FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Capital Gain
Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that ba…
Question
During 2025, Sandhill Company started a construction job with a contract price of $1,580,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date (a) Your answer is correct. 2025 $383,800 $807,380 626,200 298,620 297,000 271,000 Gross profit recognized in 2025 $ eTextbook and Media Gross profit recognized in 2026 $ List of Accounts Gross profit recognized in 2027 $ 2026 895,000 807,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. $1,070,000 2027 1,580,000 1,433,000 216600 -0- 129420 163980 Attempts: 2 of 5 used
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Transcribed Image Text:During 2025, Sandhill Company started a construction job with a contract price of $1,580,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date (a) Your answer is correct. 2025 $383,800 $807,380 626,200 298,620 297,000 271,000 Gross profit recognized in 2025 $ eTextbook and Media Gross profit recognized in 2026 $ List of Accounts Gross profit recognized in 2027 $ 2026 895,000 807,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. $1,070,000 2027 1,580,000 1,433,000 216600 -0- 129420 163980 Attempts: 2 of 5 used
Prepare all necessary journal entries for 2026. (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. For costs incurred use account Materials, Cash, Payables. List all debit entries before credit entries.) Account Titles and Explanation (To record cost of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.) Debit Credit
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Transcribed Image Text:Prepare all necessary journal entries for 2026. (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. For costs incurred use account Materials, Cash, Payables. List all debit entries before credit entries.) Account Titles and Explanation (To record cost of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.) Debit Credit
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