Phil construction inc had a 3-year project whose contract, Ask an Expert

Accounting

PHIL Construction, Inc. had a 3-year project whose contract price was $8,000,000. Construction activities are summarized in the table below.

	12/31/14	12/31/15	12/31/16
Costs to date	2,000,000	5,000,000	6,000,000
Additional costs to complete	3,000,000	1,000,000	-0-
Progress billings to date	2,500,000	5,500,000	8,000,000
Cash collected to date	2,300,000	5,400,000	8,000,000

Instructions: Prepare any necessary journal entries for the above project in 2014, 2015 & 2016 using 1) the percentage of completion method, 2) the completed contract method.

Thank you very much in advance.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92641083

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