Archer Construction Company began work on a $420,000 construction contract in 2010. During 2010, Archer incurred costs
Question:
Archer Construction Company began work on a $420,000 construction contract in 2010. During 2010, Archer incurred costs of $278,000, billed its customer for $215,000, and collected $175,000. At December 31, 2010, the estimated future costs to complete the project total $162,000. Make Archer’s journal entry to record profit or loss using
(a). The percentage-of-completion method and
(b). The completed contract method, if any.
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Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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