Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. account titles and explanation debit credit constr

Account Titles and Explanation Debit Credit Construction in Process 370000 Materials, Cash, Payables 370000 (To...

50.1K

Verified Solution

Question

Accounting

image
image
Account Titles and Explanation Debit Credit Construction in Process 370000 Materials, Cash, Payables 370000 (To record cost of construction.) Accounts Receivable 630000 Billings on Construction in Process 630000 (To record progress billings.) | Cash 267000 Accounts Receivable 267000 (To record collections.) Construction in Process 370000 Cost of Installment Sales 218300 Revenue from Long-Term Contracts 588300 Ta rocnina MADU During 2020. Pronghorn Company started a construction job with a contract price of $ 1.590,000. The job was completed in 2022. The following information is available. Costs incurred to date 2020 2021 2022 $370,000 $869.790 $1,080,000 630,000 231,210 -O- 302,000 900,000 1.590,000 Estimated costs to complete Billings to date Collections to date 267.000 804,000 Your answer is correct. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ 218300 168010 Gross profit recognized in 2021 Gross profit recognized in 2022 $ $ 123690

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

QUESTION #1: Carbon monoxide and chlorine gas react to form phosgene: CO(g)+Cl2(g)⇌COCl2(g) Kp = 3.10 at 700...

Biology
1.2K views

iscussion Post A oard Posts 25 total e of your participation you will write 200...

Physics
1.2K views

A spherical soap bubble surface tension S encloses n moles of mono atomic gas The...

Physics
1.2K views

14 Find the strain of a brass rod of length 100mm which is subjected to...

Geometry
1.2K views

A1 oot s set Le 410

Calculus
1.2K views

roblem 2 Find all solutions to the equation cos x 3 in the interval 2...

Algebra
1.2K views

Divide by using synthetic division Check your answer by multiplication h h 2 h 2...

Algebra
1.2K views

How many possible arrangements are there for a deck of 52 playing cards? (Consider only...

Accounting
1.2K views

New lithographic equipment, acquired at a cost of $800,000 on March 1 of Year 1...

Accounting
1.2K views

What formula was used to solve the question? Portraits Unlimited Company Budgeted Income Statement for...

Accounting
1.2K views

ecosun solutions inc. budgeting project can I see how the cost of good sold...

Accounting
1.2K views

The following information is available to reconcile Branch Company's book balance of cash with its...