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Category > Accounting Posted 18 Jun 2017 My Price 4.00

Jefferson Corporation properly accounted for its income from long-term construction contracts

Before 2014, Jefferson Corporation properly accounted for its income from long-term construction contracts on the completed-contract basis. However, early in 2014 to better measure income earned on their long-term construction contracts and be consistent with their competitors, Jefferson changed to the percentage-of-completion basis. Income for 2014 has been recorded using the percentage-of-completion method. The following information is available for your review: Pretax Income Pretax Income Completed-Contract Percentage-of-Completion Prior to 2014 $330,000 $425,000 2014 $105,000 $175,000 a) Is this a change in accounting principle, a change in accounting estimate or an error in the financial statement? b) What is the proper accounting treatment for this situation? Cite the authoritative guidance.

Answers

Alpha Geek
(8)
Status NEW Posted 18 Jun 2017 06:06 AM My Price 4.00

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file 1497766985-596984_1_1.docx preview (444 words )
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