Answer Happy

Progress Blossom Enterprises Ltd. has entered into a contract beginning in February 2020 to build two warehouses for Atlantis Structures Ltd. The contract is a non-cancellable fixed price contract for $10.2 million. The following data pertain to the construction period. Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year 2020 2021 2022 $3,735,000 4,565,000 1,600,000 4.565,000 1,700,000 3,410,000 3,990,000 2,800,000 3.005,000 4,040,000 3,155,000 -0
Part 1. Using the percentage-of-completion method, calculate the percent complete for each year of the contract Percent complete 2020 % 2021 2022
20°C Sunny Question 5 of 6 Part 2 ( Calculate the amount of the gross profit to be recognized each year of the contract. (Enter negative amounts uning either a negative sign preceding the number eg-45 or parentheses eg (45)) Gross profit/(loss) $ eTextbook and Media. List of Accounts 2020 Attempts: 0 of 3 used Submit A 2021 2022 1 01:55:17 AND 6:26 PM 7/2/222
Part 3 4 Account Titles and Explanation Prepare the journal entries for 2020 and 2021. (Use Materials, Cash, Payables for costs incurred to date.) (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 Year 2020: (To record cost of construction) Debit -/1 Credit III I 94D 626 P 7/2/202
28°C Sunny Part 4 What is the balance in the Contract Asset/Liability account at December 31, 2020 and 2021? Balance in the Contract Asset/Liability account eTextbook and Media List of Accounts Save for Later $ December 31, 2020 December 31, 2021 -/1 Attempts: 0 of 3 used Submit Answer A&D 6:27 PM 7/2/2022
6 28°C Sunny Part 5 Show how the construction contract would be reported on the SFP and the income statement for the year ended December 31, 2021. (List Current assets in order of liquidity. Enter negative amounts using either a negative sign preceding the number eg -45 or parentheses eg. (45)) BLOSSOM ENTERPRISES LTD. Partial Statement of Financial Position $ 94D 6. 7/2
28°C Sunny Question 5 of 6 < eTextbook and Media List of Accounts BLOSSOM ENTERPRISES LTD. Partial Income Statement -/1 1 01: 4x E