Reference no: EM131356711
In the year 2013, the Ford Trucking Company entered into a contract to construct a building for $15,000,000. The building was completed in 2015. Information related to the contract is as follows:
2013 2014 2015
Costs incurred during the year.. $4,000,000 $4,800,000 $4,200,000
Estimated costs to complete as of
year-end............................ 8,000,000 4,000,000 -
Billings during the year ............ 3,500,000 5,000,000 6,500,000
Cash collections during the year 2,800,000 5,600,000 6,600,000
Ford Trucking uses the percentage-of-completion method of accounting for long-term construction contracts.
Required:
Calculate the amount of revenue and gross profit to be recognized in each of the three years using the templates.
Prepare all necessary journal entries for each of the years (credit various accounts for construction costs incurred) using the templates.
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: In the year 2013, the Ford Trucking Company entered into a contract to construct a building for $15,000,000. The building was completed in 2015. Information related to the contract is as follows: Calculate the amount of revenue and gross profit to be..
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