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Req 1 Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years. Note: Loss amounts should
Req
Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years.
Note: Loss amounts should be indicated with a minus sign. Leave no cells blank.
Red text indicates no response was expected in a cell or a formulabased calculation is incorrect; no points deducted. Prepare journal entries for to record the transactions described credit "Cash, Materials, etc." for construction costs incurred
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
tableNoYear,General Journal,Debit,CreditConstruction in progress,Cash, Materials, etc.,Accounts receivable,Billings on construction contract,Cash,Accounts receivable,No journal entry required,xoxxx
Req A Prepare a partial balance sheet to show the presentation of the project as of December
Note: Do not round intermediate calculations. Round your answers to the nearest dollar amount.Prepare a partial balance sheet to show the presentation of the project as of December Note: Do not round intermediate calculations. Round your answers to the nearest dollar amount.
tableBalance SheetAt December Current assets:,$Accounts receivable,Current liabilities:,Billings in excess of CIP, On February Arrow Construction Company entered into a threeyear construction contract to build a bridge for a price of
$ During costs of $ were incurred, with estimated costs of $ yet to be incurred. Billings of
$ were sent, and cash collected was $
In costs incurred were $ with remaining costs estimated to be $ billings were $ and
$ cash was collected. The project was completed in after additional costs of $ were incurred. The
company's fiscal yearend is December This project does not qualify for revenue recognition over time.
Required:
Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years.
a Prepare journal entries for to record the transactions described credit "Cash, Materials, etc." for construction costs incurred
b Prepare journal entries for to record the transactions described credit "Cash, Materials, etc." for construction costs incurred
a Prepare a partial balance sheet to show the presentation of the project as of December
b Prepare a partial balance sheet to show the presentation of the project as of December On February Arrow Construction Company entered into a threeyear construction contract to build a bridge for a price of $ During costs of $ were incurred, with estimated costs of $ yet to be incurred. Billings of $ were sent, and cash collected was $
In costs incurred were $ with remaining costs estimated to be $ billings were $ and $ cash was collected. The project was completed in after additional costs of $ were incurred. The companys fiscal yearend is December This project does not qualify for revenue recognition over time.
Required:
Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years.
a Prepare journal entries for to record the transactions described credit "Cash, Materials, etc." for construction costs incurred
b Prepare journal entries for to record the transactions described credit "Cash, Materials, etc." for construction costs incurred
a Prepare a partial balance sheet to show the presentation of the project as of December
b Prepare a partial balance sheet to show the presentation of the project as of December
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