a. 20% down payment upon contract signing as mobilization feeb. Amount billed to client is according to percentage of completion, lessportion of the down payment10% retention fee deductible at the last billingC.Required:(1) Entries to recordDown paymentb. Costs of constructionc. Billing to clientsа.(2) Determine the balances of the following accountsConstruction in progressb. Progress Billingsa. PROBLEM 8-4. CONTRACT WITH MOBILIZATION AND RETENTION FEELacson Constructions, Inc. has the following data in its Jobs in Progress Accountfor the year just ended:ProjectNo.Estimated totalcost at completion12,250,000Costs to DateContract Price1039,800,00017,500,000The company accounts for its large jobs by the percentage of completion method.Billings are done as follows:

Revenue recognition principle is followed by the businesses to account for their revenue and…

20% down payment upon contract signing as mobilization fee b. Amount billed to client is according to percentage of completion, less portion of the down payment 10% retontion fee deductible at the last billing a. C. Required: (1) Entries to record a. Down payment b. Costs of construction C. Billing to clients (2) Determine the balances of the following accounts a. Construction in progress b. Progress Billings

20% down payment upon contract signing as mobilization fee b. Amount billed to client is according to percentage of completion, less portion of the down payment 10% retontion fee deductible at the last billing a. C. Required: (1) Entries to record a. Down payment b. Costs of construction C. Billing to clients (2) Determine the balances of the following accounts a. Construction in progress b. Progress Billings

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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