Solution-Prepare the journal entries for all three years

Prepare the journal entries for all three years

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Reference no: EM13513358

The White Company uses the completed-contract method of accounting for construction and has the following data relating to a 3-year project:

	19A	19B	19C	Total
Construction costs	$50,000	$25,000	$35,000	$110,000
Billings	50,000	25,000	25,000	100,000
Collections	50,000	50,000	30,000	30,000
Estimated completion
costs as of year-end	40,000	35,000	-	-

The contract price is $100,000.

In 19B the company realized it would incur a $10,000 loss, as follows:

Costs so far	$ 75,000
Estimated remaining costs	35,000
Estimated total costs	$110,000
Selling price	100,000
Loss	$ 10,000

Prepare the journal entries for all 3 years.

Reference no: EM13513358

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Prepare the journal entries for all three years

Reference no: EM13513358

Reference no: EM13513358

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