Hardhat Construction Company has a contract to construct a $4,500,000 bridge at an estimated cost of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Hardhat Construction Company has a contract to construct a $4,500,000 bridge at an estimated cost of $4,000,000. The contract is to start in July 2014, and the bridge is to be completed in October 2016. The following data pertain to the construction period. 2014 2015 2016 Costs to date $4,050,000 Estimated costs to complete Progress billings during the year Cash collected during the year $1,000,000 3,000,000 900,000 750,000 $2,916,000 1,134,000 2,400,000 1,750,000 1,200,000 2,000,000 Record the journal entries for 2014, 2015, and 2016 using the percentage of completion method Record the income statement and balance sheet for 2014, 2015, and 2016 Hardhat Construction Company has a contract to construct a $4,500,000 bridge at an estimated cost of $4,000,000. The contract is to start in July 2014, and the bridge is to be completed in October 2016. The following data pertain to the construction period. 2014 2015 2016 Costs to date $4,050,000 Estimated costs to complete Progress billings during the year Cash collected during the year $1,000,000 3,000,000 900,000 750,000 $2,916,000 1,134,000 2,400,000 1,750,000 1,200,000 2,000,000 Record the journal entries for 2014, 2015, and 2016 using the percentage of completion method Record the income statement and balance sheet for 2014, 2015, and 2016
Expert Answer:
Answer rating: 100% (QA)
Contract price 4500000 4500000 4500000 Less estimated cost 100... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Black Sea Construction Company has a contract to construct a $6,000,000 oil rig at an estimated cost of $5,300,000. The contract is to start in July 2017, and the oil rig is to be completed in...
-
A contractor has a contract to construct the sanitary sewer, water line, storm drain, and street lighting for a new subdivision. The contractor uses the cost codes in Figure 2-6. The original...
-
A chemical company has a contract to supply annually 3600 tonnes of product A at 24 a tonne and 4000 tonnes of product B at 14.50 a tonne. The basic components for these products are obtained from a...
-
What levels of visibility may be assigned to an attribute or an operation?
-
Cardio Care Inc. manufactures stationary bicycles and treadmills. The products are produced in its Fabrication and Assembly production departments. In addition to production activities, several other...
-
Rancho Foods deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of May 31 have been taken from...
-
A This financial information is for Semisonic Company Additional information: 1. Inventory at the beginning of 2001 was $115,000. 2. Receivables at the beginning of 2001 were $88,000. 3. Total assets...
-
At the beginning of its fiscal year, Caf Med leased restaurant space from Crescent Corporation under a nine-year lease agreement. The contract calls for annual lease payments of $25,000 each at the...
-
For the figure, determine what the missing number must be in order for the figure to have an area oft 51-6. The missing number is (Simplify your answer. Type an integer or a decimal.) E
-
8. A financial analyst is forecasting the expected return for the stock of Himalayan Motors. The analyst estimates the following probability distribution of returns: Probability Return 20% -5% 40 10...
-
The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses...
-
How did the Blackberry Panic of 2008 help or hinder the financial crisis? How were these two things intertwined? Was it the failing of one that lead the other? Include at least 5 scholarly apa...
-
Following difficult trading conditions in the Eurozone, Unique has seen an increase in demand for its range of Truffles. It has determined that at current prices, the demand for its ginger, cranberry...
-
Regarding the case study: " Tie Declared In Battle Over Navistar Retiree Benefits" December 18, 1992|By Stephen Franklin 1. Who is most severely affected by rising employee healthcare costs?...
-
Pertaining to the benefits and disadvantages of organizational structures, organizational structure, and span of control? Do you have any recommendations for a new organizational structure? Is there...
-
how to find a Financial ratio analysis for Kohl's Kohls: https://docs.google.com/spreadsheets/d/e/2PACX-1vRx4OVmi8-8k3p80UzDWqjymuwehiIZJwd6Jc-p1z4MGq1W0WZRnPj9BQSRq_nAjQqHYXcqaU6VkTJi/pubhtml
-
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quartem ended March 31: Sales Selling price per pair of skis Variable...
-
The Ferris wheel in the figure has a radius of 68 feet. The clearance between the wheel and the ground is 14 feet. The rectangular coordinate system shown has its origin on the ground directly below...
-
Define: convertible bond, bond with equity warrants, preference share, investment certificate and bond redeemable in shares.
-
The bond market yield is 7%. A company issues a bond with equity warrants at a gross yield to maturity of 3% assuming the warrants are not exercised. What is the cost of this product? What is the...
-
Is a convertible bond more costly to the issuing company than a bond with equity warrants?
Study smarter with the SolutionInn App