-Your answer is partially correct. Assume that Cullumber Construction Company has a non-cancellable contract to construct a $5,450,000 bridge at an estimated cost of $4,000,000. The contract is to start in July 2023, and the bridge is to be completed in October 2025. The following data pertain to the construction period. (Note that, by the end of 2024, Cullumber has revised the estimated total cost from $4,000,000 to $4,015,000.) Assume that progress billings are non-refundable. Assume that the company uses the completed-contract method. Costs to date (12/31) Estimated costs to complete (12/31) Progress billings during the year Cash collected during the year 2023 2024 $1,000,000 $2,890,800 3,000,000 1,124,200 957,000 2,422,000 774,000 Construction in Process 1,881,000 2025 $4,015,000 2,071,000 0 2,795,000 What would the journal entries be for 2025? (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. List all debit entries before credit entries.) Account Titles and Explanation Debit 1124200 Credit

-Your answer is partially correct. Assume that Cullumber Construction Company has a non-cancellable contract to construct a $5,450,000 bridge at an estimated cost of $4,000,000. The contract is to start in July 2023, and the bridge is to be completed in October 2025. The following data pertain to the construction period. (Note that, by the end of 2024, Cullumber has revised the estimated total cost from $4,000,000 to $4,015,000.) Assume that progress billings are non-refundable. Assume that the company uses the completed-contract method. Costs to date (12/31) Estimated costs to complete (12/31) Progress billings during the year Cash collected during the year 2023 2024 $1,000,000 $2,890,800 3,000,000 1,124,200 957,000 2,422,000 774,000 Construction in Process 1,881,000 2025 $4,015,000 2,071,000 0 2,795,000 What would the journal entries be for 2025? (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. List all debit entries before credit entries.) Account Titles and Explanation Debit 1124200 Credit

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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