Assignment_6(1[ - some of your assigned exercises/problems Required You are to type in your answers in the spaces provided in the file named

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Assignment 6 In 2010 Acme Construction Company won the contract to construct an office building at a contract price of $1,200,000. The information relating to the costs and billings for this contract is shown below. 2010 2011 2012 Costs incurred to date ** $280,000 $600,000 $785,000 Estimated costs yet to be incurred 520,000 200,000 -0- Customer billings to date ** 250,000 500,000 1,200,000 Collections of billings to date ** 120,000 320,000 1.040,000 **Hint : You have to figure out the actual cost, billings, and collections for each respective year. The reason why, is because the information presented is “to date” not “Costs expended this year” as in the handouts and
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Unformatted text preview: some of your assigned exercises/problems. Required: You are to type in your answers in the spaces provided in the file named: Assignment 6 Answers Using the percentage-of-completion method compute the following: 1-Percent complete for 2010 and 2011. 2-Revenue recognized for 2010 and 2011. 3-Gross Profit recognized for 2010 and 2011. 4-Prepare the journal entries for 2011. 5-Prepare a partial balance sheet for 2010 (Do not present the cash GL account). Remember to type your name on both all pages you submit so I can identify your work when grading it. Save your file with your last name and first name....
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This note was uploaded on 10/25/2011 for the course ACG 3341 taught by Professor Jomosankara during the Spring '09 term at FAU.

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