Question
Oriole Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.5 million. Construction began in 2019 and
Oriole Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.5 million. Construction began in 2019 and was completed in 2021. Below are the details of the transactions related to the contract:
|
|
| 2019 |
| 2020 |
| 2021 |
| Costs incurred during the year |
| $653,000 |
| $810,000 |
| $707,900 |
| Estimated costs to complete |
| 1,487,000 |
| 721,000 |
| 0 |
Calculate the gross profit to be recognized each year using the completed-contract method.
|
|
| 2019 |
| 2020 |
| 2021 |
| Revenue |
| $ |
| $ |
| $ |
| Expenses |
|
|
|
|
|
|
| Gross Profit |
| $ |
| $ |
| $ |
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Cloud Computing Data Auditing Algorithm
Authors: Manjur Kolhar, Abdalla Alameen, Bhawna Dhupia, Sadia Rubab, Mujthaba Gulam
1st Edition
