Blue Construction Company began work on a $979,000 construction contract in 2017, During 2017, Blue incurred costs of $402,000, billed its customer for $318.000, and collected $238,000. At December 31, 2017, the estimated future costs to complete the project total $630,000. Prepare Archer's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract 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 percent value to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg 5,275)

Blue Construction Company began work on a $979,000 construction contract in 2017, During 2017, Blue incurred costs of $402,000, billed its customer for $318.000, and collected $238,000. At December 31, 2017, the estimated future costs to complete the project total $630,000. Prepare Archer's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract 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 percent value to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg 5,275)

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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