Homework_Chapter_5B-P5 - (2 Cost of construction(cost...

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1. 2006 2007 2008 Gross Profit $ 0 (2%) $ 0 (2%) $ 1800000 (2%) 2. 2006 2007 2008 To record construction costs. Construction in progress (2%) 2400000 (2%) 3600000 (2%) 2200000 (2%) Various accounts (2%) 2400000 (2%) 3600000 (2%) 2200000 (2 To record progress billings. Accounts receivable (2%) 2000000 (2%) 4000000 (2%) 4000000 (2%) Billings on construction contract (2%) 2000000 (2%) 4000000 (2%) 4000000 (2 To record cash collections. Cash (2%) 1800000 (2%) 3600000 (2%) 4600000 (2%) Accounts receivable (2%) 1800000 (2%) 3600000 (2%) 4600000 (2 To record gross profit. Construction in progress (gross profit) (2%) 0 (2%) 0 (2%) 1800000
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Unformatted text preview: (2%) Cost of construction (cost incurred) (2%) (2%) (2%) 8200000 (2%) Revenue from long-term contracts (2%) (2%) (2%) 10000000 ( 3. Balance sheet 2006 2007 Current assets: Accounts receivable (2%) $ 200000 (2%) $ 600000 (2%) Construction in progress (2%) $ 2400000 (2%) $ 6000000 (2%) Less: Billings (2%) ( 2000000 (2%)) ( 6000000 (2%)) Costs and profit in excess of billings (2%) 400000 (2%) (2%) 4. 2006 2007 2008 Gross profit (loss) recognition: $ (2%) $ (2%) $ 600000 (2%) 5. 2006 2007 2008 Gross profit (loss) recognition: $ (2%) $( 300000 (2%)) $ 200000 (2%)...
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Homework_Chapter_5B-P5 - (2 Cost of construction(cost...

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