Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 8.00

Nortel Networks

Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2013 and was completed in 2014. Data relating to the contract are summarized below:

  2013 2014
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  
Required:
1.

Compute the amount of gross profit or loss to be recognized in 2013 and 2014 using the percentage-of-completion method.
 
2.

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

 

 

3.

Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2013 using the percentage-of-completion 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.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 01:08 PM My Price 8.00

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