Unformatted text preview: (c) Make the entry to record the revenue and gross profit for 2009. (d) How much gross profit should be reported for 2010? Show your computation. a) revenue should be reported for 2009: 4750000*(1800000/4100000)=2085366 b) Account receivable 2000000 Billing on construction in process 2000000 c) Construction in Process (gross profit) 285366 Construction expense 1800000 Revenue from long-term contract 2085366 (d) Gross profit should be reported of 2010= 1000000-285366=714634 Page 1...
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- Spring '08
- Generally Accepted Accounting Principles, Percentage-of-Completion Method, Rollins Construction Co.