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could you please assit with the missing ansers! thank yiu Thrasher Construction Co. was contracted to construct a building for $915,000. The bullding is owned
could you please assit with the missing ansers! thank yiu
Thrasher Construction Co. was contracted to construct a building for $915,000. The bullding is owned by the customer throughout the contract period. The contract provides for progress payments. Thrasher's accounting year ends 31 December. Work began under the contract on 1 July 20X5, and was completed on 30 September 207. Construction activities are summarized below by year: 2e5 Construction costs incurred during the year, $168,790; estinated costs to conplete, $599,400; progress billings during the year, $143,300; and collections, $131,200. 206 Construction costs incurred during the year, \$421, 7e0; estimated costs to complete, \$178, 100; progress billing during the year, $358,400; and collections, $356,200. 207 Construction costs incurred during the year, $183,909. Because the contract mas conpleted, the renaining balance was billed and later collected in full per the contract. Required: 1. Prepare Thrasher's journal entries to record these events. Assume that percentage of completion is measured by the ratio of costs incurred to date divided by total estimated construction costs, (If no entry is required for a vansaction/event, select "No journal entry required" in the first occount field. Do not round intermediate calculotions. Round your final answers to the nearest whole dollar.) View transaction list View journal entry worksheet (x) \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & General Journal & Debit & Credit \\ \hline & 1 & 207 & Contract costs & & \\ \hline & & & Cash & & \\ \hline \multirow[t]{2}{*}{2} & 2 & 207 & Accounts recewable & & \\ \hline & & & Contract liability & & \\ \hline \multirow[t]{2}{*}{p} & 3 & 207 & Cash & & \\ \hline & & & Accounts receivable: & & \\ \hline & 4 & 207 & Contract asset & & \\ \hline & & & Contract liabilify & & \\ \hline & & & Revenue - Construction & & \\ \hline & 5 & 207 & Construction costs & & \\ \hline & & & Contract costs & & \\ \hline \end{tabular} nequirea. 1. Prepare Thrasher's journal entries to record these events. Assume that percentage of completion is measured by the ratio of costs incurred to date divided by total ostimated construction costs. (If no entry is required for a tronsoction/event, select "No journal entry required" in the first account field. Do not round intermediote colculotions, Round your final answers to the neorest whole dollor) View transaction list View journal entry workshet: () View transaction tist View journal entry worksheet 2. Provide the balances that would be shown on the SCl and SFP for this contract for each year. (Do not round intermediate colculations. Round your final answers to the nearest whole dollor.) (2) 3.b. Calculate the balances that would be shown on the SCl and SFP for this contract for each year. 3-a. Now assume that the building is owned by Thrasher throughout the construction period and title is transferred to the customer only once the building is fully constructed. Prepare the journal entries required to record the events from 205 to 207. (if no entry is required for a transoction/event, select "No journal entry required" in the first account field.) Thrasher Construction Co. was contracted to construct a building for $915,000. The bullding is owned by the customer throughout the contract period. The contract provides for progress payments. Thrasher's accounting year ends 31 December. Work began under the contract on 1 July 20X5, and was completed on 30 September 207. Construction activities are summarized below by year: 2e5 Construction costs incurred during the year, $168,790; estinated costs to conplete, $599,400; progress billings during the year, $143,300; and collections, $131,200. 206 Construction costs incurred during the year, \$421, 7e0; estimated costs to complete, \$178, 100; progress billing during the year, $358,400; and collections, $356,200. 207 Construction costs incurred during the year, $183,909. Because the contract mas conpleted, the renaining balance was billed and later collected in full per the contract. Required: 1. Prepare Thrasher's journal entries to record these events. Assume that percentage of completion is measured by the ratio of costs incurred to date divided by total estimated construction costs, (If no entry is required for a vansaction/event, select "No journal entry required" in the first occount field. Do not round intermediate calculotions. Round your final answers to the nearest whole dollar.) View transaction list View journal entry worksheet (x) \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & General Journal & Debit & Credit \\ \hline & 1 & 207 & Contract costs & & \\ \hline & & & Cash & & \\ \hline \multirow[t]{2}{*}{2} & 2 & 207 & Accounts recewable & & \\ \hline & & & Contract liability & & \\ \hline \multirow[t]{2}{*}{p} & 3 & 207 & Cash & & \\ \hline & & & Accounts receivable: & & \\ \hline & 4 & 207 & Contract asset & & \\ \hline & & & Contract liabilify & & \\ \hline & & & Revenue - Construction & & \\ \hline & 5 & 207 & Construction costs & & \\ \hline & & & Contract costs & & \\ \hline \end{tabular} nequirea. 1. Prepare Thrasher's journal entries to record these events. Assume that percentage of completion is measured by the ratio of costs incurred to date divided by total ostimated construction costs. (If no entry is required for a tronsoction/event, select "No journal entry required" in the first account field. Do not round intermediote colculotions, Round your final answers to the neorest whole dollor) View transaction list View journal entry workshet: () View transaction tist View journal entry worksheet 2. Provide the balances that would be shown on the SCl and SFP for this contract for each year. (Do not round intermediate colculations. Round your final answers to the nearest whole dollor.) (2) 3.b. Calculate the balances that would be shown on the SCl and SFP for this contract for each year. 3-a. Now assume that the building is owned by Thrasher throughout the construction period and title is transferred to the customer only once the building is fully constructed. Prepare the journal entries required to record the events from 205 to 207. (if no entry is required for a transoction/event, select "No journal entry required" in the first account field.) Step by Step Solution
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