Pumpkin Company has contracted to build for the city of Peoria a new school. The estimated cost is $7,000,000 and the contract price is $10,000,000. The school took three years to complete as follows: Costs to Date Costs to Complete Amounts Billed to Date Collections to Date 2025 $3,500,000 $3,500,000 2026 $5,250,000 $2,000,000 2027 $3,300,000 $1,300,000 $5,300,000 $7,250,000 $0 $6,700,000 $10,000,000 $10,000,000 Determine using the percentage of completion method the gross profit to be recognized for: 2025 2027 2026 Determine using the Cost Plus or completed contract method the gross profit to be recognized for : 2025 2026 2027

Pumpkin Company has contracted to build for the city of Peoria a new school. The estimated cost is $7,000,000 and the contract price is $10,000,000. The school took three years to complete as follows: Costs to Date Costs to Complete Amounts Billed to Date Collections to Date 2025 $3,500,000 $3,500,000 2026 $5,250,000 $2,000,000 2027 $3,300,000 $1,300,000 $5,300,000 $7,250,000 $0 $6,700,000 $10,000,000 $10,000,000 Determine using the percentage of completion method the gross profit to be recognized for: 2025 2027 2026 Determine using the Cost Plus or completed contract method the gross profit to be recognized for : 2025 2026 2027

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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