Sheridan Construction Company has entered into a non-cancellable contract beginning January 1, 2020, to build...
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Sheridan Construction Company has entered into a non-cancellable contract beginning January 1, 2020, to build a parking comple has been estimated that the complex will cost $635,000 and will take three years to construct. The complex will be billed to the purchasing company at $1,005,000. The following data pertain to the construction period. 2020 2021 2022 $285,750 $476,250 $645,000 349,250 158,750 0 Costs to date Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date 285,750 585,000 1,005,000 1,005,000 255,750 535,000 Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) 2020 2021 2022 Gross profit/(loss) $ e Textbook and Media List of Accounts Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter Ofor amounts. Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses eg. (45).) 2020 2021 2022 Gross profit/(loss) $
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