Riverbed Construction Company uses the percentage-of-completion method of accounting. In 2017, Riverbed began work under contract...
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Homework Answers
Explanation:
| 2107 | 2018 | |
| Contract peice | $2,195,000 | $2,195,000 |
| Percentage of completion | 43% | 100% |
| Realized Revenue | $943,850 | $2,195,000 |
| Less: Realized revenue from last year | - | ($943,850) |
| Realized recognized for the year | $943,850 | $1,252,250 |
Percentage of completion for 2017 =$695,310/$1,617,000 =43%
_____×____
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2017
2018
2019
Costs incurred to date
$434,300
$859,560
$1,073,000
Estimated costs to complete
575,700
242,440
–0–
Billings to date
301,000
897,000
1,610,000
Collections to date
271,000
817,000
1,428,000
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