Homework Answers
Percentage of completion during 2017 = $5000000/$10000000 = 50%
Revenue recognized = 50% x $15000000 = $7500000
| Trial Balance | ||
| Debit | Credit | |
| Cash (400000 + 5000000 - 4000000) | 1400000 | |
| Accounts receivable (6000000 - 5000000) | 1000000 | |
| Construction in progress (5000000 + 2500000) | 7500000 | |
| Progress billings | 6000000 | |
| Accounts payable (5000000 - 4000000) | 1000000 | |
| Capital | 100000 | |
| Retained earnings | 300000 | |
| Revenue | 7500000 | |
| Construction expense | 5000000 | |
| Total $ | 14900000 | 14900000 |
| Income Statement | |
| Revenue recognized | 7500000 |
| Less: Costs incurred | 5000000 |
| Gross profit $ | 2500000 |
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DEC 31, 2016 GIVEN THE FOLLOWING ENDING BALANCE FOR CONSTRUCTION CO. DR CR 400,000 CASH CAPITAL...
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just in case anyone solving this problem wants one like one who
tried earlier here is the Exhibit
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This question talks about exhibit 3.3 which you can ignore but
just in case anyone solving this problem wants one like one who
tried earlier here is the Exhibit
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