(Answered) Question - assume nortel networks contracted to provide a

Accounting

Question - Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2011 and was completed in 2012. Data relating to the contract are summarized below:

2011 2012

Costs incurred during the year $ 300,000 $ 1,575,000

Estimated costs to complete as of 12/31 1,200,000 0

Billings during the year 380,000 1,620,000

Cash collections during the year 250,000 1,750,000

Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2011 using the percentage-of-completion method.

Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2011 using the completed contract method.

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