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D Connect E] https eztomheducationcom '- AF'erfoi'mance EMail Liberty Home \"I Blackboard ' ge EMail in linkedln Indeed Thrift Sav - Other favorites Chapter 06 0 Saved Help Saves. Exit Submit 6 A On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, DC. for $350 million. The expected completion date is April 1. 2023.]ust in time for the 2023 baseball season. Cosm incurred and estimated costs to complete atyeareend for the life of the contract are as follows (Eli in millions): 2 points 2921 2922 2823 Costs incurred during the year s 39 $149 $49 Estimated costs to complete as of December 31 179 so 7 EBDOK HIi'it Required: 1. Compute the revenue and gross profit will Sanderson report in its 2021. 2022, and 2023 income statements related to this contract Print assuming Sanderson recognizes revenue over time according to percentage of completion. 2. Compute the revenue and gross prot will Sanderson report in its 2021. 2022. and 2023 income statements related to this contract assuming this project does not qualify for revenue recognition over time. 3. Suppose the estimated costs to complete at the end of 2022 are $170 million instead of $80 million. Compute the amount of revenue and gross profit or loss to be recognized in 2022 assuming Sanderson recognizes revenue over time according to percentage of completion. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the revenue and gross prot will Sanderson report in its 2021, 2022, and 2023 income statements related to this contract assuming Sanderson recognizes revenue over time according to percentage of completion. (Enter your answers in millions. Loss amounts should be indicated with a minus sign. Use percentages as calculated and rounded in the table below to arrive at your final answer.) Show less A Edualiori n )3 Type here to search Mail - Gardner, Jeffrey Steven - C X Connect X 50Cent Ft Eminem, 2Pac - Patient X C Mail - Gardner, Jeffrey Steven - X X b On June 15, 2021, Sanderson Co: X + X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.liberty.edu%252Fweba.. APerformance EMail Lu Liberty Home Bb Blackboard College EMail in Linkedin ; Indeed Thrift Savings Plan G Google Other favorites Chapter 06 i Saved Help Save & Exit Submit Check my work 6 Percentages of completion Choose numerator Choose denominator = % complete to date 2 points 2021 = 2022 11 202 eBook 2021 Hint To date Recognized in prior years Recognized in 2021 Print Construction revenue Construction expense Gross profit (loss) 2022 To date Recognized in prior years Recognized in 2022 Construction revenue Construction expense Gross profit (loss 2023 To date Recognized in prior years Recognized in 2023 Construction revenue Construction expense Gross profit (loss) Mc Graw Hill ducation Type here to search S 12:16 19/09/2020Mail - Gardner, Jeffrey Steven - C X Connect X 50Cent Ft Eminem, 2Pac - Patient X C Mail - Gardner, Jeffrey Steven - X X b On June 15, 2021, Sanderson Co: X + X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.liberty.edu%252Fweba.. APerformance EMail Lu Liberty Home Bb Blackboard . College EMail in Linkedin ; Indeed Thrift Savings Plan G Google Other favorites Chapter 06 i Saved Help Save & Exit Submit Check my work 6 assuming this project does not quality for revenue recognition over time. 3. Suppose the estimated costs to complete at the end of 2022 are $170 million instead of $80 million. Compute the amount of revenue and gross profit or loss to be recognized in 2022 assuming Sanderson recognizes revenue over time according to percentage of completion. 2 points Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Required 3 Hint Print Compute the revenue and gross profit will Sanderson report in its 2021, 2022, and 2023 income statements related to this contract assuming this project does not qualify for revenue recognition over time. (Enter your answers in millions. Loss amounts should be indicated with a minus sign.) Year Revenue Gross Profit (Loss) recognized recognized 2021 million million 2022 million million 2023 million million Required 1 Required 3 > Screenshot Added A screenshot was added to your Dropbox. Mc Graw Hill Dropbox ducation Type here to search S 2:16 19/09/2020Mail - Gardner, Jeffrey Steven - C X Connect X 50Cent Ft Eminem, 2Pac - Patient X C Mail - Gardner, Jeffrey Steven - X X b On June 15, 2021, Sanderson Co: X + X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flearn.liberty.edu%252Fweba.. APerformance EMail Lu Liberty Home Bb Blackboard . College EMail in Linkedin ; Indeed Thrift Savings Plan GGoogle Other favorites Chapter 06 i Saved Help Save & Exit Submit Check my work 6 peiLEillaye UI LUITIPIEQUII. Complete this question by entering your answers in the tabs below. 2 points Required 1 Required 2 Required 3 eBook Suppose the estimated costs to complete at the end of 2022 are $170 million instead of $80 million. Compute the amount of revenue and gross profit or loss to be recognized in 2022 using the percentage of completion method. (Enter your answers in millions. Use Hint percentages as calculated and rounded in the table below to arrive at your final answer.) Print Percentages of completion Choose numerator Choose denominator % complete to date 2022 = 2022 To date Recognized in prior Years Recognized in 2022 Construction revenue Construction expense Gross profit (loss) Screenshot Added A screenshot was added to your Dropbox. Mc Graw 6 of 10 Dropbox Hill Next > ducation
