Schott Construction is the contractor for a building project for an educational institution. The project was scheduled
Question:
Required:
a. Compute the amount of gross profit to be recognized in each year.
b. Compute the amount of revenue to be recognized in 2013.
c. Prepare all the journal entries required in 2013.
Transcribed Image Text:
(Amounts in $ millions) 2014 2012 2013 100% Project completion according to budget plan prior to project commencement 50% 80% Costs incurred to date Additional costs to complete, estimated at year-end Billings on construction in progress $81 $42 33 $63 21 58 81 38 Cash collected 54 35 81 3.
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a GP complete x estimated total GP GP previously recognized 2012 GP 42 75 ...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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