Reference no: EM13765330
(Recognition of Revenue on Long-Term Contract and Entries) Young Tree Construction Company uses the percentage-of-completion method of accounting. In 2014, Young Tree began work under a contract with a contract price of $1,500,000. Other details follow:
2014 2015
Costs incurred during the year $980,000 $1,375,000
Estimated costs to complete, as of December 31 420,000 -0-
Billings to date 800,000 1,500,000
Collections to date 250,000 1,500,000
Instructions
(a) What portion of the total contract price would be recognized as revenue in 2014? In 2015?
(b) Assuming the same facts as those above except that Young Tree uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2015?
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