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Drucker Construction Company began construction on a highway overpass for Horry County in 2022. The contract price was $9 million and the overpass is expected to take 3 years to complete. Following are the activities for the 3 years: Construction costs incurred during the year Construction costs incurred in prior years Cumulative actual construction costs Estimated costs to complete at end of ear Total estimated and actual construction costs Billings made during the year Cash collections during the year Prepare: 2022 2023 2024 $1,700,000 $4,700,000 $1,700,000 0 1,700,000 6.400,000 1,700,000 6,400,000 8,100,000 4,700,000 1,700,000 0 $6,400,000 $8,100,000 $8,100,000 1,600,000 5,400,000 2,000,000 1,200,000 4,200,000 3,600,000 The summary journal entries for each year Revenue journal entries for each year Completed project journal entry

Drucker Construction Company began construction on a highway overpass for Horry County in 2022. The contract price was $9 million and the overpass is expected to take 3 years to complete. Following are the activities for the 3 years: Construction costs incurred during the year Construction costs incurred in prior years Cumulative actual construction costs Estimated costs to complete at end of ear Total estimated and actual construction costs Billings made during the year Cash collections during the year Prepare: 2022 2023 2024 $1,700,000 $4,700,000 $1,700,000 0 1,700,000 6.400,000 1,700,000 6,400,000 8,100,000 4,700,000 1,700,000 0 $6,400,000 $8,100,000 $8,100,000 1,600,000 5,400,000 2,000,000 1,200,000 4,200,000 3,600,000 The summary journal entries for each year Revenue journal entries for each year Completed project journal entry

FINANCIAL ACCOUNTING
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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In-class example # 10 Drucker Construction Company began construction on a highway overpass for Horry County in 2022. The contract price was $9 million and the overpass is expected to take 3 years to complete. Following are the activities for the 3 years: Construction costs incurred during the year Construction costs incurred in prior years Cumulative actual construction costs Estimated costs to complete at end of ear Total estimated and actual construction costs Billings made during the year Cash collections during the year Prepare: 2022 2023 2024 $1,700,000 $4,700,000 $1,700,000 0 1,700,000 6,400,000 1,700,000 6,400,000 8,100,000 4,700,000 1,700,000 0 $6,400,000 $8,100,000 $8,100,000 1,600,000 5,400,000 2,000,000 1,200,000 4,200,000 3,600,000 The summary journal entries for each year Revenue journal entries for each year Completed project journal entry
Transcribed Image Text:In-class example # 10 Drucker Construction Company began construction on a highway overpass for Horry County in 2022. The contract price was $9 million and the overpass is expected to take 3 years to complete. Following are the activities for the 3 years: Construction costs incurred during the year Construction costs incurred in prior years Cumulative actual construction costs Estimated costs to complete at end of ear Total estimated and actual construction costs Billings made during the year Cash collections during the year Prepare: 2022 2023 2024 $1,700,000 $4,700,000 $1,700,000 0 1,700,000 6,400,000 1,700,000 6,400,000 8,100,000 4,700,000 1,700,000 0 $6,400,000 $8,100,000 $8,100,000 1,600,000 5,400,000 2,000,000 1,200,000 4,200,000 3,600,000 The summary journal entries for each year Revenue journal entries for each year Completed project journal entry
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