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
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(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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