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please answer my all the 4 questions During 2023, Swifty Corporation started a construction job with a contract price of $4.34 million. Swifty ran into
please answer my all the 4 questions
During 2023, Swifty Corporation started a construction job with a contract price of $4.34 million. Swifty ran into severe technical difficulties during construction but managed to complete the job in 2025. The contract is non-cancellable. Under the terms of the contract, Swifty sends billings as revenues are earned. Billings are non-refundable. The following information is available: Assume billings for the construction contract were as follows: 2023,$520,000;2024,$2,050,000; and 2025,$1,770,000. (a) Calculate the balance of the Contract Asset/Liability account at the end of each year using the percentage-of-completion method. (Do not leave any answer field blank. Enter O for amounts. Enter negative amounts using either a negative sign preceding the number eg. 45 or parentheses eg. (45).) Cullumber Construction Company uses the percentage-of-completion method of accounting. In 2023, Cullumber began work under a non-cancellable contract \#E2-D2, which provided for a contract price of $2,187,000. Other details follow: (a) How much revenue should be recognized in 2023? In 2024? Oriole Construction Company has entered into a non-cancellable contract beginning January 1, 2023, to build a parking complex. It has been estimated that the complex will cost $650,000 and will take three years to construct. The complex will be billed to the purchasing company at $1,040,000. The following data pertain to the construction period. (a) Using the percentage-of-completion method, calculate the estimated gross proft that would be recognized during each year of the construction period, (Enter negative amounts using either a negative sign preceding the number eg - 45 or parentheses e.g. (45).). During 2023, Pharoah Company started a construction job with a contract price of $1,344,000. The job was completed in 2025 . The following information is available. The contract is non-cancellable. (a) Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (Enter negative amounts using either a negative sign preceding the number eg. 45 or parentheses es. (45).J Step by Step Solution
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