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QUESTION 4 Golden Bridge Construction Co. contracted to build a bridge for $10,000,000. Construction began in 2021 and was completed in 2022. Progress billings were
QUESTION 4 Golden Bridge Construction Co. contracted to build a bridge for $10,000,000. Construction began in 2021 and was completed in 2022. Progress billings were $4,200,000 dur ing 2021. Data relating to the construction are: 2021 2022 $3,300,000 $2,750,000 Costs incurred during the year Estimated costs to complete 2.700,000 Golden Bridge uses the percentage-of-completion method. (a) How much revenue should be reported for 2021? () What is the balance in Billings on Construction in Process at the end of 2021? te) Annume that you computed revenue for 2021 to be $5,000,000. How much gross profit should be reported for 2021? (d) Assume that you computed revenue for 2021 to be $5,000,000. How much revenue should be reported for 2022? Note: Husky CT is very sensitive about spacing commas, etc. Your short answers must follow specific formats to be graded correctly Do not use a S. Use commas in numbers: 3,000 not3000. Round your answer. 2,567 not 2.5874 or 2.568 not 2,567.5
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