Question Details

(Solution) - Bigelow Contractors signed a contract to construct a storage facility

Brief item decscription

Solution download


Item details:

Bigelow Contractors signed a contract to construct a storage facility for RGN Manufacturing, Inc. The fixed- fee contract specifies that the facility is to be completed in three years. Bigelow uses the percentage- of- completion method (cost- to- cost approach) to account for its construction transactions. Information related to this contract is summarized in the table below.

Required
a. Compute the percentage completed for each year.
b. Compute the gross profit and revenue to be recognized each year of the contract.
c. Prepare the journal entries required for each year of the contract.
d. Prepare the t- accounts for Construction in Progress, Billings on Construction in Progress, and Accounts Receivable.
e. Determine the net asset (liability) for each year of the contract on December 31.

 







About this question:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Jul 11, 2017

PRICE: $15

Solution~000779642871.zip (18.37 KB)

Buy this answer for only: $15

Pay using PayPal (No PayPal account Required) or your credit card. All your purchases are securely protected by PayPal.
SiteLock

Need a similar solution fast, written anew from scratch? Place your own custom order

We have top-notch tutors who can help you with your essay at a reasonable cost and then you can simply use that essay as a template to build your own arguments. This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student. New solution orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

Order Now
v>