{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Excel_Project_1_James_Holliday

# Excel_Project_1_James_Holliday - \$3,000,000.00 Construction...

This preview shows pages 1–2. Sign up to view the full content.

Problem 18-3 a) 2010 Contract Price  \$3,000,000.00  Current costs  \$600,000.00  Estimated Cost to Complete  \$1,400,000.00   \$2,000,000.00  Total Estimated Profit  \$1,000,000.00  Percentage completed 30% Total Gross Profit Recognized  \$300,000.00  Less: Previous Recognized Gross Profit  \$-    Current Gross Profit Recognized  \$300,000.00  b) DR CR Construction in Process  \$540,000.00                      Assets( Cash, Materials, etc.)  \$540,000.00  Accounts Receivable  \$1,000,000.00                      Billings on Construction  \$1,000,000.00  Cash  \$900,000.00                      Accounts Receivable  \$900,000.00  Construction Expenses  \$540,000.00  Construction  \$210,000.00                     Long Term Contract Revenue  \$750,000.00  Construction in Process Billing

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: \$3,000,000.00 Construction in Process \$3,000,000.00 c) Chance Company Balance Sheet 31-Dec-11 Current Assets Accounts Receivable \$50,000.00 Inventory Construction \$2,250,000.00 Less: Billing \$2,000,000.00 Cost and recognized profit-excess of billing \$250,000.00 2011 2012 \$3,000,000.00 \$3,000,000.00 \$1,560,000.00 \$2,100,000.00 \$520,000.00 \$2,080,000.00 \$- \$2,100,000.00 \$920,000.00 \$900,000.00 75% 100% \$690,000.00 \$900,000.00 \$300,000.00 \$690,000.00 \$390,000.00 \$210,000.00...
View Full Document

{[ snackBarMessage ]}