Please answer the following questions, Thanks!

Q1

For each of the following situations, identify the appropriate method of revenue recognition and the amount of gross prot to be recognized in 2001. a. A company entered into a contract to construct a building for a fee of $650,000. Construction began in 2001 and will be completed in 2003. Estimated cost of the project is $450,000. During 2001 costs of $180,000 were incurred. All costs and revenues can be reasonany estimated. A company sold goods for $100,000 during 2001. Of this amount, $60,000 was cash and $40,000 was on account. The company collected $20,000 of the sales on account during 2001. The cost of the goods sold was $70,000. Assume the same facts as in (a) except that costs are unable to be estimated with any degree of reliability. The following data relates to a rm that allows payments to be made over an extended period of time. Ultimate collection of the sales revenue is not reasonably estimable. Total credit sales for the year $100,000 Gross prot percentage 40% Collections on account $60,000 A, B, and C formed a partnership. When applicable, the partnership agreement states that salaries are to be paid rst, interest on partners' capital second, with the remainder to be divided equally. The cases below are independent. 1. Net loss for the year was $30,000. Neither salaries nor interest on capital balances is to be paid. Partner A's share of net loss is $ Net income for the year was $75,000. The partnership agreement provides for salaries of $10,000 for A and $20,000 for B, with no interest paid on capital balances. Partner A's share of net income is $ Net income for the year was $50,000. The partnership agreement makes no provision for salaries but provides for 5% interest on January 1 capital balances. These balances were $40,000, $30,000, and $30,000 for A, B, and C, respectively. Partner A's share of net income is $ Net income for the year was $46,000. The partnership agreement provides for a $10,000 salary for B and 10% interest on January 1 capital balances. These balances were $20,000 for each partner on January 1. Partner A's share of net income is $ Net income for the year was $1,800. The partnership agreement makes no provision for salaries but provides for 12% interest on January 1 capital balances. These balances were $10,000 for A and $20,000 for B and C. Partner A's share of net income is $