Reference no: EM132187492
Question - Cheyenne Construction Company uses the percentage-of-completion method of accounting. In 2017, Cheyenne began work under contract #E2-D2, which provided for a contract price of $2,176,000. Other details follow:
2017 2018
Costs incurred during the year $698,750 $1,448,000
Estimated costs to complete, as of December 31 926,250 -0-
Billings to date 425,000 2,176,000
Collections during the year 355,000 1,508,000
What portion of the total contract price would be recognized as revenue in 2017? In 2018?
Provide a complete set of journal entries for 2017 (using the percentage-of-completion method)
To record cost of of construction.
To record progress billings.
To record collections.
To recognize revenue.
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