Whispering Construction Co. contracted to build a bridge for $11,700,000. Construction began in 2021 and...
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Whispering Construction Co. contracted to build a bridge for $11,700,000. Construction began in 2021 and was completed in 2022. Data relating to the construction are: 2021 2022 Costs incurred during the year $4,563,000 $3,092,000 Estimated costs to complete 3,042,000 Whispering uses the percentage-of-completion method. How much revenue should be reported for 2021?
How much revenue should be reported for 2021?
Make the entry to record progress billings of $4,100,000 during 2021.
Make the entry to record the revenue and gross profit for 2021.
How much gross profit should be reported for 2022?
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