Question
Blossom Construction Inc. which has a calendar year end, has entered into a non-cancellable fixed-price contract for $2.4 million beginning September 1, 2023, to build
Blossom Construction Inc. which has a calendar year end, has entered into a non-cancellable fixed-price contract for $2.4 million beginning September 1, 2023, to build a road for a municipality. It has been estimated that the road construction will be completed by June 2025. The following date pertain to the construction period. The following data pertain to the construction period. 2023 2024 2025 Costs to date $659200 $1419300 1970000 Estimated costs to complete 1400800 1070700 0 Progress billings to date (non- refundable) 743200 1920000 2400000 Cash collected to date 559200 1771000 2400000. What is the balance in the Contract Asset/Liability account at December 31, 2023 and 2024?
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Survey Of Accounting
Authors: Carl S. Warren, Amanda Farmer
9th Edition
0357132599, 978-0357132593
