Sheridan Construction Co. contracted to build a bridge for $9,900,000. Construction began in 2024 and was completed in 2025. Data relating to the construction are: 2024 2025 Costs incurred during the year $3,267,000 $2,723,000 Estimated costs to complete 2,673,000 ― Prepare the entry to record progress billings of $4,280,000 during 2024.
Sheridan Construction Co. contracted to build a bridge for $9,900,000. Construction began in 2024 and was completed in 2025. Data relating to the construction are: 2024 2025 Costs incurred during the year $3,267,000 $2,723,000 Estimated costs to complete 2,673,000 ― Prepare the entry to record progress billings of $4,280,000 during 2024.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Sheridan Construction Co. contracted to build a bridge for $9,900,000. Construction began in 2024 and was completed in 2025. Data relating to the construction are:
2024
2025
Costs incurred during the year
$3,267,000 $2,723,000
Estimated costs to complete
2,673,000 ―
Prepare the entry to record progress billings of $4,280,000 during 2024.
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