(recognition of profit and entries on long-term contract) on march 1, 2012, chance company entered into a contract to build an apartment building. it is estimated that the building will cost $2,000,000 and will take 3 years to complete. the contract price was $3,000,000. the following information pertains to the construction period. costs to date estimated costs to complete progress billings to date cash collected to date instructions (a) compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (b) prepare all necessary journal entries for 2014. (c) prepare a partial balance sheet for december 31, 2013, showing the balances in the receivables and inventory accounts.
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