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1- Using the data provided below you are to input formulas in the area designated below to calculate: % complete, revenue to be recognized in each year, and gross profit to be recognized in each year.please note formulas used in excel to calculate.





Hint: I suggest you use formulas with an IF function regarding the gross profit section of your speadsheet because your spreadsheet should be able to calculate correct answers whether a contract generates a profit or loss.











2- Using the data given and the solutions your spreadsheet generated print out the JE Document posted and use it to prepare all journal entries for 2013. Your journal entries must be handwritten and turned in at the beginning of class the day this assignment is due.










Data: March 2,2014






Contract price 1,200,000






2012 2013 2014
Costs incurred to date** $280,000 $600,000 $785,000
Estimated costs yet to be incurred 520,000 200,000 0
Customer billings to date** 250,000 500,000 1,200,000
Collections of billings to date** 120,000 320,000 1,040,000




**Hint: You have to figure out the actual cost, billings, and collections for each respective year. The reason why is because the information presented is "to date" not "Costs expended this year" as in the handouts and some of your assigned exercises/problems.










Use the format provided below to input formulas for each respective year.





2012 2013 2014
Costs expended to date


Estimated total costs


% complete






Contract price


% complete


Revenue recognized to date


Revenue recognized prior


Revenue recognized current






Estimated total gross profit


% complete


Gross profit recognized to date


Gross profit recognized prior


Gross profit recognized current


















Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9797474

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