Compute the profit or loss for each year of the contract, Accounting Basics

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Compute the profit or loss for each year of the contract

Long-Term Construction Contracts:

Forman Company has contracted to build a dam over a period of 4 years for $3,000,000. Information relating to the performance of the contract is summarized as follows:

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1. a. Compute the profit or loss for each year of the contract under the percentage-of-completion method. Enter losses as a negative number.

2013 $60,000

2014 $40,000

2015 $(200,000)

2016 Need answer it is not $(173,000) nor (27,000)

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Accounting Basics: Compute the profit or loss for each year of the contract

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Accounting Basics: Compute the profit or loss for each year of the contract

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