solutions ch18 - AIM 3331-0U1 Solutions to suggested...

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Unformatted text preview: AIM 3331-0U1 Solutions to suggested assignments Chapter 18 BRIEF EXERCISE 18-2 Construction in Process........................................................1,715,000 Materials, Cash, Payables, etc.................................................... 1,715,000 Accounts Receivable............................................................1,200,000 Billings on Construction in Process........................................... 1,200,000 Cash .......................................................................................960,000 Accounts Receivable.................................................................. 960,000 Construction in Process...........................................................735,000 Construction Expenses.........................................................1,715,000 Revenue from Long-Term Contract........................................... 2,450,000* [($1,715,000 $4,900,000) X $2,100,000 = $735,000] *$7,000,000 X 35% BRIEF EXERCISE 18-3 Current Assets Accounts Receivable $ 240,000 Inventories Construction in process $2,450,000 Less: Billings 1,200,000 Costs and recognized profit in excess of billings 1,250,000 BRIEF EXERCISE 18-4 Construction in Process................................................................1,715,000 Materials, Cash, Payables, etc............................................................ 1,715,000 Accounts Receivable....................................................................1,200,000 Billings on Construction in Process................................................... 1,200,000 Cash .............................................................................................. 960,000 Accounts Receivable.......................................................................... 960,000 BRIEF EXERCISE 18-7 Installment Accounts Receivable, 2008..........................................150,000 Installment Sales................................................................................ 150,000 Cash .................................................................................................54,000 Installment Accounts Receivable, 2008............................................. 54,000 Cost of Installment Sales................................................................105,000 Inventory............................................................................................ 105,000 1 AIM 3331-0U1 BRIEF EXERCISE 18-7 Installment Accounts Receivable, 2008..........................................150,000 Installment Sales................................................................................ 150,000 Cash .................................................................................................54,000 Installment Accounts Receivable, 2008............................................. 54,000 Cost of Installment Sales................................................................105,000 Inventory............................................................................................Inventory....
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solutions ch18 - AIM 3331-0U1 Solutions to suggested...

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