Exercise 6-19(Algo) Long-term contract; revenue recognition over time and at a point in time [LO6-9]Assume...
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Exercise Algo Longterm contract; revenue recognition over time and at a point in time LOAssume Avaya contracted to provide a customer with Internet infrastructure for $ The project began in and was completed in Data relating to the contract are summarized below:Costs incurred during the year$ $ Estimated costs to complete as of Billings during the year Cash collections during the year Required:Compute the amount of revenue and gross profit or loss to be recognized in and assuming Avaya recognizes revenue over time according to percentage of completion.Compute the amount of revenue and gross profit or loss to be recognized in and assuming this project does not qualify for revenue recognition over time.Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of assuming Avaya recognizes revenue over time according to percentage of completion.Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of assuming this project does not qualify for revenue recognition over time.
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