Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during 2020, concord corporation started a constru

During 2020, Concord Corporation started a construction job with a contract price of $5.04 million...

90.2K

Verified Solution

Question

Accounting

image

During 2020, Concord Corporation started a construction job with a contract price of $5.04 million Concord ran into severe technical difficulties during construction but managed to complete the job in 2022. The contract is non-cancellable. Under the terms of the contract, Concord sends billings as revenues are earned. Billings are non-refundable. The following information is available: 2020 2021 2022 $2,520.000 $4.940.000 Costs incurred to date Estimated costs to complete $720,000 3.780.000 2,520,000 0 Billings for the construction contract were as follows:2020, 5620.000,2021. $2,300,000, and 2022. $2.120,000 Calculate the balance of the Contract Asset Liability account at the end of each year using the percentage-of-completion method. (Do not leave any answer field blank. Enter for amounts) December 31, 2020 December 31, 2021 December 31, Balance of the Contract Asset Liability $ $ $ eTextbook and Media Calculate the balance of the Contract Asset Liability account at the end of each year using the zero-profit and completed contract methods. (Do not leave any answer field Blank Enter for amounts.) December 31, 2020 December 31, 2021 December 31, Balance of the Contract Asset Liability $ $

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