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How much gross profit should be reported

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Reference no: EM132531350

Dalton Construction Co. contracted to build a bridge for $10,000,000. Construction began in 2012 and was completed in 2013. Data relating to the construction are:

2012

Cost incurred is $3,300,000

Estimated cost to complete is $2,700,000

2013

Costs incurred is $2,750,000

Estimated costs to complete is -

  • Dalton uses the percentage-of-completion method.

Instructions:

Question (a) How much revenue should be reported for 2012? Show your computation.

Question (b) Make the entry to record progress billings of $3,300,000 during 2012.

Question (c) Make the entry to record the revenue and gross profit for 2012.

Question (d) How much gross profit should be reported for 2013? Show your computation

Reference no: EM132531350

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