Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

can someone please solve this In February 2023, Oriole Construction signed a contract and commenced construction on a parking garage. The total contract price was

image text in transcribedimage text in transcribed

can someone please solve this

In February 2023, Oriole Construction signed a contract and commenced construction on a parking garage. The total contract price was $88.50 million and was expected to be completed in July 2027 at a total estimated cost of $81.0 million. Payment by the customer was to be made in several stages, based on significant events and dates throughout the construction timeline. The customer was to have control over the parking garage and was able to make major changes to the project during the construction process. Oriole's year-end was September 30. By the end of September, 2023, Oriole had incurred $12,150,000 in costs and had invoiced $8,100,000 in progress billings. $7,300,000 of the progress billings had been collected. By September 30,2024 , Oriole had incurred $43,452,000 in total costs and had invoiced $45,006,000 in progress billings, including the progress billings in 2023. Of the total billings, $30,100,000 in total had been collected. Also, Oriole reviewed its cost estimates on the project, and now believed the parking garage would cost $72.4 million in total to complete. Prepare all journal entries required for the year ended September 30, 2024. Use Materials, Cash, Payables for costs incurred to date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no ore

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_step_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students explore these related Accounting questions

Question

What is meant by decentralisation?

Answered: 3 weeks ago