Or loss to be recognized in 2022 assuming sanderson

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or loss to be recognized in 2022 assuming Sanderson recognizes revenue over time according to percentage of completion. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Compute the revenue and gross profit will Sanderson report in its 2021, 2022, and 2023 income statements related to this contract assuming Sanderson recognizes revenue over time according to percentage of completion. (Enter your answers in millions. Loss amounts should be indicated with a minus sign. Use percentages as calculated and rounded in the table below to arrive at your final answer.) Required 1 Required 2 Required 3 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Percentages of completion Choose numerator ÷ Choose denominator = % complete to date Actual costs to date Estimated total costs 2021 $ 90 ÷ $ 240 = 37.50% 2022 $ 150 ÷ $ 200 = 75.00% 2023 $ 230 $ 230 100.00% 2021 To date Recognized in prior years Recognized in 2021 Construction revenue $ 150 $ 0 $ 150 Construction expense $ 90 $ 0 $ 90 Gross profit (loss) $ 60 $ 0 $ 60 2022 To date Recognized in prior years Recognized in 2022 Construction revenue $ 800 $ 150 $ 650 Construction expense $ 150 $ 90 $ 60 Gross profit (loss) $ 650 $ 60 $ 590 2023 To date Recognized in prior years Recognized in 2023 Construction revenue $ 400 $ 800 $ (400) Construction expense $ 230 $ 150 $ 80 Gross profit (loss) $ 170 $ 650 $ (480) Hint #1 Hints
9/14/2019 Assignment Print View 3/4

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