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What portion of the total contract price would be recognized

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Reference no: EM132690159

Buffalo Construction Company uses the percentage-of-completion method of accounting. In 2017, Buffalo began work under contract #E2-D2, which provided for a contract price of $2,227,000. Other details follow:

                                                                    2017                        2018

Costs incurred during the year              $647,600              $1,405,000

Estimated costs to complete, as of December 31 971,400        -0-

Billings to date                                           415,000       2,227,000

Collections during the year                             353,000        1,523,000

Problem 1: What portion of the total contract price would be recognized as revenue in 2017? In 2018?

Revenue recognized in 2017 $ 890,800

Revenue recognized in 2018 $1,336,200

Reference no: EM132690159

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