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Current Attempt in Progress Wildhorse Enterprises Ltd. has entered into a contract beginning in February 2020 to build two warehouses for Atlantis Structures Ltd. The contract is a non-cancellable fixed price contract for $9.7 million. The following data pertain to the construction period (all figures in thousands). 2020 2021 2022 Costs for the year $3,690 4,510 1.700 Estimated costs to complete 4,510 1,800 -0- Progress billings for the year (non-refundable) 3,365 3.935 2.400 Cash collected for the year 2,965 3,985 2,750 Using the percentage-of-completion method, calculate the percent complete for 2020 and 2021. 2020 2021 Percent complete 45 % 93 % e Textbook and Media List of Accounts Calculate the amount of revenue to be recognized in 2020 and 2021. 2020 2021 Revenue recognized $ $ e Textbook and Media List of Accounts Calculate the construction costs to be expensed in 2021. Construction costs $ e Textbook and Media List of Accounts Prepare the journal entry at December 31, 2021, to record long-term contract revenues, expenses, and losses for 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Construction Expenses Contract Asset/Liability Revenue from Long-Term Contracts eTextbook and Media List of Accounts What is the balance in the Contract Asset/Liability account at December 31, 2020 and 2021? December 31, 2020 December 31, 2021 Balance in the Contract Asset/Liability account $ e Textbook and Media List of Accounts Show how the construction contract would be reported on the SFP and the income statement for the year ended December 31, 2021. (List Current assets in order of liquidity. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) WILDHORSE ENTERPRISES LTD. Partial Statement of Financial Position Current Assets Contract Asset/Liability WILDHORSE ENTERPRISES LTD. Partial Income Statement Construction Expenses Gross Profit / (Loss) e Textbook and Media List of Accounts Assume that Wildhorse uses the zero-profit or completed-contract method. What would be the journal entry recorded on December 31, 2021? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts
