I'm working on my assigment Intermediate accounting 1 for Assume norte networks contracted to provide a...
I'm working on my assigment Intermediate accounting 1 for Assume norte networks contracted to provide a customer with internet infrasture having a hard time try to calculate 216 & 2017conduction revenue to date and recognized contruction expenses and gross profit ( loss)
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Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2016 and was completed in 2017. Data relating to the contract are summarized below: |
| 2016 | 2017 | |||||
| Costs incurred during the year | $ | 300,000 | $ | 1,575,000 | ||
| Estimated costs to complete as of 12/31 | 1,200,000 | 0 | ||||
| Billings during the year | 380,000 | 1,620,000 | ||||
| Cash collections during the year | 250,000 | 1,750,000 | ||||
Homework Answers
Revnue recognition via Percentage of completion method
% complete in 2016 = cost incurred / total estimated cost
= 300000 / (300000 + 1200000 ) = 20%
| Particulars | Total | 2016 (20%) | 2017 |
| Revnue | 2000000 | 400000 | 1600000 |
| Less: Cost | 1875000 | 300000 | 1575000 |
| Gross Profit | 125000 | 100000 | 25000 |
Revnue based on billing
| Particulars | Total | 2016 | 2017 |
| Revnue | 2000000 | 380000 | 1620000 |
| Less: Cost | 1875000 | 300000 | 1575000 |
| Gross Profit | 125000 | 80000 | 45000 |
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I'm working on my assigment Intermediate accounting 1 for Assume
norte networks contracted to provide a...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below: 2018 2019 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year $ 300,000 1,575,000 1,200,000 380,000 1,620,000 250,000 1,750,000 Required 1. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2016 and was completed in 2017. Data relating to the contract are summarized below: Compute the amount of revenue and gross profit or loss to be recognized in 2016 and 2017 assuming Nortel recognizes revenue over time according to percentage of completion. (Use percentages as calculated and rounded in the table below to arrive at your final answer. Losses and expenses should be...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,700,000. The project began...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,700,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below: 2019 2018 356,000 $2,135,000 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 1,424,000 475,000 1,760, 000 278,000 1,820,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2016 and was completed in 2017. Data relating to the contract are summarized below:Required:1. Compute the amount of revenue and gross profit or loss to be recognized in 2016 and 2017 assuming Nortel recognizes revenue over time according to percentage of completion.2. Compute the amount of revenue and gross profit or loss to be recognized in 2016 and 2017 assuming this project does...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,650,000. The project began...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,650,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2021 2022 Costs incurred during the year $ 352,000 $ 2,025,000 Estimated costs to complete as of 12/31 1,408,000 0 Billings during the year 470,000 1,750,000 Cash collections during the year 405,000 1,815,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,750,000. The project began...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,750,000. The project began in 2016 and was completed in 2017. Data relating to the contract are summarized below: 2016 2017 Costs incurred during the year $ 360,000 $ 2,155,000 Estimated costs to complete as of 12/31 1,440,000 0 Billings during the year 500,000 1,770,000 Cash collections during the year 280,000 1,825,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,910,000. The project began...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,910,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2021 2022 Costs incurred during the year $ 376,000 $ 2,265,000 Estimated costs to complete as of 12/31 1,504,000 0 Billings during the year 535,000 1,810,000 Cash collections during the year 500,000 1,845,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,700,000. The project began...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,700,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2021 2022 Costs incurred during the year $ 356,000 $ 2,135,000 Estimated costs to complete as of 12/31 1,424,000 0 Billings during the year 475,000 1,760,000 Cash collections during the year 415,000 1,820,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,300,000. The project began...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,300,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2021 2022 Costs incurred during the year $ 324,000 $ 1,800,000 Estimated costs to complete as of 12/31 1,296,000 0 Billings during the year 410,000 1,680,000 Cash collections during the year 310,000 1,780,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,450,000. The project began...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,450,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below: 2021 2022 Costs incurred during the year $ 336,000 $ 1,870,000 Estimated costs to complete as of 12/31 1,344,000 0 Billings during the year 446,000 1,710,000 Cash collections during the year 361,000 1,795,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below: 2018 2019 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year $ 300,000 1,575,000 1,200,000 380,000 1,620,000 250,000 1,750,000 Required 1. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2016 and was completed in 2017. Data relating to the contract are summarized below: Compute the amount of revenue and gross profit or loss to be recognized in 2016 and 2017 assuming Nortel recognizes revenue over time according to percentage of completion. (Use percentages as calculated and rounded in the table below to arrive at your final answer. Losses and expenses should be...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,700,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below: 2019 2018 356,000 $2,135,000 Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year 1,424,000 475,000 1,760, 000 278,000 1,820,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and...
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2016 and was completed in 2017. Data relating to the contract are summarized below:Required:1. Compute the amount of revenue and gross profit or loss to be recognized in 2016 and 2017 assuming Nortel recognizes revenue over time according to percentage of completion.2. Compute the amount of revenue and gross profit or loss to be recognized in 2016 and 2017 assuming this project does...
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