Pickle Company has contracted to build for the city of Charleston a new school. The...
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Accounting
| Pickle Company has contracted to build for the city of Charleston a new school. The estimated cost is $6,000,000 | ||||||
| and the contract price is $10,000,000. The school took three years to complete as follows: | ||||||
| 2020 | 2021 | 2022 | ||||
| Costs to Date | $1,500,000 | $4,000,000 | $6,200,000 | |||
| Costs to Complete | $4,500,000 | $2,200,000 | $0 | |||
| Amounts Billed to Date | $2,300,000 | $5,800,000 | $10,000,000 | |||
| Collections to Date | $1,300,000 | $5,300,000 | $10,000,000 | |||
| Determine using the percentage of completion method the gross profit to be recognized for: | ||||||
| 2020 | 2021 | 2022 | ||||
B.
| b | Determine using the completed contract method the gross profit to be recognized for : | ||||||
| 2020 | 2021 | 2022 | |||||
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