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E18-18B (Long-Term Contract Reporting)Bearing Construction Company began operations in 2014. Construction activity for the first year is shown below. All contracts are with different customers, and any work remaining at December 31, 2014, is expected to b

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E18-18B (Long-Term Contract Reporting)Bearing Construction Company began operations in 2014. Construction activity for the first year is shown below. All contracts are with different customers, and any work remaining at December 31, 2014, is expected to be completed by the end of 2015.;Cash Contract Estimated;Total Billings Collections Costs IncurredAdditional;Contract through through through Costs to;Project Price 12/31/14 12/31/14 12/31/14 Complete;X $ 450,000 $ 80,000 $ 70,000 $115,000 $276,500;Y 200,000 200,000 180,000 191,000 ?0?;Z 360,000 210,000 210,000 79,000 310,000;$ 1,010,000 $490,000 $460,000 $385,000 $586,500;Instructions;Prepare a partial income statement and balance sheet to indicate how the above information would be reported for financial statement purposes. Bearing Construction Company uses the completed-contract method.

 

Paper#75355 | Written in 18-Jul-2015

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