Exercise 18A-29 (Part Level Submission)Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2014, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,376,000. Other details follow:Costs incurred during the yearEstimated costs to complete, as of December 31Billings during the yearCollections during the year iTotal contract price(a)Your answer is incorrect. Try again.What portion of the total contract price would be recognized as revenue in 2014? In 2015?20142015SHOW LIST OF ACCOUNTS2014$691,2001,036,800453,600378,000LINK TO TEXT2015$1,539,000-0-1,814,4001,620,00023760002376000By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor.

When revenue is earned and realized, or realizable, it is recognized. Accordingly, revenue should be…

Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2014, 2014 2015 $691,200 $1,539,000 1,036,800 -0- 453,600 1,814,400 378,000 1,620,000 Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year

Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2014, 2014 2015 $691,200 $1,539,000 1,036,800 -0- 453,600 1,814,400 378,000 1,620,000 Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year

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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