Long-Term Construction Contracts

Forman Company has contracted to build a dam over a period of 4 years for $3,000,000. Information relating to the performance of the contract is summarized as follows:

Contract price	3000000
	2013	2014	2015	2016
Constructions costs incurred during yr	300000	1100000	863000	837000
Estimated costs to complete	2200000	1400000	837000	0
Billings during the year	280000	870000	1030000	820000
collections during the year	270000	875000	1010000	845000

Required:

If an amount is zero, enter "0".

Prepare the relevant sections of the ending balance sheet for 2015 under the percentage-of-completion method.

Forman Company
Balance Sheet (partial)
December 31, 2015
Current Assets
Accounts receivable				$
Inventory
Construction in progress		$
Less: Partial billings
Costs not yet billed
Current Liabilities
Provision for loss on contract				$

Prepare the relevant sections of the ending balance sheet for 2013 under the completed-contract method.

Forman Company
Ending Balance Sheet (partial)
December 31, 2013
Current Assets
Accounts receivable				$
Inventory
Construction in progress		$
Less: Partial billings
Excess of costs over related billings

Prepare the relevant sections of the ending balance sheet for 2014 under the completed-contract method.

Forman Company
Ending Balance Sheet (partial)
December 31, 2014
Current Assets
Accounts receivable				$
Inventory
Construction in progress		$
Less: Partial billings
Excess of costs over related billings

Prepare the relevant sections of the ending balance sheet for 2015 under the completed-contract method.

Forman Company
Ending Balance Sheet (partial)
December 31, 2015
Current Assets:
Accounts receivable				$
Current Liabilities:
Partial billings		$
Less: Construction in progress
Provision for loss on contract
Excess of billings and provision for loss over				$