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Prepare journal entries to reflect percentage-of-completion

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Question - The Daytona Company is involved in a three-year long-term contract. The following data relate to this contract:

2010 2011 2012 Total

Contract price $160,000

Cost incurred each year $24,000 $24,000 $ 56,000 104,000

Cost incurred to date 24,000 48,000 104,000

Estimated cost to complete 96,000 48,000 0

Partial billings each year 12,000 48,000 100,000

Cash collected from billings 8,000 52,000 100,000

Prepare the journal entries to reflect the percentage-of-completion method for 2011:

a. Construction costs for the year.

b. Partial billings.

c. Cash collections.

Reference no: EM131919235

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