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Compute the amount of gross profit or loss to be recognized in 2013 and 2014 using the completed contract method

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2. Compute the amount of gross profit or loss to be recognized in 2013 and 2014 using the completed contract method;4. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2013 using the completed contract method.;Accounts receivable?;Billings in excess of cost?;Attachment Preview;accounting.docx;Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. the;2013 and was completed in 2014. Data relating to the contract are summarized below;Costs incurred during the year;Estimated costs to complete as of;12/31;Billings during the year;Cash collections during the year;2013;300,00;$;0;1,200;000;380,00;0;250,00;0;2014;1,575;$;000;0;1,620;000;1,750;000;2. Compute the amount of gross profit or loss to be recognized in 2013 and;2014 using the completed contract method;4. Prepare a partial balance sheet to show how the information related to;this contract would be presented at the end of 2013 using the completed;contract method.;Accounts receivable?;Billings in excess of cost?

 

Paper#24360 | Written in 18-Jul-2015

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