Buildmore Construction limited received a contract for $6000000 in year 1 to build a parking complex for the federal government. The following data was accumulated during the construction period: Total costs to date year1 $1800 000,Year 2 $2090 000,Year 3 $5000 000;Estimated cost to complete Year 1 $2700 000,Year 2 $3410 000,Year 3 S0;Progress billings during year Year 1 $2000 000,Year 2 $2000 000,Year 3 $2000 000:Cash collected during year Year 1 $1500 000,Year 2 $2000 000,Year 3 $2500 000. Prepare journals

Buildmore Construction limited received a contract for $6000000 in year 1 to build a parking complex for the federal government. The following data was accumulated during the construction period: Total costs to date year1 $1800 000,Year 2 $2090 000,Year 3 $5000 000;Estimated cost to complete Year 1 $2700 000,Year 2 $3410 000,Year 3 S0;Progress billings during year Year 1 $2000 000,Year 2 $2000 000,Year 3 $2000 000:Cash collected during year Year 1 $1500 000,Year 2 $2000 000,Year 3 $2500 000. Prepare journals

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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