Constructing and Assessing Income Statements Using Percentage-of Completion On March 15, 2012, Frankel Construction contracted to build a shopping center at a contract price of $120 million. The schedule of expected (which equals actual) cash collection and contract costs follow ($ millions): Year Cash Collections Cost Incurred 2012 $ 30 $ 25 2013 50 20 2014 40 40 Total $ 120 $ 85 (a) Calculate the amount of revenue, expense, and net income for each of the three years 2012 through 2014 using the percentage-of-completion revenue recognition method. Rounding instructions: Round percentages to the nearest whole number. Use rounded percentages for remaining calculations. Round revenue and income to the nearest whole number. Percentage of Completion Method Year Costs incurred Percent of total expected costs Revenue recognized Income 2012 $ mba_600.docx 7 years ago 15 Report Issue ANSWER(1) Daxter 4.7 (6) 5.0 (4) Chat Purchase the answer to view it NOT RATED mba_600_2_recovered_1.docx new_rich_text_document_1.rtf 7 years ago plagiarism check Purchase $20 BIDS(1) OTHER QUESTIONS(10) Applied Sciences Architecture and Design Biology Business & Finance Chemistry Computer Science Geography Geology Education Engineering English Environmental science Spanish Government History Human Resource Management Information Systems Law Literature Mathematics Nursing Physics Political Science Psychology Reading Science Social Science Home Blog Archive Essay Reviews Contact Copyright © 2019 HomeworkMarket.com
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