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Long-Term Contracts King Construction Company began work on a contract in Year 1....

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Accounting

Long-Term Contracts
King Construction Company began work on a contract in Year 1. The contract price is $4,000,000, and King determined that its performance obligation was satisfied over time.
Other information relating to the contract is as follows:
Prepare the appropriate sections of the Year 1 ending balance sheet.
KING CONSTRUCTION COMPANY
Partial Balance Sheet
December 31, Year 1
Current Assets:
Accounts receivable
Inventory:
Construction in progress
Less: Partial billings
Costs and recognized profit not yet billed
Prepare the appropriate sections of the Year 1 ending balance sheet.
KING CONSTRUCTION COMPANY
Partial Balance Sheet
December 31, Year 1
Current Assets:
Accounts receivable
Inventory:
Construction in progress
Less: Partial billings
Costs and recognized profit not yet billed
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