Sheffield Construction, Inc. experienced the following construction activity in 2021, the first year of operations. Cash Billings Collections Costs Estimated Total Contract Through Through Incurred Through Additional Costs to Contract Price 12/31/21 12/31/21 12/31/21 X Y Z Complete $265,000 $175,000 $160,000 $192,000 335,000 120,000 120,000 110,000 238,000 238,000 208,000 168,000 $838,000 $533,000 $488,000 $470,000 Each of the above contracts is with a different customer, and any work remaining at December 31, 2021 is expected to be completed in 2022. $ 68,000 257,000 -0- $325,000 Prepare a partial income statement to indicate how the above contract information would be reported. Sheffield uses the completed-contract method. Sheffield Construction, Inc. Partial Income Statement For the Year 2021 Prepare a partial balance sheet to indicate how the above contract information would be reported. Sheffield uses the completed-contract method. (List Current Assets in order of liquidity.) Prepare a partial balance sheet to indicate how the above contract information would be reported. Sheffield uses the completed-contract method. (List Current Assets in order of liquidity.) Sheffield Construction, Inc. Partial Balance Sheet As of 12/31/18 | [[
Sheffield Construction, Inc. experienced the following construction activity in 2021, the first year of operations. Cash Billings Collections Costs Estimated Total Contract Through Through Incurred Through Additional Costs to Contract Price 12/31/21 12/31/21 12/31/21 X Y Z Complete $265,000 $175,000 $160,000 $192,000 335,000 120,000 120,000 110,000 238,000 238,000 208,000 168,000 $838,000 $533,000 $488,000 $470,000 Each of the above contracts is with a different customer, and any work remaining at December 31, 2021 is expected to be completed in 2022. $ 68,000 257,000 -0- $325,000 Prepare a partial income statement to indicate how the above contract information would be reported. Sheffield uses the completed-contract method. Sheffield Construction, Inc. Partial Income Statement For the Year 2021 Prepare a partial balance sheet to indicate how the above contract information would be reported. Sheffield uses the completed-contract method. (List Current Assets in order of liquidity.) Prepare a partial balance sheet to indicate how the above contract information would be reported. Sheffield uses the completed-contract method. (List Current Assets in order of liquidity.) Sheffield Construction, Inc. Partial Balance Sheet As of 12/31/18 | [[
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sheffield Construction, Inc. experienced the following construction activity in 2021, the first year of operations.
Cash
Total
Contract
Billings Collections
Through Through
Contract Price 12/31/21 12/31/21
X
$265,000 $175,000 $160,000
$192,000
Y
335,000 120,000
120,000
110,000
Z
238,000 238,000
208,000
168,000
$838,000 $533,000
$488,000
$470,000
Each of the above contracts is with a different customer, and any work remaining at December 31, 2021 is expected to be completed in 2022.
Costs
Estimated
Incurred Through Additional Costs to
Complete
12/31/21
$ 68,000
257,000
-0-
$325,000
Prepare a partial income statement to indicate how the above contract information would be reported. Sheffield uses the completed-contract method.
Sheffield Construction, Inc.
Partial Income Statement
For the Year 2021
Prepare a partial balance sheet to indicate how the above contract information would be reported.
Sheffield uses the completed-contract method. (List Current Assets in order of liquidity.)
Prepare a partial balance sheet to indicate how the above contract information would be reported. Sheffield uses the completed-contract method. (List Current Assets in order of liquidity.)
Sheffield Construction, Inc.
Partial Balance Sheet
As of 12/31/18
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