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Prepare a schedule to determine the amount of loss

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    Assignment ID: FG133135169

    Question – Revenue Recognition over Time – Wells Corp. appropriately determined that Construction Project A was a single performance obligation that is satisfied over time. For this project, Wells had previously recognized revenue of $250,000 out of a total of $800,000 for the project. During the current year, Wells accumulated the following information about this project:

    – construction costs incurred for the year, $92,000

    – construction costs incurred to date (including this year’s costs), $200,000

    – estimated costs to complete, $300,000

    Based on the previous information, prepare a schedule to determine the amount of loss that Wells should recognize for the current year.

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