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On February 1, 2020, Blossom Contractors agreed to construct a building at a contract price of $3,430,000. The total estimated construction costs would be
On February 1, 2020, Blossom Contractors agreed to construct a building at a contract price of $3,430,000. The total estimated construction costs would be $2,005,000 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows: 2020 2021 2022 Total costs incurred to date $ 721,800 $ 1,090,000 $ 2,250,000 Estimated costs to complete 1,283,200 1,090,000 -0- Customer billings to date 1,100,000 2.005,000 3,430,000 Collections to date 1,000,000 1,750,000 2,950,000 Calculate the gross profit/(loss) that should be recognized for 2020, 2021, and 2022 using the percentage completion method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Gross profit/(loss) $ 2020 $ 2021 $ 2022
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