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Headland Construction Company began work on a $419,400 construction contract in 2017. During 2017, Headland incurred...

Question

Headland Construction Company began work on a $419,400 construction contract in 2017. During 2017, Headland incurred...

Headland Construction Company began work on a $419,400 construction contract in 2017. During 2017, Headland incurred costs of

Headland Construction Company began work on a $419,400 construction contract in 2017. During 2017, Headland incurred costs of $280,200, billed its customer for $216,300 and collected $174,500. At December 31, 2017, the estimated additional costs to complete the project total $161,600. Prepare Headland's journal entry to record proft or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round percent value to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 5,275.) No. Account Titles and Explanation Debit Credit

Answers

SOLUTION

S.No. Accounts titles and Explanation Debit ($) Credit ($)
(a) Construction expense 288,383
Construction in process 22,400
Construction revenue 265,983
(b) Loss from contract 22,400
Construction in process 22,400

Total estimated cost = 280,200 + 161,600 = 441,800

Contract price = $419,400

Loss = Total estimated cost - Contract price

= $441,800 - $419,400 = 22,400

Percentage of completion method = Cost incurred / Total estimated cost

= 280,200 / 441,800 = 63.42%

Construction revenue = Contract price * Percentage complete

= 419,400 * 63.42% = 265,983


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