Sheffield Construction, Inc. experienced the following construction activity in 2021, the first year of operations. Contract Total Contract Price Billings Through 12/31/21 Cash Collections Through 12/31/21 Costs Incurred Through 12/31/21 Estimated Additional Costs to Complete X $265,000 $175,000 $160,000 $192,000 $ 68,000 Y 335,000 120,000 120,000 110,000 257,000 Z 238,000 238,000 208,000 168,000 -0- $838,000 $533,000 $488,000 $470,000 $325,000 Each of the above contracts is with a different customer, and any work remaining at December 31, 2021 is expected to be completed in 2022. Prepare a partial income statement to indicate how the above contract information would be reported. Sheffield uses the completed-contract method.

Prepare a partial balance sheet to indicate how the above contract information would be reported. Sheffield uses the completed-contract method. (List Current Assets in order of liquidity.)

Sheffield Construction, Inc. experienced the following construction activity in 2021, the first year of operations. Contract Cash Total Billings Collections Contract Through Through Price 12/31/21 12/31/21 $265,000 $175,000 $160,000 335,000 120,000 120,000 238,000 238,000 208,000 $838,000 $533,000 $488,000 Costs Estimated Incurred Through Additional Costs to 12/31/21 Complete $192,000 $ 68,000 110,000 257,000 168,000 -0- $470,000 $325,000 Y Z Each of the above contracts is with a different customer, and any work remaining at December 31, 2021 is expected to be completed in 2022. Prepare a partial income statement to indicate how the above contract information would be reported. Sheffield uses the completed-contract method. Sheffield Construction, Inc. Partial Income Statement For the Year 2021 Prepare a partial balance sheet to indicate how the above contract information would be reported. Sheffield uses the completed-contract method. (List Current Assets in order of liquidity.) Sheffield Construction, Inc. Partial Balance Sheet As of 12/31/18