, Shyam Construction Co. entered into a contract with a customer for the construction of a building. The contract prices are $44,00,000, which is to be billed to the customers periodically based on Shyam's progress on the construction. The estimated total contract cost is $28,00,000. The actual costs incurred in 2020 amounts to $12,00,000. Requirement: The revenue to be reco

, Shyam Construction Co. entered into a contract with a customer for the construction of a building. The contract prices are $44,00,000, which is to be billed to the customers periodically based on Shyam's progress on the construction. The estimated total contract cost is $28,00,000. The actual costs incurred in 2020 amounts to $12,00,000. Requirement: The revenue to be reco

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 9MC

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On December 1, 2020, Shyam Construction Co. entered into a contract with a customer for the construction of a building. The contract prices are $44,00,000, which is to be billed to the customers periodically based on Shyam's progress on the construction. The estimated total contract cost is $28,00,000. The actual costs incurred in 2020 amounts to $12,00,000. Requirement: The revenue to be recognized in 2020 BIU N E
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