Messages
Proposals
Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.
Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support
On February 1, 2018, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,000,000. During 2018, costs of $2,000,000 were incurred with estimated costs of $4,000,000 yet to be incurred. Billings of $2,500,000 were sent, and cash collected was $2,250,000. In 2019, costs incurred were $2,500,000 with remaining costs estimated to be $3,600,000. 2019 billings were $2,750,000, and $2,475,000 cash was collected. The project was completed in 2020 after additional costs of $3,800,000 were incurred. The company's fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion.
Required:
1. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years.
2. Prepare journal entries for 2018 and 2019 to record the transactions described (credit "various accounts" for construction costs incurred).
3. Prepare a partial balance sheet
to show the presentation of the project as of December 31, 2018 and 2019.
| Writer | Writer Name | Amount | Client Comments & Rating |
|---|---|---|---|
ONLINE |
Instant Homework Helper |
$36 |
She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! |
Custom Original Solution And Get A+ Grades
Custom Original Solution And Get A+ Grades
Custom Original Solution And Get A+ Grades
| Writer | Writer Name | Offer | Chat |
|---|---|---|---|
ONLINE |
Isabella K.Give me a chance, i will do this with my best efforts |
$77 | Chat With Writer |
ONLINE |
Accounting & Finance SpecialistI will cover all the points which you have mentioned in your project details. |
$104 | Chat With Writer |
ONLINE |
Essay Writing HelpYou can award me any time as I am ready to start your project curiously. Waiting for your positive response. Thank you! |
$20 | Chat With Writer |
ONLINE |
Financial AssignmentsI have read and understood all your initial requirements, and I am very professional in this task. |
$25 | Chat With Writer |
ONLINE |
Financial Solutions ProviderI have read and understood all your initial requirements, and I am very professional in this task. |
$57 | Chat With Writer |
ONLINE |
Homework MasterI have read your project details. I can do this within your deadline. |
$17 | Chat With Writer |
Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.