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# Week_1_P18_3 - Name Problem Course Date P18-3 Recognition...

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Name: Problem: Course: Date: cost \$2,000,000 \$3,000,000 The 2010 2011 2012 \$600,000 \$1,560,000 \$2,100,000 1,400,000 520,000 0 1,050,000 2,000,000 3,000,000 950,000 1,950,000 2,850,000 \$3,000,000 \$3,000,000 \$3,000,000 \$600,000 \$1,560,000 \$2,100,000 1,400,000 2,000,000 520,000 2,080,000 0 2,100,000 1,000,000 920,000 900,000 30% 75% 100% 300,000 690,000 900,000 0 300,000 690,000 \$300,000 \$390,000 \$210,000 540,000 540,000 1,000,000 1,000,000 900,000 900,000 210,000 540,000 750,000 3,000,000 3,000,000 \$50,000 \$2,250,000 2,000,000 \$250,000 Billings on Construction in Process Cash Accounts Receivable Construction Expenses Revenue from Long Term Contracts Accounts receivable Inventories Construction in Process Less: Billings Costs and recognized gross profit in excess of billings Balance Sheet (Partial) (c) Prepare a partial balance sheet for December 31, 2011, showing the balances in the receivables and inventory accounts. CHANCE COMPANY December 31, 2011 Current assets: Less: GP recognized in previous years Gross profit recognized in current year Cash collected to date: Instructions: (a) Compute the amount of gross profit to be recognized each year assuming the percentage-of-completion method is used.
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