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(Answered) UMU Contractors received a contract to construct a building for


UMU Contractors received a contract to construct a building for
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UMU Contractors received a contract to construct a building for $10,000,000. ,

 

Construction was begun in 2010 and completed in 2011. Cost and other data are ,

 

presented below: ,

 

2010 2011 ,

 

Costs incurred during the year $6,200,000 $4,000,000 ,

 

Estimated additional costs to complete 4,100,000 0 ,

 

Billings during the year 5,800,000 3,800,000 ,

 

Cash collections during the year 5,300,000 4,000,000 ,

 

(i) Assume that UMU uses the percentage-of-completion method for revenue ,

 

recognition. Required: Compute and show separately the amounts of gross profit ,

 

(loss) recognized during 2010 and 2011 from the above contract.,

 

(ii) Assume that UMU uses the completed contract method for revenue recognition. ,

 

Required: Compute and show separately the amounts of gross profit (loss) ,

 

recognized during 2010 and 2011 from the above contract.

 


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