MCCOMBS

McCombs Contractors received a contract to construct a mental health facility for P2 Construction was begun in 20x4 and completed in 20x5. Cost and other data are process below: Required: Prepare the journal entries, under Percentage of completion method using cost to cost method Cost recovery method (also known as zero profit approach) Compute the due from/to customers: Percentage of completion method using cost to cost method Cost recovery method (also known as zero-profit approach) Compute the gross profit (loss) Percentage of completion method using cost-to- method Cost recovery method (also known as zero-profit approach)