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Please help with blanks in white/red... thank you! On July 1, 2020, Splish Construction Company Inc. contracted to build an office building for Gumbel Corp.
Please help with blanks in white/red... thank you!
On July 1, 2020, Splish Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,910,000. On July 1, Splish estimated that it would take between 2 and 3 years to complete the building. On December 31, 2022, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2020, 2021, and 2022. At 12/31/20 At 12/31/21 At 12/31/22 Contract costs incurred to date $285,000 $1,232.200 $2,114,200 Estimated costs to complete the contract 1,215,000 787,800 -0- Billings to Gumbel 290,000 1,100,000 1,850,000 (a) Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any field blank. If an amount should be deducted then enter the amount using either a negative sign prececeding the number e.g. -45 or parenthesis eg. (45).) 2020 Costs to date (12/31/20) CA 285000 Estimated Costs to Complete 1215000 Estimated Total Costs $ $ 1500000 Percent Complete 19 % Revenue Recognized $ 362900 Costs Incurred -285000 Profit/(Loss) Recognized in 2020 $ 77900 2021 Costs to date (12/31/21) $ 1232200 Estimated Costs to Complete 787800 Estimated Total Costs 2020000 Contract Price Total Profit/Loss $ Total Profit/Loss $ Gross Profit Recognized in 2020 77900 Profit/(Loss) Recognized in 2021 $ 2022 Costs to date (12/31/22)Step by Step Solution
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