Uses the percentage-of-completion method

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Reference no: EM131219269

Howard Construction Co. contracted to build a bridge for $3,000,000. Construction began in 2012 and was completed in 2013. Data relating to the construction are:

2012 2013

Costs incurred $990,000 $825,000

Estimated costs to complete 810,000 —

Howard uses the percentage-of-completion method.

Instructions:

(a) How much revenue should be reported for 2012?

(b) Make the entry to record progress billings of $1,000,000 during 2012.

(d) Show the Balance Sheet Presentation for 2012.

Reference no: EM131219269

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