During 2020, Nilsen Company started a construction job with a contract price of $1.6 million....
60.1K
Verified Solution
Link Copied!
Question
Accounting
During 2020, Nilsen Company started a construction job with a contract price of $1.6 million. The job was completed in 2022. The following information is available. The contract is non-cancellable.
| 2020 | 2021 | 2022 | |
| Costs incurred to date | $400,000 | $825,000 | $1,070,000 |
| Estimated costs to complete | 600,000 | 275,000 | 0 |
| Billings to date (non-refundable) | 300,000 | 900,000 | 1,600,000 |
| Collections to date | 270,000 | 810,000 | 1,425,000 |
| Part (b) 'Prepare all necessary journal entries for 2020 and 2021' |
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.