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ACCT 382 - Week 5 - Chapter 5 Homework - Question 4

ACCT 382 - Week 5 - Chapter 5 Homework - Question 4
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ACCT 382 - Week 5 - Chapter 5 Homework - Question 4

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Question 4

Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2013 and was completed in 2014. Data relating to the contract are summarized below:

 

2013

2014

  Costs incurred during the year

$

300,000

 

$

1,575,000

 

  Estimated costs to complete as of 12/31

 

1,200,000

 

 

0

 

  Billings during the year

 

380,000

 

 

1,620,000

 

  Cash collections during the year

 

250,000

 

 

1,750,000