During 2020, Sheridan Company started a construction job with a contract price of $1,376,000. The...
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Accounting
During 2020, Sheridan Company started a construction job with a contract price of $1,376,000. The job was completed in 2022. The following information is available. The contract is non-cancellable.
2020
2021
2022
Costs incurred to date
$344,000
$709,500
$920,200
Estimated costs to complete
516,000
236,500
0
Billings to date (non-refundable)
258,000
774,000
1,376,000
Collections to date
232,200
696,600
1,225,500
Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
2020
2021
2022
Gross profit / (loss)
$enter a dollar amount
$enter a dollar amount
$enter a dollar amount
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