Schedule to determine the amount of loss

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Reference no: EM1310032

Wells Corporation uses the percentage of completion method of accounting for construction costs. For construction project a, wells had previously recognized revenue of $250,000 out of a total of $800,000 for the project. During the current year, the company accumulated the following information about this project:

• Construction costs incurred for the year, $92,000
• Construction costs incurred to date (including this year's costs), $200,000
• Estimated costs to complete, $300,000

Based on the previous information, prepare a schedule to determine the amount of loss that Wells Corporation should recognize for the current year.

Reference no: EM1310032

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