Solution-Prepare archers journal entry to record profit

Prepare archers journal entry to record profit

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Reference no: EM13553783

Archer Construction Company began work on a $420,000 construction contract in 2012. During 2012, Archer incurred costs of $278,000, billed its customer for $215,000, and collected $175,000. At December 31, 2012, the estimated future costs to complete the project total $162,000.

Prepare Archer's journal entry to record profit or loss using

(a) The percentage-of-completion method and

(b) The completed-contract method, if any.

Reference no: EM13553783

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Prepare archers journal entry to record profit

Reference no: EM13553783

Reference no: EM13553783

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