Dixon Construction Company Was Awarded a Contract to Construct an Interchange

question 28

Essay

Dixon Construction Company was awarded a contract to construct an interchange at the junction of U.S. 94 and Highway 30 at a total contract price of $12,000,000. The estimated total costs to complete the project were $9,000,000.
Instructions
(a) Make the entry to record construction costs of $5,400,000, on construction in process to date.
(b) Make the entry to record progress billings of $3,000,000.
(c) Make the entry to recognize the profit that can be recognized to date, on a percentage-of-completion basis.

---

Definitions:

Performance Appraisals

An alternative term for performance evaluation, focusing on the analysis and review of an individual's job performance over a specific period, aiming to document achievements and identify areas for growth.

Stakeholders

Individuals or groups with an interest or concern in the success and operations of an organization.

General Sentiment

The overall mood or attitude of a group or population towards a particular situation or topic.

Peer Evaluation

A method where employees evaluate the performance and contributions of their colleagues, often used for developmental or rewards purposes.