ex 5-8 5-10 - Exercise 5 - 8 Apex Corporation Journal...

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Exercise 5 - 8 Apex Corporation Journal Entries 1-Apr-09 Part 1 Debit Credit 4/1/2009 Installments Receivable 2,400,000.00 Property 480,000.00 Revenue 1,920,000.00 Cash 120,000.00 Installments Receivable 120,000.00 4/1/2010 Cash 120,000.00 Installments Receivable 120,000.00 Part 2 4/1/2009 Installments Receivable 2,400,000.00 Property 480,000.00 Differed Gross Profit 1,920,000.00 Cash 120,000.00 Installments Receivable 120,000.00 Differed Gross Profit (80% * 120,000) 96,000.00 Realized Gross Profit (80% * 120,000) 96,000.00 4/1/2010 Cash 120,000.00 Installments Receivable 120,000.00 Differed Gross Profit (80% * 120,000) 96,000.00 Realized Gross Profit (80% * 120,000) 96,000.00
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Exercise 5-10 Part 1 (in Millions) 2009 2010 2011 Contract Price 220 220 220 Construction cost Construction cost incurred during the year 40 80 50 Construction cost incurred in prior year 0 40 120 Cumulative construction costs 40 120 170 Estimated end of year costs 120 60 0 Total estimated and incurred costs 160 180 170
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ex 5-8 5-10 - Exercise 5 - 8 Apex Corporation Journal...

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