What should the journal entries be? They relate to the Excel assignment.
Name: Jean J. Dugue Excel Assignment (Percentage-of-completion) Required: 1- Using the data provided below you are to input formulas in the area designated below to calculate: % complete, revenue to be recognized in each year, and gross profit to be recognized in each year. (10 points) Hint: I suggest you use formulas with an IF function regarding the gross profit section of your speadsheet because your spreadsheet should be able to calculate correct answers whether a contract generates a profit or loss. Once you have completed the spreadsheet save your file with your last name(s) and first name(s) and upload it under Assignments by the assignment due date. 2- Using the data given and the solutions your spreadsheet generated print out the JE Document posted and use it to prepare all journal entries for 2013. Your journal entries must be handwritten and turned in at the beginning of class the day this assignment is due. (10 points) Data: Contract price 1,200,000 2012 2013 $280,000 520,000 250,000 120,000 Costs incurred to date** Estimated costs yet to be incurred Customer billings to date** Collections of billings to date** 2014 $600,000 200,000 500,000 320,000 $785,000 0 1,200,000 1,040,000 **Hint: You have to figure out the actual cost, billings, and collections for each respective year. The reason why is because the information presented is "to date" not "Costs expended this year" as in the handouts and some of your assigned exercises/problems. Use the format provided below to input formulas for each respective year. 2012 Costs expended to date Estimated total costs % complete Contract price % complete Revenue recognized to date Revenue recognized prior Revenue recognized current Estimated total gross profit % complete Gross profit recognized to date Gross profit recognized prior Gross profit recognized current 2013 2014 280,000 800,000 35% 600,000 800,000 75% 785,000 785,000 100% 1,200,000 35% 420,000 0 420,000 1,200,000 75% 900,000 (420,000) 480,000 1,200,000 100% 1,200,000 (900,000) 300,000 400,000 35% 140,000 0 140,000 400,000 75% 300,000 (140,000) 160,000 415,000 100% 415,000 300,000 115,000 Name: ____________________________________ Excel Assignment Requirement 2 - Due XX/XX/XX Using the data given in the Excel Assignment and the answers generated by your spreadsheet prepare all journal entries for 2013 using the form provided below. Note: Your journal entries must be prepared below. I prefer you do this these entries using WORD and typed in. Do not abbreviate when preparing your journal entries. Failure to turn in your journal entries on time will result in your receiving zero points for this portion of the Excel Assignment. Be sure to skip a line between each entry. 2013 GL Account Debit Credit 2013 GL Account Debit Credit
