Question
On February 1, 2010, Marcos Contractors agreed to construct a building at a contract price of...
On February 1, 2010, Marcos Contractors agreed to construct a building at a contract price of $3,000,000. Marcos estimated total construction costs would be $2,000,000 and the project would be finished in 2012. Information relating to the costs and billings for this contract is as follows:
? 2010?? 2011?? 2012?
Total costs incurred to date?$ 750,000?$1,320,000?$2,300,000
Estimated costs to complete?1,250,000? 880,000?-0-
Customer billings to date?1,100,000? 2,000,000?3,000,000
Collections to date?1,000,000? 1,750,000?2,950,000
1: Prepare Statement of Financial Position ends of 2010, 2012 and 2011(if any) under Percentage of-completion-method, completed-contract method.
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