Vaughn Construction Company began work on a $423,000 construction contract in 2020. During 2020, Vaughn incurred...
Vaughn Construction Company began work on a $423,000
construction contract in 2020. During 2020, Vaughn incurred costs
of $295,500, billed its customer for $200,500, and collected
$170,000. At December 31, 2020, the estimated additional costs to
complete the project total $155,645.
Prepare Vaughn’s journal entry to record profit or loss, if any,
using (a) the percentage-of-completion method and (b) the
completed-contract method. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the amounts. Round answers to 0
decimal places, e.g. 5,275.)
Homework Answers
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Vaughn Construction Company began work on a $423,000
construction contract in 2020. During 2020, Vaughn incurred...
Cheyenne Construction Company began work on a $424,000 construction contract in 2020. During 2020, Cheyenne incurred...
Cheyenne Construction Company began work on a $424,000
construction contract in 2020. During 2020, Cheyenne incurred costs
of $279,500, billed its customer for $204,500, and collected
$170,500. At December 31, 2020, the estimated additional costs to
complete the project total $150,500.
Prepare Cheyenne’s journal entry to record profit or loss, if any,
using (a) the percentage-of-completion method and (b) the
completed-contract method.
Cheyenne Construction Company began work on a $424.000 construction contract in 2020. During 2020, Cheyenne incurred costs of...
Indigo Construction Company began work on a $420,500 construction contract in 2020. During 2020, Indigo incurred...
Indigo Construction Company began work on a $420,500 construction contract in 2020. During 2020, Indigo incurred costs of $299,000, billed its customer for $202,000, and collected $177,000. At December 31, 2020, the estimated additional costs to complete the project total $151,030. Prepare Indigo’s journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
Splish Construction Company began work on a $402,000 construction contract in 2020. During 2020, Splish incurred...
Splish Construction Company began work on a $402,000 construction contract in 2020. During 2020, Splish incurred costs of $252,000, billed its customer for $210,500, and collected $177,000. At December 31, 2020, the estimated additional costs to complete the project total $162,405. Prepare Splish’s journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
Splish Construction Company began work on a $418,500 construction contract in 2020. During 2020, Splish incurred...
Splish Construction Company began work on a $418,500 construction contract in 2020. During 2020, Splish incurred costs of $285,500, billed its customer for $233,000, and collected $172,000. At December 31, 2020, the estimated additional costs to complete the project total $155,765. Prepare Splish’s journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
Windsor Construction Company began work on a $404,000 construction contract in 2020. During 2020, Windsor incurred...
Windsor Construction Company began work on a $404,000 construction contract in 2020. During 2020, Windsor incurred costs of $273,000, billed its customer for $232,000, and collected $182,000. At December 31, 2020, the estimated additional costs to complete the project total $163,660. Prepare Windsor’s journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
Headland Construction Company began work on a $419,400 construction contract in 2017. During 2017, Headland incurred...
Headland Construction Company began work on a $419,400 construction contract in 2017. During 2017, Headland incurred costs of $280,200, billed its customer for $216,300 and collected $174,500. At December 31, 2017, the estimated additional costs to complete the project total $161,600. Prepare Headland's journal entry to record proft or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
Coronado Construction Company began work on a $407,000 construction contract in 2020. During 2020, Coronado incurred...
Coronado Construction Company began work on a $407,000 construction contract in 2020. During 2020, Coronado incurred costs of $272,000, billed its customer for $217,000, and collected $177,500. At December 31, 2020, the estimated additional costs to complete the project total $157,020. Prepare Coronado’s journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method.
Bridgeport, Inc. began work on a $7,043,000 contract in 2020 to construct an office building. During...
Bridgeport, Inc. began work on a $7,043,000 contract in 2020 to construct an office building. During 2020, Bridgeport, Inc. incurred costs of $1.891,800, billed its customers for $1,315,000, and collected $939,000. At December 31, 2020. the estimated additional costs to complete the project total $3,363.200. Prepare Bridgeport's 2020 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables. If no entry is...
Sarasota, Inc. began work on a $6,339,000 contract in 2020 to construct an office building. During...
Sarasota, Inc. began work on a $6,339,000 contract in 2020 to
construct an office building. During 2020, Sarasota, Inc. incurred
costs of $1,537,470, billed its customers for $1,141,000, and
collected $961,000. At December 31, 2020, the estimated additional
costs to complete the project total $3,121,530.
Prepare Sarasota’s 2020 journal entries using the
percentage-of-completion method.
Sarasota, Inc. began work on a $6,339,000 contract in 2020 to construct an office building. During 2020, Sarasota, Inc. incurred costs of $1,537,470, billed its customers...
1- Bridgeport Construction Company began work on a $407,000 construction contract in 2020. During 2020, Bridgeport...
1- Bridgeport Construction Company began work on a $407,000 construction contract in 2020. During 2020, Bridgeport incurred costs of $272,000, billed its customer for $217,000, and collected $177,500. At December 31, 2020, the estimated additional costs to complete the project total $157,020. Prepare Bridgeport’s journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. 2- Waterway, Inc. began work on a $7,071,000 contract in 2020 to construct an office building. Waterway...
Cheyenne Construction Company began work on a $424,000
construction contract in 2020. During 2020, Cheyenne incurred costs
of $279,500, billed its customer for $204,500, and collected
$170,500. At December 31, 2020, the estimated additional costs to
complete the project total $150,500.
Prepare Cheyenne’s journal entry to record profit or loss, if any,
using (a) the percentage-of-completion method and (b) the
completed-contract method.
Cheyenne Construction Company began work on a $424.000 construction contract in 2020. During 2020, Cheyenne incurred costs of...
Headland Construction Company began work on a $419,400 construction contract in 2017. During 2017, Headland incurred costs of $280,200, billed its customer for $216,300 and collected $174,500. At December 31, 2017, the estimated additional costs to complete the project total $161,600. Prepare Headland's journal entry to record proft or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
Bridgeport, Inc. began work on a $7,043,000 contract in 2020 to construct an office building. During 2020, Bridgeport, Inc. incurred costs of $1.891,800, billed its customers for $1,315,000, and collected $939,000. At December 31, 2020. the estimated additional costs to complete the project total $3,363.200. Prepare Bridgeport's 2020 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables. If no entry is...
Sarasota, Inc. began work on a $6,339,000 contract in 2020 to
construct an office building. During 2020, Sarasota, Inc. incurred
costs of $1,537,470, billed its customers for $1,141,000, and
collected $961,000. At December 31, 2020, the estimated additional
costs to complete the project total $3,121,530.
Prepare Sarasota’s 2020 journal entries using the
percentage-of-completion method.
Sarasota, Inc. began work on a $6,339,000 contract in 2020 to construct an office building. During 2020, Sarasota, Inc. incurred costs of $1,537,470, billed its customers...
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