Accounting homework help

Accounting homework help

During 2012, Nilsen Company started a construction job with a contract price of $1,767,000. The job was completed in 2014. The following information is
available.

2012 2013 2014

Costs incurred to date $365,930 $870,960 $1,103,000

Estimated costs to complete 623,070 275,040 ‘0’

Billings to date 314,000 903,700 1,767,000

Accounting homework help

Collections to date 261,600 826,700 1,463,000

(a)Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.

Gross profit recognized in 2012 $ ?

Gross profit recognized in 2013 $ ?

Gross profit recognized in 2014 $ ?

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