Brief Exercise Algo Longterm contract; revenue recognition over time; balance sheet LO
A construction company entered into a fixedprice contract to build an office building for $ million. Construction costs incurred during the first year were $ million, and estimated costs to complete at the end of the year were $ million. The company recognizes revenue over time according to percentage of completion.
During the first year the company billed its customer $ million, of which $ million was collected before yearend.
What would appear in the yearend balance sheet related to this contract?
Note: Enter your answers in whole dollars and not in millions ie $ million should be entered as $
tableBalance Sheet PartialAssets:
