- Ezto Mheducation Com 0 Everything Is Correct With The E Question 9 Homework Revenue Recogni Problem 6 10 Algo 1 (138.78 KiB) Viewed 52 times
ezto.mheducation.com Question 9 - Homework: Revenue Recognition Assignment - Connect Reading Mode: Part C: Accounting for Long-Term Contracts Submit Homework: Revenue Recognition Assignment i Saved Help Save & Exit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 9 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. Cost incurred during the year 2021 $2,420,000 5,620,000 2022 $3,810,000 4, 120,000 2023 $3,930,000 0 Estimated costs to complete as of year-end Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 2C Req 3 Req 4 Req 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) 2021 2022 Revenue 2023 $10,000,000 1,611,400✔ Gross profit (loss) $ Req 1 Req 2A > < Prev Read & Interact: Spiceland, Nelson, & Thomas: Chapter 6 3 points Mc Graw Hill $ $ 0 0 $ $ 0 0 9 of 10 # Next > 0 +
ezto.mheducation.com Question 9 - Homework: Revenue Recognition Assignment - Connect Reading Mode: Part C: Accounting for Long-Term Contracts Save & Exit Submit Homework: Revenue Recognition Assignment i Saved Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 9 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 2C Req 3 Reg 4 Req 5 In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Date General Journal Credit No 1 Debit 2,624,000✔ Construction in progress ✓ Various accounts ✓ 2,624,000✔ 2 Accounts receivable ✓ 2,200,000✔ Billings on construction contract ✓ 2,200,000 3 Cash 2,000,000✔ Accounts receivable 2,000,000✔ No journal entry required Read & Interact: Spiceland, Nelson, & Thomas: Chapter 6 3 points Mc Graw Hill 4 2021 2021 2021 2021 < Req 1 < Prev Req 2B 9 of 10 # ›› ✓ ✓ Next > 0 +
ezto.mheducation.com Question 9 - Homework: Revenue Recognition Assignment - Connect Reading Mode: Part C: Accounting for Long-Term Contracts Save & Exit Submit Homework: Revenue Recognition Assignment i Saved Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 9 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 2C Req 3 Req 4 Req 5 In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Date General Journal Credit No 1 Debit 3,690,000✔ Construction in progress Various accounts 3,690,000✔ 2 Accounts receivable ✓ 4,114,000✔ Billings on construction contract ✓ 4,114,000 3 Cash ✓ 3,800,000 Accounts receivable ✓ 3,800,000✔✓ 4 No journal entry required ✓ Read & Interact: Spiceland, Nelson, & Thomas: Chapter 6 3 points Mc Graw Hill 2022 2022 2022 2022 < Req 2A < Prev 9 of 10 Req 2C > # ›› Next > 0 +
ezto.mheducation.com Question 9 - Homework: Revenue Recognition Assignment - Connect Reading Mode: Part C: Accounting for Long-Term Contracts Save & Exit Submit Homework: Revenue Recognition Assignment i Saved Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 9 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 2C Req 3 Req 4 Req 5 In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Date General Journal Credit No 1 Debit 2,074,600✔ Construction in progress ✓ Various accounts ✓ 2,074,600✔✓ 2 Accounts receivable ✓ 3,686,000 Billings on construction contract ✓ 3,686,000 3 Cash 4,200,000 ✓ Accounts receivable 4,200,000 ✓ 4 Cost of construction Construction in progress 8,388,600✔ 1,611,400✔ Read & Interact: Spiceland, Nelson, & Thomas: Chapter 6 3 points Mc Graw Hill 2023 2023 2023 2023 < Req 2B < Prev 9 of 10 Req 3 > ›› ✓ Next > 0 +
ezto.mheducation.com Question 9 - Homework: Revenue Recognition Assignment - Connect Reading Mode: Part C: Accounting for Long-Term Contracts Save & Exit Submit Homework: Revenue Recognition Assignment i Saved Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Answer is the cumpreter ta 9 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 2C Req 3 Req 4 Req 5 Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. Balance Sheet (Partial) 2021 2022 Current assets: ✓ $ 200,000 514,000✔ Accounts receivable Construction in progress Less: Billings ✓$ $ 2,624,000 $6,314,000 6,314,000✔ ✓ $ 424,000 0 Costs in excess of billings Current liabilities: Req 4 > Read & Interact: Spiceland, Nelson, & Thomas: Chapter 6 3 points Mc Graw Hill 2,200,000 ✓ < Req 2C < Prev 9 of 10 # Next > 0 +
ezto.mheducation.com Question 9 - Homework: Revenue Recognition Assignment - Connect Reading Mode: Part C: Accounting for Long-Term Contracts Save & Exit Submit Homework: Revenue Recognition Assignment i Saved Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 9 2022 Cost incurred during the year 2021 $2,420,000 $3,810,000 2023 $3,930,000 0 Estimated costs to complete as of year-end 5,620,000 4,120,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 2C Req 3 Req 4 Req 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue $10,000,000✔ Gross profit (loss) Req 5 > Read & Interact: Spiceland, Nelson, & Thomas: Chapter 6 3 points Mc Graw Hill $ $ 0 $ 0 $ 0 0 $ 550,000 < Req 3 < Prev 9 of 10 # Next > 0 +
ezto.mheducation.com Question 9 - Homework: Revenue Recognition Assignment - Connect Reading Mode: Part C: Accounting for Long-Term Contracts Save & Exit Submit Homework: Revenue Recognition Assignment i Saved Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 9 2022 Cost incurred during the year 2021 $2,420,000 $3,810,000 2023 $3,930,000 0 Estimated costs to complete as of year-end 5,620,000 4,120,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 2C Req 3 Req 4 Req 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 $10,000,000 Revenue 0 $ Gross profit (loss) 0 $ 2,630,000 X < Req 4 Req 5 > Read & Interact: Spiceland, Nelson, & Thomas: Chapter 6 3 points Mc Graw Hill $ $ 0 0 $ $ < Prev 9 of 10 # Next > 0 +