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Summary Business Accounting
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  • Course
  • Introduction to Economics
  • Institution
  • Cambridge College

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:

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Document information

  • July 8, 2022
  • 3
  • 2021/2022
  • Summary

Subjects

  • business accounting

Written for

  • Cambridge College
  • Introduction to Economics
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Question:

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:




Required:

1. Compute the amount of gross profit or loss to be recognized in 2013 and 2014 using the percentage-

ofcompletion method.

2. Compute the amount of gross profit or loss to be recognized in 2013 and 2014 using the completed

contract method.

3. Prepare a partial balance sheet to show how the information related to this contract would be presented

at the end of 2013 using the percentage-of-completion method.

4. Prepare a partial balance sheet to show how the information related to this contract would be presented

at the end of 2013 using the completed contract method.



Answer:



Requirement 1

2013 2014

Contract price $2,000,000 $2,000,000

Actual costs to date 300,000 1,875,000

Estimated costs to complete 1,200,000 -0-

Total estimated costs 1,500,000 1,875,000

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