Mathematics, 23.02.2020 00:32, breann6

Computing Revenues under Long-Term Contracts
Camden Corporations agreed to build a warehouse for a client at an agreed contract price of $ 900,000. Expected (and actual) costs for the warehouse follow: 2016, $202,500; 2017, $337,500; and 2018, $135,000. The company completed the warehouse in 2018. Compute revenues, expenses, and income for each year 2016 through 2018, and for all three years combined, using the cost-to-cost method.

Cost-to-Cost Method

% of total

Costs
expected
Revenue

Year
incurred
costs
recognized
Income
2016
Answer

Answer

Answer

Answer

2017
Answer

Answer

Answer

Answer

2018
Answer

Answer

Answer

Answer

Total
Answer

Answer

Answer

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Computing Revenues under Long-Term Contracts
Camden Corporations agreed to build a warehouse f...