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Need help with an Intermediate Accounting problem:...




Need help with an Intermediate Accounting problem: This is the info and solution I have so far - Percentage-of-Completion Method Newberg Construction Corporation contracted to construct a building for $400,000. Construction began in 2007 and was completed in 2008. Data relating to the contract are as follows: Year Ended December 31 2007 2008 Cost incurred $200,000 $110,000 Estimated costs to complete $100,000 Newberg uses the percentage-of-completion method as the basis for income recognition. For the years ended December 31, 2013 and 2014, respectively, how much gross profit should Newberg report? If required, round percentage completed to one decimal place. When required, round dollar amounts to the nearest dollar. This what I have: Newburg Construction Corporation Gross Profit/Loss Reported 2007 and 2008 2007 2008 Cost incurred to date $200,000 $310,000 Estimated Costs to complete 100,000 -------- Percent Completed ?% 100% Estimated Profit on Contract 100,000 90,000 Gross Profit to be recognized ? ? I need help on the steps on how to calculate the three with the question marks. I figured out the others but could not get those three to calculate correctly. Thanks


Paper#2164 | Written in 18-Jul-2015

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