Answered

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JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,245,000. JRE2 recognizes revenue upon contract completion.


Cost incurred Estimated Cost to Complete
2020 $ 256,000 $ 1,580,000
2021 1,630,000 533,000
2022 480,000 0

In 2022, JRE2 would report gross profit (loss) of:

Sagot :

Answer:

Explanation:

In 2022,  

Contract Price          2,245,000  

Less: Cost incurred  

2020           (256,000)  

2021        (1,580,000)  

2022          (630,000)  

Gross Margin           (145,000)

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