Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On February 1, 1882, Jacobsen Gonna Build dat House Construction Company Incorporated, LLC agreed to construct a boat at a contract price of $8,000,000. JGBdHCC

On February 1, 1882, Jacobsen Gonna Build dat House Construction Company Incorporated, LLC agreed to construct a boat at a contract price of $8,000,000. JGBdHCC estimated total construction costs would be $5,525,000 and the project would be finished in 1884. Information relating to the costs and billings for this contract is as follows:

1882 1883 1884

Total costs incurred to date $2,021,250 $3,705,000 $6,150,000

Estimated costs to complete 3,503,750 2,445,000 -0-

Customer billings to date 2,500,000 6,250,000 8,000,000

Collections to date 2,000,000 5,000,000 7,500,000

Instructions

Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting:

.

Percentage-of-Completion Completed-Contract

Revenue Revenue

1882 ___________ 1882 ___________

1883 ___________ 1883 ___________

1884 ___________ 1884 ___________

Percentage-of-Completion Completed-Contract

Gross Profit Gross Profit

1882 ___________ 1882 ___________

1883 ___________ 1883 ___________

1884 ___________ 1884 ___________

Over/Under

Billed

1882 ___________

1883 ___________

1884 ___________

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: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Essentials Of Cost Accounting For Health Care Organizations

Authors: Steven Finkler, Judith Baker, David Ward

3rd Edition

0810235447, 9780763738136

More Books

Students also viewed these Accounting questions

Question

3 When is it a good idea to use the internal supply of labour?

Answered: 1 week ago

Question

5 What are the main aims of talent management?

Answered: 1 week ago