On February 1, 2017, Marsh Contractors agreed to construct a building at a contract price of $5,730,000.
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Question:
On February 1, 2017, Marsh Contractors agreed to construct a building at a contract price of $5,730,000. Marsh estimated total construction costs would be $3,944,000 and the project would be finished in 2019. Information relating to the costs and billings for this contract is as follows:
Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2017, 2018, and 2019.
Percentage-of-Completion Gross Profit
2017-
2018-
2019-
Completed-Contract Gross Profit
2017-
2018-
2019-
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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