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a) × Your answer is incorrect. What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ 889710 Revenue recognized in 2021 $ 1334290

a) × Your answer is incorrect. What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ 889710 Revenue recognized in 2021 $ 1334290

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Crane Construction Company uses the percentage-of-completion method of accounting. In 2020, Crane began work under contract #E2-D2, which provided for a contract price of $2,224,000. Other details follow: 2020 2021 Costs incurred during the year $644,800 $1,417,000 Estimated costs to complete, as of December 31 967,200 -0- Billings during the year 424,000 2,224,000 Collections during the year 351,000 1,519,000 (a) × Your answer is incorrect. What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ Revenue recognized in 2021 889710 1334290
Transcribed Image Text:Crane Construction Company uses the percentage-of-completion method of accounting. In 2020, Crane began work under contract #E2-D2, which provided for a contract price of $2,224,000. Other details follow: 2020 2021 Costs incurred during the year $644,800 $1,417,000 Estimated costs to complete, as of December 31 967,200 -0- Billings during the year 424,000 2,224,000 Collections during the year 351,000 1,519,000 (a) × Your answer is incorrect. What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 $ Revenue recognized in 2021 889710 1334290
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