Costs incurred to date 280000 600000 785000 estimated costs

Reference no: EM13581613

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 I already have the answers to the first part. The only thing I need answers for is the journal entries. I have posted the answers to the first part in this question I just can not figure out how to transfer the entries. You have to figure out the actual cost, billings, and collections for each respective year.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.

Reference no: EM13581613

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