September 2023 Recognition of Revenue on Long Term Contract and Entries Hamilton Construction Company uses the percentage of completion method

2024 What portion of the total contract price would be recognized as revenue in 2012? In 2013? Assignment Help

Recognition of Revenue on Long Term Contract and Entries Hamilton Construction Company uses the percentage of completion method 2023

(Recognition of Revenue on Long-Term Contract and Entries) Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2012, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details follow: 2012 2013 Costs incurred during the year $640,000 $1,425,000 Estimated costs to complete, as of December 31 960,000 –0– Billings during the year 420,000 1,680,000 Collections during the year 350,000 1,500,000 Instructions (a) What portion of the total contract price would be recognized as revenue in 2012? In 2013? (b) Assuming the same facts as those above except that Hamilton uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2013? (c) Prepare a complete set of journal entries for 2012 (using the percentage-of-completion method).

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