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Question - In 2010 Acme Construction Company won the contract to construct an office building at a contract price of $1,200,000. The information relating to the costs and billings for this contract is shown below.
2010
2011
2012
Costs incurred to date **
$280,000
$600,000
$785,000
Estimated costs yet to be incurred
520,000
200,000
-0-
Customer billings to date **
250,000
500,000
1,200,000
Collections of billings to date **
120,000
320,000
1.040,000
Required:
Using the percentage-of-completion method compute the following:
1- Percent complete for 2010 and 2011.
2- Revenue recognized for 2010 and 2011.
3- Gross Profit recognized for 2010 and 2011.
4- Prepare the journal entries for 2011.
5- Prepare a partial balance sheet for 2010 (Do not present the cash GL account).
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