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Revenue Recognition: Fluor Corporation (i.e., Fluor) When answering questions one through seven, please: Refer to the excerpt about revenue recognition that is taken from
Revenue Recognition: Fluor Corporation (i.e., Fluor) When answering questions one through seven, please: Refer to the excerpt about revenue recognition that is taken from Fluor's 10-K for the fiscal year that ended on December 31, 2022. This except is in the exam booklet. Show your supporting calculations in the worksheet named Fluor Revenue, which is in the Excel file. This worksheet is blank. You are to enter the relevant data into it, and then use Excel to calculate your answers. Fluor Corporation is an American multinational engineering and construction firm headquartered in Irving, Texas. It is the largest publicly traded engineering and construction company in the Fortune 500 rankings. Its fiscal year ends on December 31. When answering questions one and two, suppose that on December 1, 2021, the country of Atlantis signed a contract with Fluor in which Fluor agreed to construct a water treatment plant for Atlantis. At the time the contract was signed, Fluor expected to complete the plant by January 31, 2023. Atlantis agreed to pay Fluor $30,000,000 in exchange for the plant. Atlantis paid half of this amount on the day the contract was signed and it agreed to pay the remaining half upon completion of the plant. On the day that Fluor signed the contract, it estimated the total cost of constructing the plant to be $20,000,000 and during the month of December 31, 2021, Fluor incurred costs of $1,300,000. Question 1 2.5 pts How much revenue (with respect to the water treatment plant) did Fluor recognize in 2021? Your answer should be in dollars. It should be an integer and you should omit the dollar sign. Question 2 2.5 pts How much gross profit (with respect to the water treatment plant) did Fluor recognize in 2021? Your answer should be in dollars. It should be an integer and you should omit the dollar sign.
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