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On February 1, 2014, Miley Contractors agreed to construct a building at a contract price of $5,000,000. Miley estimated total construction costs would be $4,000,000
On February 1, 2014, Miley Contractors agreed to construct a building at a contract price of $5,000,000. Miley estimated total construction costs would be $4,000,000 and the project would be finished in 2015. Information relating to the costs and billings for this contract is as follows:
2014 | 2015 | 2016 | |
Total costs incurred to date | 1,500,000 | 2,640,000 | 4,600,000 |
Estimated costs to complete | 2,500,000 | 1,760,000 | 0 |
Customer billings to date | 2,200,000 | 4,000,000 | 5,600,000 |
Collections to date | 2,000,000 | 3,500,000 | 5,500,000 |
Complete journal entries for percentage of completion accounting for 2014, 2015, 2016.
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