Percentage of completion using architects estimates

Reference no: EM13608553

Percentage of Completion Using Architect's Estimates Southern California Builders Inc. entered into a contract to construct an office building and plaza at a contract price of $30,000,000. Income is to be reported using the percentage-of-completion method as determined by estimates made by the architect. The data below summarize the activities on the construction for the years 2012 - 2014. Hide For the years 2012 - 2014, what entries are required to record this information, assuming the architect's estimate of the percentage completed is used to determine revenue (proportional cost approach)? If an amount box does not require an entry, leave it blank. 2012-Costs Billing Collection Revenue and cost 2013-Costs Billing Collection Revenue and cost 2014-Costs Billing Collection Revenue and cost End of contract

Reference no: EM13608553

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