cma_Conceptual_Frame_Work_For_Financial_Reporting

Total cost s are 1450000 thus the total profit is

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Unformatted text preview: re $1450000 thus the total profit is known to be $550000 because a total of $300000 e-mail:.acchouse_scada@yahool.com-0502265272 0105030092 : WWW.AHSCADA.COM022622173 022622168 1016448872 : 0124059666 034851600 034865655 : – % &'( ) ! , $- ./ : *+ 35 ! " # # $ : :, $- 6 Accounting Accounting House House www.jpspublished on www.jps-dir.com Was recognized in the first 2 years .$250000 should be recognized in year 3 4) journal entries % of completion Year1 –construction in progress $300000 Cash or account payables $300000 construction in progress $200000 construction revenue $200000 Year2- construction in progress $600000 Cash or account payables $600000 construction in progress $100000 construction revenue $100000 Year3- construction in progress $550000 Cash or account payables $550000 Cash Completed contract $300000 $300000 No entry $600000 $600000 No entry $550000 $550000 $2000000 construction in progress construction revenue $2000000 $1750000 250000 $1450000 550000 e-mail:.acchouse_scada@yahool.com-05022652...
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