Please help me Flint Company has a non-cancellable contract for $1,813,500 to construct a bridge. The contract is to start in July 2023, and thebridge is to be completed in September 2025. The following data pertain to the construction period. Assume that progress billings arenon-refundable.Costs during the yearEstimated costs to completeProgress billings during the yearCash collected during the year(a)2023(To record cost of construction)Account Titles and Explanation(To record progress billings)(To record collections)20242023$334,800Assuming that Flint Company uses the completed-contract method, prepare the appropriate journal entries. (Credit account titlesare automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accounttitles and enter O for the amounts. List all debit entries before credit entries)Account Titles and Explanation(To record cost of construction)1,171,800283,6502024$837,000353,400711,450260,400 706,8002025W$362,700818,400846,300DebitDebitCreditCredit

The completed contract method of revenue recognition refers to an accounting procedure in which all…

Flint Company has a non-cancellable contract for $1,813,500 to construct a bridge. The contract is to start in July 2023, and the bridge is to be completed in September 2025. The following data pertain to the construction period. Assume that progress billings are non-refundable. Costs during the year Estimated costs to complete Progress billings during the year Cash collected during the year (a) 2023 2023 $334,800 (To record cost of construction) Account Titles and Explanation $837,000 353,400 283,650 711,450 260,400 706,800 1,171,800 2024 Assuming that Flint Company uses the completed-contract method, prepare the appropriate journal entries. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries) 2025 $362,700 818,400 846,300 Debit Credit

Flint Company has a non-cancellable contract for $1,813,500 to construct a bridge. The contract is to start in July 2023, and the bridge is to be completed in September 2025. The following data pertain to the construction period. Assume that progress billings are non-refundable. Costs during the year Estimated costs to complete Progress billings during the year Cash collected during the year (a) 2023 2023 $334,800 (To record cost of construction) Account Titles and Explanation $837,000 353,400 283,650 711,450 260,400 706,800 1,171,800 2024 Assuming that Flint Company uses the completed-contract method, prepare the appropriate journal entries. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries) 2025 $362,700 818,400 846,300 Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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