Question
On March 1, 2017,a company contracted to construct a factory building for a total contract price of $8,330,000. The building was completed by October 31,
On March 1, 2017,a company contracted to construct a factory building for a total contract price of $8,330,000. The building was completed by October 31, 2019.
Contract costs incurred during the year 2017: $2,662,800 2018: $2,188,000 2019: $2,389,200
Estimated costs to complete the contract at 12/31 2017: 3,677,200 2018: 2,389,200 2019: -0-
Billings to Fabrik during the year 2017: 3,180,000 2018: 3,480,000 2019: 1,670,000
How do you get the revenue recognized, percent complete, and the profit/loss recognized for 2017 2018? when you use the percentage of completion method
2019: how do you get the following?
total revenue recognized
total profit on contract
profit previously recognized
profit/loss recognized
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