MS Construction Company contacted to construct a factory buildingfor $525,000. C

Question

MS Construction Company contacted to construct a factory buildingfor $525,000. Construction started during 2008 & was completedin 2009. Info relating to the contract follows:


2008 2009 Costs incurredduring theyear                       290,000 150,000 Estimatedadditional costs to complete 145,000 -
Billings duringthe year 260,000 265,000 Cash collectionsduring the year 240,000 285,000
1. Record the preceding transations in MS's books under thecompleted contract & the percentage of completion methods.

2. Determine amounts that will be reported on the balance sheet atthe end of 2008.





2008 2009 Costs incurredduring theyear                       290,000 150,000 Estimatedadditional costs to complete 145,000 -
Billings duringthe year 260,000 265,000 Cash collectionsduring the year 240,000 285,000

Explanation / Answer

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