Dalton Construction Co

question 104

Essay

Dalton Construction Co. contracted to build a bridge for $8,000,000. Construction began in 2014 and was completed in 2015. Data relating to the construction are: Dalton uses the percentage-of-completion method.
Instructions
(a) How much revenue should be reported for 2014? Show your computation.
(b) Make the entry to record progress billings of $3,300,000 during 2014.
(c) Make the entry to record the revenue and gross profit for 2014.(d) How much gross profit should be reported for 2015? Show your computation.

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Definitions:

Self-Sacrifices

The act of giving up one's own interests, happiness, and desires for the benefit or wellbeing of others.

Team Organization

The structured arrangement of roles, responsibilities, and relationships within a team to effectively achieve collective goals.

Planning

The process of developing strategies and outlining tasks and schedules to achieve specific goals.

Cognitive Activity

Mental processes such as thinking, learning, remembering, and problem-solving that are involved in acquiring and using knowledge.