Applying the Financial Statement Effects Template (Part A)

OPTIONS FOR BOXES WITH UP/DOWN ARROWS (10 OPTIONS) --

ACCOUNTS PAYABLE, ACCOUNTS RECEIVABLE, CASH, COMMON STOCK, COST OF SALES, RETAINED EARNINGS, REVENUE, UNEARNED REVENUE, WAREHOUSE, N/A

Applying the Financial Statement Effects Template Camden Corporation agreed to build a warehouse for a client at an agreed contract price of $900,000. Expected (and actual) costs for the warehouse follow: 2016, $202,500; 2017, $337,500; and 2018, $135,000. The company completed the warehouse in 2018. a. Use the financial statement effects template to record contract revenues and expenses for each year 2016 through 2018 using the cost-to-cost method. Assume Camden does not receive payment until the contract is completed. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Cash Asset Transaction Income Statement Revenues + Noncash Assets Liabilities Contrib. Capital + Expenses Earned Capital Net Income 0 1. 2016: Record construction costs paid 0 0 = 0 0 0 0 0 = 2. 2016: Accrue revenue for contract 0 0 = 0 0 0 0 - 0 = 0 3. 2017: Record construction costs paid 0 0 = 0 0 0 0 0 = 0 4.2017: Accrue revenue for contract 0 0 = 0 0 0 0 0 = 0 5. 2018: Record construction costs paid 0 0 = 0 0 0 0 0 = 0 6. 2018: Accrue revenue for contract 0 0 = 0 0 0 0 0 = 0