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Brief Exercise 6-34 (Algo) Long-term contract; revenue recognition over time; balance sheet (LO6-9) A construction company entered into a fixed-price contract to build an office building for $24 million. Construction costs incurred during the first year were $7 million and estimated costs to complete at the end of the year were $13 million. During the first year the company billed its customer $7 million, of which $5 million was collected before year-end. What would appear in the year-end balance sheet related to this contract using the percentage-of-completion method? (Enter your answers in whole dollars.) Brief Exercise 6-34 (Algo) Long-term contract; revenue recognition over ti A construction company entered into a fixed-price contract to build an office building for $24 m during the first year were $7 million and estimated costs to complete at the end of the year wer During the first year the company billed its customer $7 million, of which $5 million was collecte ne vestendi halaman What would appear in the year-end balance sheet related to this contract using the percentage- answers in whole dollars.) Assets: WALA Accounts receivable Billings in excess of costs Billings in excess of costs plus profit Billings on construction contract Construction in progress Coct of contruction Brief Exercise 6-34 (Algo) Long-term contract; revenue recognition over time A construction company entered into a fixed-price contract to build an office building for $24 million during the first year were $7 million and estimated costs to complete at the end of the year were $1 04:03:16 During the first year the company billed its customer $7 million, of which $5 million was collected be ipped What would appear in the year-end balance sheet related to this contract using the percentage-of-c answers in whole dollars.) -Book Assets.................................................. erences LLL Construction in progress Cost of construction Costs in excess of billings Costs plus profit in excess of billings Deferred gross profit Prey 2 of 8 !!! Next > Brief Exercise 6-34 (Algo) Long-term contract; revenue recognition A construction company entered into a fixed-price contract to build an office building for during the first year were $7 million and estimated costs to complete at the end of the ye 2:49 During the first year the company billed its customer $7 million, of which $5 million was c What would appear in the year-end balance sheet related to this contract using the perce answers in whole dollars.) Assets: ces Deferred revenue Installment receivables Loss on long-term contract Notes receivable Realized gross profit Brief Exercise 6-34 (Algo) Long-term contract; revenue recognition over A construction company entered into a fixed-price contract to build an office building for $24 during the first year were $7 million and estimated costs to complete at the end of the year w During the first year the company billed its customer $7 million, of which $5 million was collec What would appear in the year-end balance sheet related to this contract using the percentag answers in whole dollars.) Assets ........ : EU Installment receivabl Loss on long-term contract Notes receivable Realized gross profit Revenue from long-term contracts