Assume A vaya contracted to provide a customer with Internet infrastructure for $2,000,000. The project began is 2024 and was completed in 2025. Data relating to the contract are summarized below:
able[[,2024,2025],[Costs incurred during the year,$300,000,$1,575,000
2 Required: project does not qualify for revenue recognition over time. recognizes revenue over time according to percentage of completion. Cash collections during the year Billings during the year Estimated costs to complete as of 12/31 Costs incurred during the year end of 2024, assuming this project does not qualify for revenue recognition over time. 2024 and was completed in 2025. Data relating to the contract are summarized below: 250,000 380,000 1,200,000 $300.000 2024 1,750.000 1.620.000 0 $1,575,000 2025