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Question - Thompson Construction began a construction project in 2018. The contract price was $1,250,000, and the estimated costs were $1,000,000. Data for each year of the contract are as follows:
2019
2020
2021
Costs incurred during the year
$250,000
$600,000
$190,000
Estimated costs to complete
750,000
212,500
-0-
Partial billings
375,000
500,000
Collections
187,500
469,000
593,500
Required -
1) Prepare ALL journal entries for 2019/2020/2021?
2) Prepare 2019/2020/2021 balance sheet and income statement as illustrated in class examples?
3) What is the normal balance of Construction in Progress?
4) Why do you have to "close" Construction in Progress and Partial Billings at the end of the contract?
5) How complete is the contract on a contract to date basis at the end of 2020?
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