Solution-Compute amount of gross profit to be recognized

Compute amount of gross profit to be recognized each year

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During 2020, Sage Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available.

2020 2021 2022

Costs incurred to date $380,000 $847,770 $1,069,000

Estimated costs to complete 620,000 253,230 -0-

Billings to date 302,000 896,000 1,610,000

Collections to date 272,000 812,000 1,418,000

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Question 1: Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.

Gross profit recognized in 2020$

enter a dollar amount

Gross profit recognized in 2021$

enter a dollar amount

Gross profit recognized in 2022

Reference no: EM132574423

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Compute amount of gross profit to be recognized each year

Reference no: EM132574423

Reference no: EM132574423

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