Ayayai Construction, Inc. experienced the following construction activity in 2021, the first year of operations. Contract X Y N Total Contract Price $254,000 323,000 229,000 $806,000 Cash Billings Collections Through Through 12/31/21 12/31/21 $161,000 Ayayai Construction, Inc. Partial Balance Sheet As of 12/31/18 112,000 229,000 $148,000 108,000 192,000 Costs Incurred Through 12/31/21 $174,000 100,000 158,000 Estimated Additional Costs to Complete $ 56,000 252,000 $502,000 $448,000 $432,000 $308,000 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. -0- Prepare a partial balance sheet to indicate how the above contract information would be reported. Ayayai uses the completed-contract method.
Ayayai Construction, Inc. experienced the following construction activity in 2021, the first year of operations. Contract X Y N Total Contract Price $254,000 323,000 229,000 $806,000 Cash Billings Collections Through Through 12/31/21 12/31/21 $161,000 Ayayai Construction, Inc. Partial Balance Sheet As of 12/31/18 112,000 229,000 $148,000 108,000 192,000 Costs Incurred Through 12/31/21 $174,000 100,000 158,000 Estimated Additional Costs to Complete $ 56,000 252,000 $502,000 $448,000 $432,000 $308,000 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. -0- Prepare a partial balance sheet to indicate how the above contract information would be reported. Ayayai uses the completed-contract method.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 26E
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