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Make the entry to record progress billings

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Question - Cooper uses the percentage-of-completion method and began work in 2018 on a contract for $8,000,000. Other data are as follows:

2018 2019

Costs Incurred to Date $3,600,000 $5,100,000

Estimated Costs to Complete $2,400,000

Billings to Date $2,800,000 $8,400,000

Collections to Date $2,000,000 $7,200,000

Required -

(a) How much revenue should be reported for 2018? Show your computation.

(b) Make the entry to record progress billings during 2018.

(c) Make the entry to record the revenue and gross profit for 2018.

(d) How much gross profit should be reported for 2019? Show your computation.

Reference no: EM132730105

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