(Answered) Problem - howard construction co contracted to build a

Accounting

Problem - Howard Construction Co. contracted to build a bridge for $3,000,000. Construction began in 2012 and was completed in 2013. Data relating to the construction are:

2012 2013

Costs incurred $990,000 $825,000

Estimated costs to complete 810,000 -

Howard uses the percentage-of-completion method.

Instructions:

(a) How much revenue should be reported for 2012?

(b) Make the entry to record progress billings of $1,000,000 during 2012.

(d) How much gross profit should be reported for 2013?

(e) Show the Balance Sheet Presentation for 2012.

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