Broncos Construction Ltd. reported the following construction activity in 2020, their first year of operations:...
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Accounting
Broncos Construction Ltd. reported the following construction activity in 2020, their first year of operations:
Cash Costs Estimated
Total Billings collections Incurred Additional
Contract through through through Costs to
Contract Price 12/31/17 12/31/17 12/31/17 Complete
X $ 260,000 $ 170,000 $ 155,000 $ 182,000 $ 63,000
Y 325,000 130,000 130,000 100,000 247,000
Z 388,000 388,000 316,000 252,000 -0-
$ 973,000 $ 688,000 $ 601,000 $ 534,000 $ 310,000
Each of the above contracts is with a different customer, and any work remaining at December 31, 2020 is expected to be completed in 2021.
Instructions
Prepare a partial income statement and a partial statement of financial position for the year ended December 31, 2020 to indicate how the above contract information would be reported. Broncos use the completed-contract method.
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