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During 2010 Nielsen Company started a construction job with a contract price of $1,886,400. The job was completed in 2012. The following information is available.

2010 2011 2012
Costs incurred to date $471,600 $972,675 $1,261,530
Estimated costs to complete 707,400 324,225 -0-
Billings to date 353,700 1,061,100 1,886,400
Collections to date 318,330 954,990 1,680,075

(a) Compute the amount of gross profit to be recognized each year assuming the percentage-of-completion method is used.
Gross profit recognized in current year

2010
2011
2012

(b) Prepare all necessary journal entries for 2011.

(c) Compute the amount of gross profit to be recognized each year assuming the completed-contract method is used.
Gross Profit Recognized in:

2010
2011
2012

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9976087

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