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P_08-21_Perfectionist Construction Company




Question;Perfectionist Construction Company was the low bidder on an office building construction contract. The contract bid was$9,000,000, with an estimated cost to complete the project of$7,000,000. The contract period was 30 months starting May 1, 2014.Because of changes requested by the customer, the contract price was adjusted downward to$8,600,000 on May 1, 2015. A record of construction activities for the years2014?2017 is as follows:YearActual CostProgress BillingsCash ReceiptsRemaining Cost2014$1,900,000$2,500,000$1,900,000$5,150,00020153,600,0003,400,0003,100,0001,600,00020161,670,0002,700,0002,500,000020171,100,000Prepare all journal entries and the relevant balance sheet entries for 2014?2017under thepercentage-of-completion method of revenue recognition="margin:>


Paper#37513 | Written in 18-Jul-2015

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