Exercise 18-12 (Part Level Submission) 2014 2015 2016 (a) Show List of Accounts
ID: 2564183 • Letter: E
Question
Exercise 18-12 (Part Level Submission)
2014
2015
2016
(a)
Show List of Accounts
Show Solution
Show Answer
Link to Text
(b)
Account Titles and Explanation
Debit
Credit
(To record cost of of construction.)
(To record progress billings.)
(To record collections.)
(To recognize revenue.)
Exercise 18-12 (Part Level Submission)
During 2014, Nilsen Company started a construction job with a contract price of $1,658,000. The job was completed in 2016. The following information is available.2014
2015
2016
Costs incurred to date $391,140 $868,560 $1,141,000 Estimated costs to complete 562,860 259,440 –0– Billings to date 299,200 860,300 1,658,000 Collections to date 257,900 830,900 1,386,000Explanation / Answer
a)
b)
2014 2015 2016 Total cost to complete 391140+562860=954000 868560+259440=1128000 1141000 % of completion [cost incurred till date/total cost] 391140/954000= .41 or41% 868560/1128000= .77 or77% 100%Related Questions
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