Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,720,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year 2023 $ 411,000 959,000 2024 $ 1,020,000 e 465,000 1,255,000 Cash collections during the year 365,000 1,355,000 Assume that Beavis recognizes revenue upon completion of the project. Required: Prepare all journal entries to record costs, billings, collections, and profit recognition. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 > Record the entry for costs incurred during the year 2023. Note: Enter debits before credits. Date 2023 General Journal Debit Credit View general journal Record entry Clear entry

Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,720,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year 2023 $ 411,000 959,000 2024 $ 1,020,000 e 465,000 1,255,000 Cash collections during the year 365,000 1,355,000 Assume that Beavis recognizes revenue upon completion of the project. Required: Prepare all journal entries to record costs, billings, collections, and profit recognition. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 > Record the entry for costs incurred during the year 2023. Note: Enter debits before credits. Date 2023 General Journal Debit Credit View general journal Record entry Clear entry

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,810,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: 2023 2024 Costs incurred during the year $ 447,000 $ 1,110,000 Estimated costs to complete 1,043,000 0 Billings during the year 405,000 1,405,000 Cash collections during the year 305,000 1,505,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Prepare all journal entries to record costs, billings, collections, and profit recognition. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,850,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: 2023 2024 Costs incurred during the year $ 435,000 $ 1,150,000 Estimated costs to complete 1,015,000 0 Billings during the year 425,000 1,425,000 Cash collections during the year 325,000 1,525,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2023 and 2024.
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,860,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: 2023 2024 Costs incurred during the year $ 432,000 $ 1,160,000 Estimated costs to complete 1,008,000 0 Billings during the year 430,000 1,430,000 Cash collections during the year 330,000 1,530,000 Assume that Beavis recognizes revenue upon completion of the project. Required: Compute the amount of gross profit recognized during 2023 and 2024. Note: Leave no cells blank - be certain to enter "0" wherever required.
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2018 and completed in 2019. Cost and other data are presented below: 2018 2019 $ 450,000 $1,100,000 1,050,000 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 0 400,000 1,400,000 300,000 1,500,000 Requirements: a. Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Compute the amount of gross profit recognized during 2018 and 2019 b. Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Prepare all journal entries to record costs, billings, collections, and profit recognition. c. Assume that Beavis recognizes revenue upon completion of the project. Compute the amount of gross profit recognized during 2018 and 2019. d. Assume that Beavis recognizes revenue upon completion of the…
MacDonalds Construction Co. was a low bidder on a construction project to build a dam for$1,800,000. Construction started during 2019 and was completed in 2020. Informationrelating to the contract is as follows:2019 2020Costs incurred during the year $ 450,000 $1,100,000Estimated costs to complete 1,050,000 0Billings during the year 400,000 1,400,000Cash collections during the year 300,000 1,320,000Required:(a) For EACH of the years ended 2019 and 2020, calculate the percentage of completion to date, revenue recognized for the year and the profit recognised for the year. (b) Provide the necessary journal entries at the end of 2019 and 2020 to record the abovetransactions relating to the above contract. (c) Compute the amount that remains unpaid on the dam project at the end of 2020.
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,870,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year View transaction lit Journal entry worksheet 2 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion Required: Prepare all journal entries to record costs, billings, collections, and profit recognition. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) 1 3 Outs 2023 4 5 2823 2824 $ 429,000 $1,170,000 1,001,000 General Jual 435,000 1,435,000 335.000 1,535,00m Record the entry for costs incurred during the year 2023. 7 • B CH
MacDonalds Construction Co. was a low bidder on a construction project to build a dam for $1,800,000. Construction started during 2019 and was completed in 2020. Information relating to the contract is as follows:2019 2020Costs incurred during the year $ 450,000 $1,100,000Estimated costs to complete 1,050,000 0Billings during the year 400,000 1,400,000Cash collections during the year 300,000 1,320,000Required:(a) For EACH of the years ended 2019 and 2020, calculate the percentage of completion to date, revenue recognised for the year and the profit recognised for the year. (b) Provide the necessary journal entries at the end of 2019 and 2020 to record the above transactions relating to the above contract.(c) Compute the amount that remains unpaid on the dam project at the end of 2020.
MacDonalds Construction Co. was a low bidder on a construction project to build a dam for$1,800,000. Construction started during 2019 and was completed in 2020. Informationrelating to the contract is as follows:2019 2020Costs incurred during the year $ 450,000 $1,100,000Estimated costs to complete 1,050,000 0Billings during the year 400,000 1,400,000Cash collections during the year 300,000 1,320,000Required:(a) For EACH of the years ended 2019 and 2020, calculate the percentage of completion todate, revenue recognised for the year and the profit recognised for the year.(b) Provide the necessary journal entries at the end of 2019 and 2020 to record the abovetransactions relating to the above contract(c) Compute the amount that remains unpaid on the dam project at the end of 2020.
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,720,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year View transaction list Journal entry worksheet Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Prepare all journal entries to record costs, billings, collections, and profit ecognition. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. < 1 2 3 Note: Enter debits before credits. Date 2023 2023 2024 $ 411,000 $ 1,020,000 959,000 465,000 365,000 4 5 6 7 Record the entry for costs incurred during the year 2023. General Journal Construction in progress 0 1,255,000 1,355,000 8 9 Debit
19..Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,760,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: 2020 2021Costs incurred during the year $399,000 $1,060,000 Estimated costs to complete 931,000 0 Billings during the year 485,000 1,275,000 Cash collections during the year 385,000 1,375,000 Assume that Beavis recognizes revenue on this contract over time according to the percentage of completion. Required:Prepare all journal entries to record costs, billings, collections, and profit recognition. (If no entry is required for a transaction/event, type "No journal entry required" in the first…
- Oriole Construction Company began work on a $407,000 construction contract in 2025. During 2025, Oriole incurred costs of $272,000, billed its customer for $217,000, and collected $177,500. At December 31, 2025, the estimated additional costs to complete the project total $157,020. Prepare Oriole's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the cost-recovery method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,275. List all debit entries before credit entries. Do not round Intermediate calculations.) No. Account Titles and Explanation (a) (b) eTextbook and Medial List of Accounts Debit Credit
Heart, Inc. consistently uses the percentage of completion method of recognizing income. During 2018, Heart started work on a P3,000,000 fixed price project. The accounting records disclosed the following data for the year ended December 31, 2018: Costs incurred, P930,000; Estimated cost to complete, P2,170,000; Progress billings, P1,100,000; Collections, P700,000. How much is the balance of Construction in Progress account in 2018?