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ch18 - Instructions(a How much revenue should be reported...

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Problem Chapter 18 Name: __________________________ 1. Percentage-of-completion method. Rollins Construction Co. contracted to build a bridge for $5,500,000. Construction began in 2009 and was completed in 2010. Data relating to the construction are: 2009 2010 Cost incurred $1,650,000 $2,100,000 Estimated costs to complete $1,800,000 Garnet uses the percentage-of-completion method.
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Unformatted text preview: Instructions (a) How much revenue should be reported for 2009? Show your computation. (b) Make the entry to record progress billings of $2,400,000 during 2009. (c) Make the entry to record the revenue and gross profit for 2009. (d) How much gross profit should be reported for 2010? Show your computation....
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