Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 09 Oct 2017 My Price 5.00

Gurney Construction Company

21) (Recognition of Profit, Percentage-of-Completion)In 2014, Gurney Construction Company agreed to construct an apartment building at a price of $1,200,000. The information relating to the costs and billings for this contract is shown below.

 

Instructions

(a) Assuming that the percentage-of-completion method is used, (1) compute the amount of gross profit to be recognized in 2014 and 2015, and (2) prepare journal entries for 2015.?

(b) For 2015, show how the details related to this construction contract would be disclosed on the balance sheet and on the income statement.?

Answers

Maurice Tutor
(5)
Status NEW Posted 09 Oct 2017 03:10 PM My Price 5.00

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