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P_08-21_Perfectionist Construction Company




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;Year;Actual Cost;Progress Billings;Cash Receipts;Remaining Cost;2014;$1,900,000;$2,500,000;$1,900,000;$5,150,000;2015;3,600,000;3,400,000;3,100,000;1,600,000;2016;1,670,000;2,700,000;2,500,000;0;2017;1,100,000;Prepare all journal entries and the relevant balance sheet entries for 2014?2017under thepercentage-of-completion method of revenue recognition


Paper#81679 | Written in 18-Jul-2015

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