Ayayai Construction, Inc. experienced the following construction activity in 2021, the first year of operations.

Contract		Total Contract Price		Billings Through 12/31/21		Cash Collections Through 12/31/21		Costs Incurred Through 12/31/21		Estimated Additional Costs to Complete
X		$254,000		$161,000		$148,000		$174,000		$ 56,000
Y		323,000		112,000		108,000		100,000		252,000
Z		229,000		229,000		192,000		158,000		-0-
		$806,000		$502,000		$448,000		$432,000		$308,000

Each of the above contracts is with a different customer, and any work remaining at December 31, 2021 is expected to be completed in 2022.

Prepare a partial income statement to indicate how the above contract information would be reported. Ayayai uses the completed-contract method.

Ayayai Construction, Inc. Partial Income Statement For the Year 2021
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Prepare a partial balance sheet to indicate how the above contract information would be reported. Ayayai uses the completed-contract method.

Ayayai Construction, Inc. Partial Balance Sheet As of 12/31/18
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