On February 1, 2020, Bramble Contractors agreed to construct a building at a contract price...
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Accounting
On February 1, 2020, Bramble Contractors agreed to construct a building at a contract price of $5,820,000. Bramble estimated total construction costs would be $4,016,000 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows:
2020 2021 2022
Total costs incurred to date. $1,506,000 $2,652,000 $4,610,000
Estimated costs to complete. 2,510,000 1,768,000 -0-
Customer billings to date 2,220,000 4,016,000 5,620,000
Collections to date 2,020,000 3,520,000 5,520,000
Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2020, 2021, and 2022.
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