Software Technicians recently accepted a contract to develop an inventory management system for Heaven and Company. Hummer is required to complete the installation of the
Software Technicians recently accepted a contract to develop an inventory management system for
Heaven and Company. Hummer is required to complete the installation of the new inventory management system in two years. Hummer provided the following contract information.
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?(Click
the icon to view the contract? information.)
Requirement
Prepare the journal entries required for each year of the contract assuming
Hummer uses the? percentage-of-completion method and the? cost-to-cost approach for measuring progress. ?(Record debits? first, then credits. Exclude explanations from any journal? entries.)
Begin by recording the construction costs in
2015
.
Homework: Chapter 8 Homework Save Score: 0.05 of 1 pt 2 of 5 (5 complete) HW Score: 36.86%, 1.84 of 5 pts E8-12 (similar to) Question Help Hummer Software Technicians recently accepted a contract to develop an inventory management system for Heaven and Company. Hummer is required to complete the installation of the new inventory management system in two years. Hummer provided the following contract information. (Click the icon to view the contract information.) Requirement Prepare the journal entries required for each year of the contract assuming Hummer uses the percentage-of-completion method and the cost-to-cost approach for measuring progress. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the construction costs in 2015. Account 2015 Construction in Progress 223,825 Cash, Materials Inventory, Supplies Inventory, etc. 223,825 Choose from any list or enter any number in the input fields and then click Check Answer. ? 7 parts remaining Clear All Check AnswerHomework: Chapter 8 Homework Say core: 0.05 of 1 pt 2 of 5 (5 complete) HW Score: 36.86%, 1.84 of 5 E8-12 (similar to) # Question Help Hummer Software Technici is required to complete the installation of the new it i Contract information (Click the icon to view Requirement Prepare the journal entries Contract price $ 1,540,000 -to-cost approach for measuring progress. (Reco 2015 2016 Begin by recording the con Actual construction costs incurred during the year 223,825 $ 850,000 Construction costs incurred in prior years 0 223,825 Account Cumulative construction costs incurred to date 223,825 $ 1,073,825 Construction in Progress Estimated costs to complete 415,675 0 Cash, Materials Invent Estimated total costs $ 639,500 $ 1,073,825 Progress billings made during the year $ 935,000 $ 605,000 Cash collections during the year $ 770,000 $ 770,000 Klast passed the message Choose from any list or er Print Done parts Clear All Check
