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.
|
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|
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 |
693,840 |
446,040 |
421,260 |
557,550 |
161,070 |
|
2 |
830,130 |
272,580 |
260,190 |
156,114 |
624,456 |
|
3 |
644,280 |
619,500 |
545,160 |
408,870 |
0 |
|
2,168,250 |
1,338,120 |
1,226,610 |
1,122,534 |
785,526 |
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.
BERSTLER CONSTRUCTION COMPANY
Partial Income Statement
Year Ended December 31, 2010
_________________________________________$__________________
_________________________________________$__________________
_________________________________________$__________________
Loss recognized in 2010 $_________________
BRESTLER CONSTRUCTION COMPANY
Partial Balance Sheet
December 31, 2010
Current assets:
_____________________________________________________________$______________
________________________________
___________________________________$________________
Less:_______________________________$________________
_____________________________________________________________$_________________
Current liabilities:
_____________________________________________________________$_______________
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