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Question Help Y Koopman Construction Associates accepted a contract to build an office building on January 2, 2015. The company will complete the contract within two years. Koopman provided the following information related the revenue, estimated costs, progress billings, and collections over the two-year period. (Click the icon to view the contract information.) Requirement Prepare the journal entries for each year to record the contract assuming that Koopman uses the percentage-of-completion method with the cost-to-cost approach to measure progress. Show all supporting computations. Choose the formula and enter the amounts into the table below to calculate the percentage of completion for Koopman's contract for each year. (Round the percentages to the nearest whole percent) 2015 2016 Choose from any list or enter any number in the input fields and then click Check Answer. 10 ports remaining Cumulative percentage complete Clear All % Check Antwer build an office building on January 2, 2015. The company will complete the contract within two years. Koopa ections over the two-year period. = Contract Information. F2 Contract price the input fields and then click Check Answer. Actual construction costs incurred during the year Construction costs incurred in prior years Cumulative construction costs incurred to date Estimated costs to complete Estimated total costs Progress billings made during the year Cash collections during the year * 2013 SA $ DOD 000 F4 % Print Clear All $ $ $ $ Done $ S F6 4,100,000 2015 2,509,140 $ 0 2,509,140 $ 1,024,860 3,534,000 $ 2,490,000 $ 2,050,000 $ 8. 44 F7 2016 930,000 2,509,140 3,439, 140 0 3,439, 140 1,610,000 2,050,000 ➤11 X ch to m entages F9 Question Help Y Koopman Construction Associates accepted a contract to build an office building on January 2, 2015. The company will complete the contract within two years. Koopman provided the following information related the revenue, estimated costs, progress billings, and collections over the two-year period. (Click the icon to view the contract information.) Requirement Prepare the journal entries for each year to record the contract assuming that Koopman uses the percentage-of-completion method with the cost-to-cost approach to measure progress. Show all supporting computations. Choose the formula and enter the amounts into the table below to calculate the percentage of completion for Koopman's contract for each year. (Round the percentages to the nearest whole percent) 2015 2016 Choose from any list or enter any number in the input fields and then click Check Answer. 10 ports remaining Cumulative percentage complete Clear All % Check Antwer build an office building on January 2, 2015. The company will complete the contract within two years. Koopa ections over the two-year period. = Contract Information. F2 Contract price the input fields and then click Check Answer. Actual construction costs incurred during the year Construction costs incurred in prior years Cumulative construction costs incurred to date Estimated costs to complete Estimated total costs Progress billings made during the year Cash collections during the year * 2013 SA $ DOD 000 F4 % Print Clear All $ $ $ $ Done $ S F6 4,100,000 2015 2,509,140 $ 0 2,509,140 $ 1,024,860 3,534,000 $ 2,490,000 $ 2,050,000 $ 8. 44 F7 2016 930,000 2,509,140 3,439, 140 0 3,439, 140 1,610,000 2,050,000 ➤11 X ch to m entages F9
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Solution Completion method 2015 Cummulative cost incurred till date 2509140 Estim... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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