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Category > Accounting Posted 02 Aug 2017 My Price 10.00

Hamilton Construction Company

(Recognition of Revenue on Long-Term Contract and Entries) Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2012, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details follow:

 

2012

2013

Costs incurred during the year

$640,000

$1,425,000

Estimated costs to complete, as of December 31

960,000

–0–

Billings during the year

420,000

1,680,000

Collections during the year

350,000

1,500,000

Instructions

(a) What portion of the total contract price would be recognized as revenue in 2012? In 2013?

(b) Assuming the same facts as those above except that Hamilton uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2013?

(c) Prepare a complete set of journal entries for 2012 (using the percentage-of-completion method).

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Aug 2017 11:08 AM My Price 10.00

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