Chicago contractors got $5,400,000 contract to construct a school building for the City of Chicago. Work...

Chicago contractors got $5,400,000 contract to construct a school building for the City of Chicago. Work on this contract began in 2013 and the financial data pertaining to this contract is available here. Cost incurred till Dec.31, 2013 $1,080,000 Billings made to City $1,000,000 Amount collected from City $ 750,000 The estimated future cost to complete this contract is $3,240,000.

(a) Prepare Chicago contractors 2013 journal entries using COMPLETED CONTRACT method. (b) Show how the contract accounts will appear in the Balance Sheet of Chicago Contractors on 12/31/2013.

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ekkarill92 answered 1 month ago

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