Question 3 of 6 > -/1 ill View Policies 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 foed price contract for 59.7 million. The following data pertain to the construction period Gall figures in thousands) 2022 1.700 Costs for the year Estimated costs to complete Progress billings for the year (non-refundable Cash collected for the year 2020 $3,690 4.510 3,365 2,965 2021 4.510 1.800 3,935 3,985 2,400 2.750 Calculate the construction costs to be expensed in 2021. Construction costs s eTextbook 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 for the amounts.) Account Titles and Explanation Debit Credit 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 S S eTextbook 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 eg.-45 or parentheses eg. (451) WILDHORSE ENTERPRISES LTD. Partial Statement of Financial Position December 31, 2021 S WILDHORSE ENTERPRISES LTD. Partial Income Statement Year Ended December 31, 2021 S S Question 3 of 6 > -/1 ill View Policies 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 foed price contract for 59.7 million. The following data pertain to the construction period Gall figures in thousands) 2022 1.700 Costs for the year Estimated costs to complete Progress billings for the year (non-refundable Cash collected for the year 2020 $3,690 4.510 3,365 2,965 2021 4.510 1.800 3,935 3,985 2,400 2.750 Calculate the construction costs to be expensed in 2021. Construction costs s eTextbook 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 for the amounts.) Account Titles and Explanation Debit Credit 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 S S eTextbook 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 eg.-45 or parentheses eg. (451) WILDHORSE ENTERPRISES LTD. Partial Statement of Financial Position December 31, 2021 S WILDHORSE ENTERPRISES LTD. Partial Income Statement Year Ended December 31, 2021 S S
