Business, 12.03.2021 15:30 JAXKBOII213

Long-term Contracts Clorad Corporation contracts with a customer to construct a building. It appropriately determines that it has one performance obligation which is satisfied over time. Using the following information for Year 1, compute Clorad's (a) total estimated costs for the contract, (b) revenue to date, and (c) gross profit recognized.

Year 1 (of 4-year project):
Construction costs incurred during the year $174,000
Estimated costs to complete the contract $426,000
Partial billings to customers $100,000
Collections from customers $25,000
Total contract price $1,000,000

A.) Total estimated costs for contract

B.) Revenue to date

C.) Gross profit recognized

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Long-term Contracts Clorad Corporation contracts with a customer to construct a building. It approp...

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