Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2012, Hamilton began work under contract #E2-D2,
Question:
Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2012, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details follow:
Instructions
(a) What portion of the total contract price would be recognized as revenue in 2012? In 2013?
(b) Assuming the same facts as those above except that Hamilton uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2013?
(c) Prepare a complete set of journal entries for 2012 (using the percentage-of-completion method).
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a Under the percentageofcompletion method revenue is recognized proportionate to the costs i...View the full answer
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