Chicago Contractors got $5,400,000 contract to construct a school building for the city of Chicago. Work on
Question:
Cost incurred till Dec 21 2013........................................$1,080,000
Billings made to City...................................................$1,000,000
Amount collected from City.............................................$750,000
The estimated future cost to complete this contract is.............$3,240,000
a. Prepare Chicago Contractors 2013 Journal entries using percent of completion method
b. Show how the contract accounts will appear in the balance sheet of Chicago contractors on 12/21/2013
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Question Posted: