SIMULATION 3
Chapter 18
Howard Construction Co. contracted to build a bridge for $3,000,000. Construction
began in 2012 and was completed in 2013. Data relating to the construction are:
2012 2013
Costs incurred $990,000 $825,000
Estimated costs to complete 810,000 — Howard uses the percentage-of-completion method. Instructions:
(a) How much revenue should be reported for 2012?
(b) Make the entry to record progress billings of $1,000,000 during 2012.
(c) Make the entry to record the revenue and gross profit for 2012.
(d) How much gross profit should be reported for 2013?
(e) Show the Balance Sheet Presentation for 2012.
Why work with us?
Authenticity:
All of our papers are authentic, as each paper of ours is composed according to your unique requirements. Confidentiality: We value you data. Our company is extremely efficient in guarding the privacy of our clients. 100% Money Back Guarantee: In the event you cancel your order, you get your money back as soon as possible, we give a 100% refund. 24/7 Support: Our team members are available via email, live chat, and phone. Revision Policy: You can apply for a revision if you think your paper could be better. In this case, your paper will be revised either by the specialist assigned to you or by another writer.How the Platform Works
- Click on 'Place Your Order' tab on the menu or click on 'Order Now' tab at the bottom and a new order page will appear
- Fill in your requirements depending on your needs under the 'PAPER DETAILS' area
- In the next section, fill in the academic level, required number of pages, paper deadline as provided in the drop-down menus.
- To enter your registration details, click on 'CREATE ACCOUNT & SIGN IN'. This step allows you to create an account with us for purposes of record-keeping. Click on 'PROCEED TO CHECK OUT' at the bottom of the page
- The next section requires you to fill in the payment details. Follow the guided process and soon your order will be available for our team to work on.