Problemturner inc began work on a 6885000 contract in 2014, Ask an Expert

Accounting

Problem:

Turner, Inc. began work on a $6,885,000 contract in 2014 to construct an office building. During 2014, Turner, Inc. incurred costs of $1,679,680, billed its customers for $1,359,000, and collected $1,082,000. At December 31, 2014, the estimated future costs to complete the project total $3,569,320.

Required:

Question: Prepare Turner's 2014 journal entries using the percentage-of-completion method.

Note: Please show how to work it out.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165651

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