FINANCIAL ACCOUNTING
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Author: Libby
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Transcribed Image Text:Cullumber Construction Company uses the percentage-of-completion method of accounting. In 2025, Cullumber began work under
contract #E2-D2, which provided for a contract price of $2,187,000. Other details follow:
Costs incurred during the year
Estimated costs to complete, as of December 31
Billings during the year
Collections during the year
(a)
Your answer is correct.
Revenue recognized in 2025
Revenue recognized in 2026
$
2025
$
$658,560
909,440
421,000
348,000
What portion of the total contract price would be recognized as revenue in 2025? In 2026? (Do not round intermediate calculations.)
918540
2026
$1,408,000
1268460
-0-
1,667,000
1,527,000
Transcribed Image Text:(b)
Your answer is incorrect.
Assuming the same facts as those above except that Cullumber uses the cost-recovery method of accounting, what portion of the
total contract price would be recognized as revenue in 2026?
Revenue recognized in 2026
$
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