adland, Inc. began work on a $7,215,000
contract in 2020 to construct an office building. Headland uses the
completed-contract method. At December 31, 2020, the balances in
certain accounts were Construction in Process $1,813,000, Accounts
Receivable $261,000, and Billings on Construction in Process
$1,001,000. Indicate how these accounts would be reported in
Headland’s December 31, 2020, balance sheet.
Homework Answers
| Answer | ||
| Balance Sheet | ||
| Current assets | ||
| Accounts Receivable | $ 261,000 | |
| Construction in process | $ 1,813,000 | |
| Less : Billing | -$ 1,001,000 | |
| Costs in excess of billing | $ 812,000 | |
| Please like | ||
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