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Helmet Head Construction (HHC) is building a bridge for $12 million at a total cost of $10 million over the next three years. The company
| Helmet Head Construction (HHC) is building a bridge for $12 million at a total cost of $10 million over the next three years. The company uses percentage of completion method to recognize revenue. Below is a summary of the contract: | |||
| 2016 | 2017 | 2018 | |
| Costs to Date | 3,600,000 | 7,450,000 | 10,450,000 |
| Estimated Costs to Complete | 6,400,000 | 3,000,000 | - |
| Progress Billings During the year | 4,000,000 | 4,000,000 | 4,000,000 |
| Cash collected during the year | 3,250,000 | 3,250,000 | 5,500,000 |
| Record the necessary journal entries to account for the contract in 2016, 2017 and 2018 | |||
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Database Security And Auditing Protecting Data Integrity And Accessibility
Authors: Hassan A. Afyouni
1st Edition
0619215593, 9780619215590
