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Intermediate Accounting I (Ch.5)-Income measurement and Profitability Analysis Assignment Beavis Construction Company was the low bidder on a construction project to build an earthen dam

Intermediate Accounting I (Ch.5)-Income measurement and Profitability Analysis Assignment

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 2012 and completed in 2013. Cost and other data are presented below: 2012 2013 Costs incurred during the year Estimated costs to complete Billing costs to complete Cash collections during the year $ 450,000 1,050,000 400,000 300,000 $1,400,000 0 1,400,000 1,400,000 Instructions 1. Prepare all entries for 2012 and 2013 for Marcos under Percentage-of-completion method, Cost recovery method and Completed-contract method.

2. Prepare Statement of Financial Position end of 2012 and 2013(if any), under Percentage-of-completion method, Cost recovery method and Completed-contract method.

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