Intermediate Accounting: E18-16 Berstler Construction Company began operations

Intermediate Accounting

E18-16 Long-Term Contract Reporting
Berstler Construction Company began operations in 2010. Construction activity for the first year is shown below. All contracts are with different customers, and any work remaining at December 31, 2010, is expected to be completed in 2011.
Project Total Contract Price Billings through 12/31/10 Cash Collections through 12/31/10 Contract Costs Incurred through 12/31/10 Estimated Additional Costs to Complete
1 655,200 421,200 397,800 526,500 152,100
2 783,900 257,400 245,700 147,420 589,680
3 608,400 585,000 514,800 386,100 -
$2,047,500 $1,263,600 $1,158,300 $1,060,020 $741,780

Prepare a partial income statement and balance sheet to indicate how the above information would be reported for financial statement purposes. Berstler Construction Company uses the completed-contract method. (For negative numbers use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).)
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