You are a fresh accounting graduate you have landed a job

Reference no: EM13391448

You are a fresh accounting graduate. You have landed a job with a big 3 accounting firm. The first day at your job, your manager approaches you: "Hi Bill! Welcome aboard. Hope you like your new cubicle. Have you met everyone? By the way, you will be working with me from tomorrow on Long House Company. This is an important client. They have sent me some information on their projects. Can you provide a report that answers all of the questions listed below? By the way I need it by tomorrow morning at 8 a.m.!"

Project	Total Contract Price	Billings Through 12/31/12	Cash Collections Through 12/31/12	Contract Costs Incurred Through 12/31/12	Estimated Additional Costs to Complete
A	$200,000	$100,000	$80,000	$120,000	$90,000
B	250,000	50,000	45,000	40,000	180,000
C	180,000	180,000	150,000	120,000	0
D	100,000	10,000	5,000	80,000	20,000
E	140,000	120,000	110,000	100,000	10,000
	870,000	460,000	390,000	460,000	300,000

Prepare a schedule of gross profit (loss) to be reported.
Prepare the entries for projects A and B only.

Reference no: EM13391448

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