80.2K

Verified Solution

Link Copied!

Please answer a,b,c,d. Thanks!

2. Calvin Construction uses the percentage-of-completion method of accounting. During 2017, Calvin Construction started work on a S,1,600,000 construction contract, which it plans to complete in 2019. The following information was taken from Calvin Construction accounting records 2018 $806,600 2019 $1,080,000 2017 Cost incurred to $396,000 date Estimated costs to $94,000 283,400 892,000 1,600,000 a Prepare the journal entries to record revenue, expense and gross profit (loss) that Calvin Construction will recognize on this contract for the year ended 12/31/17 using the method b. Prepare the December 31, 2017 balance sheet disclosure of construction in process and related buildings. Bs sure to indicate whether the mount is an asset or a liability Prepare the journal entries to record revenue, expenses and gross profit (loss) that Calvin Construction will recognize on this contract for the year ended 12/31/18 using the percentage-of-completion method. c. d. Prepare the journal entries to record revenue, expenses and gross profit (loss) that Calvin Construction will recognize on this contract for the year ended 12/31/19 using the percentage-of-completion method 2. Calvin Construction uses the percentage-of-completion method of accounting. During 2017, Calvin Construction started work on a S,1,600,000 construction contract, which it plans to complete in 2019. The following information was taken from Calvin Construction accounting records 2018 $806,600 2019 $1,080,000 2017 Cost incurred to $396,000 date Estimated costs to $94,000 283,400 892,000 1,600,000 a Prepare the journal entries to record revenue, expense and gross profit (loss) that Calvin Construction will recognize on this contract for the year ended 12/31/17 using the method b. Prepare the December 31, 2017 balance sheet disclosure of construction in process and related buildings. Bs sure to indicate whether the mount is an asset or a liability Prepare the journal entries to record revenue, expenses and gross profit (loss) that Calvin Construction will recognize on this contract for the year ended 12/31/18 using the percentage-of-completion method. c. d. Prepare the journal entries to record revenue, expenses and gross profit (loss) that Calvin Construction will recognize on this contract for the year ended 12/31/19 using the percentage-of-completion method

Answer & Explanation Solved by verified expert

See Answer