2018 2019 Gross profit recognized $ $ $ Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter 0 for amounts.) 2017 2018 2019 Gross profit recognized $ $ $Step by Step Solution
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