Aylmer Inc signed a 3-year contract to construct a new school on January 1, 2020 for $ 10,000,000 Construction began in 2020. Aylmer has a December 31 year end. Data relating to the construction project is below: 2020 2021 2022 Costs to date Estimated costs to complete Progress billings during the period Cash receipts during the period |1,200,000 6,800,000 |1,300,000 | 1,100,000 6,300,000 |1,700,000 5,100,000 |4,200,000 8,000,000 3,600,000 |4,700,000 |1. Prepare ALL the appropriate journal entries for 2020 assuming Aylmer uses the percentage-of-completion method. 2. For 2020, complete the partial income statements (up to gross profit only) for: a. The percentage-of-completion method. b. The completed contract method. 3. For 2020, under the percentage-of-completion method, what is the balance in accounts receivable?

Aylmer Inc signed a 3-year contract to construct a new school on January 1, 2020 for $ 10,000,000 Construction began in 2020. Aylmer has a December 31 year end. Data relating to the construction project is below: 2020 2021 2022 Costs to date Estimated costs to complete Progress billings during the period Cash receipts during the period |1,200,000 6,800,000 |1,300,000 | 1,100,000 6,300,000 |1,700,000 5,100,000 |4,200,000 8,000,000 3,600,000 |4,700,000 |1. Prepare ALL the appropriate journal entries for 2020 assuming Aylmer uses the percentage-of-completion method. 2. For 2020, complete the partial income statements (up to gross profit only) for: a. The percentage-of-completion method. b. The completed contract method. 3. For 2020, under the percentage-of-completion method, what is the balance in accounts receivable?

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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