Reference no: EM13148898
On march 1, 2010, chance company entered into a contract to build an apartment building. it is estimated that the building will cost $2,000,000 and will take 3 years to complete. the contract price was $3,000,000. the following information pertains to the construction period.
2010 2011 2012 costs to date 600,00 1,560,000 2,100,000 estimated costs to complete 1,400,000 520,000 -0- progress billings to date 1,050,000 2,000,000 3,000,000 cash collected to date 950,000 1,950,000 2,850,000
a) Compute the amount of gross profit to be recognized each year assuming the percentage-of-completion method is used.
b) Prepare all necessary journal entries for 2012
c) Prepare a partial balance sheet for December 31, 2011, showing the balances in the receivables and inventory accounts
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