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Ms construction company contacted to construct a factory

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Reference no: EM13611204

MS Construction Company contacted to construct a factory buildingfor $525,000. Construction started during 2008 & was completedin 2009. Info relating to the contract follows:


 2008 2009
Costs incurredduring theyear                       290,000 150,000
Estimatedadditional costs to complete 145,000 -
Billings duringthe year 260,000 265,000
Cash collectionsduring the year 240,000 285,000

1. Record the preceding transations in MS's books under thecompleted contract & the percentage of completion methods.

2. Determine amounts that will be reported on the balance sheet atthe end of 2008.

Reference no: EM13611204

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