Answered

Looking for trustworthy answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Our platform connects you with professionals ready to provide precise answers to all your questions in various areas of expertise. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

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)

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.