Homework Help is Here – Start Your Trial Now!
Business
Accounting
Shamrock Inc. began work on a $ 10,100,000 non-cancellable contract in 2020 to construct an office building. During 2020, Shamrock Inc. incurred costs of $ 1,496,000, billed its customers for $ 1,100,000 (non-refundable), and collected $ 850,000. At December 31, 2020, the estimated future costs to complete the project totalled $ 2,904,000.

Shamrock Inc. began work on a $ 10,100,000 non-cancellable contract in 2020 to construct an office building. During 2020, Shamrock Inc. incurred costs of $ 1,496,000, billed its customers for $ 1,100,000 (non-refundable), and collected $ 850,000. At December 31, 2020, the estimated future costs to complete the project totalled $ 2,904,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please answer competely and properly

Question 4 of 10 > -/ 1 View Policies Current Attempt in Progress Shamrock Inc. began work on a $ 10,100,000 non-cancellable contract in 2020 to construct an office building. During 2020, Shamrock Inc. incurred costs of $ 1,496,00O, billed its customers for $ 1,100,000 (non-refundable), and collected $ 850,000. At December 31, 2020, the estimated future costs to complete the project totalled $ 2,904,000. Prepare Shamrock's 2020 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when the 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.) Account Titles and Explanation Debit Credit (To record cost of construction) (To record progress billings) (To record collections) (To record revenues) (To record construction expenses) eTextbook and Media
Transcribed Image Text:Question 4 of 10 > -/ 1 View Policies Current Attempt in Progress Shamrock Inc. began work on a $ 10,100,000 non-cancellable contract in 2020 to construct an office building. During 2020, Shamrock Inc. incurred costs of $ 1,496,00O, billed its customers for $ 1,100,000 (non-refundable), and collected $ 850,000. At December 31, 2020, the estimated future costs to complete the project totalled $ 2,904,000. Prepare Shamrock's 2020 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when the 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.) Account Titles and Explanation Debit Credit (To record cost of construction) (To record progress billings) (To record collections) (To record revenues) (To record construction expenses) eTextbook and Media
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS