Archer construction company began work on a 417000, Ask an Expert

Accounting

Archer Construction Company began work on a $417,000 construction contract in 2012. Archer incurred costs of $297,000, billed its customer for $260,000, and collected $190,000. At December 31, 2012, the estimated future costs to complete the project total $171,000.

Required:

Prepare Archer's journal entry to record profit or loss using:

(a) The percentage of completion method and

(b) The completed contract method (if any).

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M951697

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