Reference no: EM133022846
Question - Angel Constructions, Inc. has the following data in its Jobs in Progress Account for the year just ended:
Project No. 103
Costs to Date 9,800,000
Estimated Total Cost at Completion 12,250,000
Contract Price 17,500,000
The company accounts for its large jobs by the percentage of completion method. Billings are done as follows:
a. 20% down payment upon contract signing as mobilization fee
b. Amount billed to client is according to percentage of completion, less portion of the down payment
c. 10% retention fee deductible at the last billing
Required -
(1) Prepare entries to record
a. Down payment
b. Costs of construction
c. Billing to clients
(2) Determine the balances of the following accounts
a. Construction in progress
b. Progress Billings
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