Uptown Builders Company commenced doing business in January 2011. Construction activities for the year 2011 are summarized in the following table.

The company is your client. The president has asked you to compute the amounts of revenue for the year ended December 31, 2011, that would be reported under the completed-contract method and the percentage-of-completion method of accounting for long-term contracts.
The following information is available:
(a) Each contract is with a different customer.
(b) Any work remaining to be done on the contracts is expected to be completed in 2012.
(c) The company's accounts have been maintained on the completed-contract method.

Instructions:
1. Prepare a schedule computing the amount of revenue, cost, and gross profit (loss) by project for the year ended December 31, 2011, to be reported under
(a) The percentage-of-completion method and
(b) The completed-contract method. (Round to two decimal places on percentages.)
2. Prepare a schedule under the completed-contract method, computing the amount that would appear on the company's balance sheet at December 31, 2011, for (a) costs in excess of billings and (b) billings in excess of costs.
3. Prepare a schedule under the percentage-of-completion method showing the computation of the amount that would appear on the company's balance sheet at December 31, 2011, for (a) costs and estimated earnings in excess of billings and (b) billings in excess of costs and estimatedearnings.

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Contract Expenditures to Dec. 31, 2011 Estimated Additional Total Contract Price Costs to Complete Contracts Cash Collections to Dec. 31, 2011 Billings to Dec. 31, 2011 Project 420.000 440,000 500,000 400,000 $30,000 325.500 $270,000 75,000 405,000 $340,000 $310,000 105,000 500,000 22,500 390,000 105,500 314.500 $670,000 80,000 $1,760,000 $858,000 $750,000 $995,000