Answer Happy

On February 1, 1882, Jacobsen Gonna Build dat House Construction
Company Incorporated, LLC agreed to construct a boat at a contract
price of $8,000,000. JGBdHCC estimated total construction costs
would be $5,525,000 and the project would be finished in 1884.
Information relating to the costs and billings for this contract is
as follows:
1882
1883
1884
Total costs incurred
to date $2,021,250 $3,705,000 $6,150,000
Estimated costs
to complete 3,503,750

2,445,000 -0-
Customer billings to date

2,500,000
6,250,000
8,000,000
Collections
to date 2,000,000 5,000,000
7,500,000
Instructions
Fill in the correct amounts on the following schedule. For
percentage-of-completion accounting and for completed-contract
accounting:
.
Percentage-of-Completion Completed-Contract
Revenue Revenue
1882 ___________ 1882 ___________
1883 ___________ 1883 ___________
1884 ___________ 1884 ___________
Percentage-of-Completion Completed-Contract
Gross
Profit Gross
Profit
1882 ___________ 1882 ___________
1883 ___________ 1883 ___________
1884 ___________ 1884 ___________
Over/Under
Billed
1882 ___________
1883 ___________
1884 ___________