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Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2015 and
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below: |
2012 | 2013 | ||
Costs incurred during the year | $ 450,000 | $1,100,000 | |
Estimated costs to complete | 1,050,000 | 0 | |
Billings during the year | 400,000 | 1,400,000 | |
Cash collections during the year | 300,000 | 1,500,000 | |
Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. |
Required: |
Perpare statment of financial postion end of 2012 and 2013 (if any) |
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