E18-18 (Long-Term Contract Reporting) Berstler Construction Company began operations in 2012. Con- struction activity for the first year is shown below. All contracts are with different customers, and any work remaining at December 31, 2012, is expected to be completed in 2013. Project 123 Total Contract Price $ 560,000 670,000 520,000 $1,750,000 Billings through 12/31/12 $360,000 220,000 500,000 $1,080,000 Cash Collections through 12/31/12 $340,000 210,000 440,000 $990,000 Contract Costs Incurred through 12/31/12 $450,000 126,000 330,000 $906,000 Estimated Additional Costs to Complete $130,000 504,000 -0- $634,000 Instructions Prepare a partial income statement and balance sheet to indicate how the above information would be
E18-18 (Long-Term Contract Reporting) Berstler Construction Company began operations in 2012. Con- struction activity for the first year is shown below. All contracts are with different customers, and any work remaining at December 31, 2012, is expected to be completed in 2013. Project 123 Total Contract Price $ 560,000 670,000 520,000 $1,750,000 Billings through 12/31/12 $360,000 220,000 500,000 $1,080,000 Cash Collections through 12/31/12 $340,000 210,000 440,000 $990,000 Contract Costs Incurred through 12/31/12 $450,000 126,000 330,000 $906,000 Estimated Additional Costs to Complete $130,000 504,000 -0- $634,000 Instructions Prepare a partial income statement and balance sheet to indicate how the above information would be
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 26E
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