Excel_Project_1_Jame - $3,000,000.00 Construction in Process $3,000,000.00 c Chance Company Balance Sheet 31-Dec-11 Current Assets Accounts

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

View Full Document Right Arrow Icon
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
Background image of page 1

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

View Full DocumentRight Arrow Icon
Background image of page 2
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

This note was uploaded on 05/01/2011 for the course FINANCE 516 taught by Professor Anderson during the Spring '11 term at Keller Graduate School of Management.

Page1 / 2

Excel_Project_1_Jame - $3,000,000.00 Construction in Process $3,000,000.00 c Chance Company Balance Sheet 31-Dec-11 Current Assets Accounts

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online