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Prepare all journal entries to record costs and billings

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Reference no: EM132780488

Seawolf Conshuc?on Company was the low bidder on a construction project to build an Hydroelectric Power Plant for $1,300,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below:

 

2020

2021

Costs incurred during the year

$ 450,000

S1,100,000

Estimated costs to complete

1,050,000

0

Billings during the year

400,000

1,400,000

Cash collections during the year

300,000

1,500,000

Assume that Seawolf recognizes revenue on this contract over time according to percentage of completion.

Required:

problem a) Compute the amount of gross pro?t recognized during 2020 and 2021.

problem b) Prepare all journal entries to record costs, billings, collections, and pro?t recognition.

 

Reference no: EM132780488

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