During 2020, Sheridan Company started a construction job with a contract price of $1,376,000. The...
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Accounting
During 2020, Sheridan Company started a construction job with a contract price of $1,376,000. The job was completed in 2022. The following information is available. The contract is non-cancellable.
| 2020 | 2021 | 2022 | ||||
|---|---|---|---|---|---|---|
| Costs incurred to date | $344,000 | $709,500 | $920,200 | |||
| Estimated costs to complete | 516,000 | 236,500 | 0 | |||
| Billings to date (non-refundable) | 258,000 | 774,000 | 1,376,000 | |||
| Collections to date | 232,200 | 696,600 | 1,225,500 |
Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
| 2020 | 2021 | 2022 | ||||
|---|---|---|---|---|---|---|
| Gross profit / (loss) | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount |
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