Using the data provided below you are to input formulas in

Assignment Help Accounting Basics

Reference no: EM13482298

1- Using the data provided below you are to input formulas in the area designated below to calculate: % complete, revenue to be recognized in each year, and gross profit to be recognized in each year.please note formulas used in excel to calculate.


Hint: I suggest you use formulas with an IF function regarding the gross profit section of your speadsheet because your spreadsheet should be able to calculate correct answers whether a contract generates a profit or loss.





2- Using the data given and the solutions your spreadsheet generated print out the JE Document posted and use it to prepare all journal entries for 2013. Your journal entries must be handwritten and turned in at the beginning of class the day this assignment is due.




Data: March 2,2014

Contract price	1,200,000

	2012	2013	2014
Costs incurred to date**	$280,000	$600,000	$785,000
Estimated costs yet to be incurred	520,000	200,000	0
Customer billings to date**	250,000	500,000	1,200,000
Collections of billings to date**	120,000	320,000	1,040,000

**Hint: You have to figure out the actual cost, billings, and collections for each respective year. The reason why is because the information presented is "to date" not "Costs expended this year" as in the handouts and some of your assigned exercises/problems.




Use the format provided below to input formulas for each respective year.

	2012	2013	2014
Costs expended to date
Estimated total costs
% complete

Contract price
% complete
Revenue recognized to date
Revenue recognized prior
Revenue recognized current

Estimated total gross profit
% complete
Gross profit recognized to date
Gross profit recognized prior
Gross profit recognized current

Reference no: EM13482298

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