Meberick Company has consistently used the percentage-of-completion method of recognizing income. In 2021, Bruner started work on a €49,000,000 construction contract that was completed in 2022. The following information was taken from Meberick 's 2021 accounting records. What amount of gross profit should Bruner have recognized in 2021 on this contract? Progress billings                                                 €15,400,000

Suppose a company spends $100,000 on research and development in 2021. As a result of the products developed, additional revenue is generated over the next five years totaling $600,000. When is the cost of the research and development in 2021 recognized as an expense?   Multiple Choice   Evenly over the period 2022-2026.   Full amount in 2026.   Evenly over the period 2021-2025.   Full amount in 2021.

Pharoah Construction Company uses the percentage-of-completion method of accounting. In 2025, Pharoah began work under a contract with a contract price of $1,650,000. 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 incorrect. 2025 $1,093,400 446,600 933,400 260,000 2026 $1,510,000 -0- 1,650,000 1,650,000 What portion of the total contract price would be recognized as revenue in 2025? In 2026?

- Oriole Construction Company began work on a $407,000 construction contract in 2025. During 2025, Oriole incurred costs of $272,000, billed its customer for $217,000, and collected $177,500. At December 31, 2025, the estimated additional costs to complete the project total $157,020. Prepare Oriole's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the cost-recovery method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,275. List all debit entries before credit entries. Do not round Intermediate calculations.) No. Account Titles and Explanation (a) (b) eTextbook and Medial List of Accounts Debit Credit

Manson Construction Corp. has consistently used the percentage-of-completion method. In 2020, Manson started work on a $10,500,000 construction contract that was completed in 2021.  The following information was taken from Manson’s 2020 accounting records: Billings to date   $3,300,000 Costs incurred   3,150,000 Collections to date   2,100,000 Estimated costs to complete   6,300,000 What is the amount of revenue that will be recorded in 2020? In 2020, Pop Construction Corp. began work on a contract for $ 3,700,000. Other details follow:            2020 Costs incurred during the year.................................................................... $ 1,800,000 Estimated costs to complete as of December 31................................... 1,200,000 Billings during the year................................................................................. 1,650,000 Collections during the…