- bankruptcy costs
- profit accounting
Simpson Construction entered into a contract to construct a floating bridge across a lake. The contract price for the bridge is $7,500,000. During 2012, costs of $1,800,000 were incurred representing 30% of total expected costs.
Prepare the necessary journal entries for 2014 to recognize gross profit fir the year assuming the firm uses:
(1) completed-contract-method
(2) percentage-of-completion method
Im pretty sure im good on the completed contract method but I don't understand at all how to get down to the journal entry for 2014 percentage-of-completion method without having more information than that.
Prepare the necessary journal entries for 2014 to recognize gross profit fir the year assuming the firm uses:
(1) completed-contract-method
(2) percentage-of-completion method
Im pretty sure im good on the completed contract method but I don't understand at all how to get down to the journal entry for 2014 percentage-of-completion method without having more information than that.
Accounting Homework Help?
没有评论:
发表评论