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Hillier Construction Ltd Commenced the Construction of a Building on 1

Question 47

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Hillier Construction Ltd commenced the construction of a building on 1 July 2003. It has a fixed-price contract for total revenues of $45 million. The expected completion date is 30 June 2006. The expected total cost to Hillier Construction at the beginning of the project is $35 million. The following information relates only to the construction of this building:
Hillier Construction Ltd commenced the construction of a building on 1 July 2003. It has a fixed-price contract for total revenues of $45 million. The expected completion date is 30 June 2006. The expected total cost to Hillier Construction at the beginning of the project is $35 million. The following information relates only to the construction of this building: Hillier Construction uses the percentage of completion method based on cost to account for its construction contracts. What are the journal entries for the year ended 30 June 2004 (rounded to the nearest $000) ? A) B) C) D) E) None of the given answers.
Hillier Construction uses the percentage of completion method based on cost to account for its construction contracts. What are the journal entries for the year ended 30 June 2004 (rounded to the nearest $000) ?


A) Hillier Construction Ltd commenced the construction of a building on 1 July 2003. It has a fixed-price contract for total revenues of $45 million. The expected completion date is 30 June 2006. The expected total cost to Hillier Construction at the beginning of the project is $35 million. The following information relates only to the construction of this building: Hillier Construction uses the percentage of completion method based on cost to account for its construction contracts. What are the journal entries for the year ended 30 June 2004 (rounded to the nearest $000) ? A) B) C) D) E) None of the given answers.
B) Hillier Construction Ltd commenced the construction of a building on 1 July 2003. It has a fixed-price contract for total revenues of $45 million. The expected completion date is 30 June 2006. The expected total cost to Hillier Construction at the beginning of the project is $35 million. The following information relates only to the construction of this building: Hillier Construction uses the percentage of completion method based on cost to account for its construction contracts. What are the journal entries for the year ended 30 June 2004 (rounded to the nearest $000) ? A) B) C) D) E) None of the given answers.
C) Hillier Construction Ltd commenced the construction of a building on 1 July 2003. It has a fixed-price contract for total revenues of $45 million. The expected completion date is 30 June 2006. The expected total cost to Hillier Construction at the beginning of the project is $35 million. The following information relates only to the construction of this building: Hillier Construction uses the percentage of completion method based on cost to account for its construction contracts. What are the journal entries for the year ended 30 June 2004 (rounded to the nearest $000) ? A) B) C) D) E) None of the given answers.
D) Hillier Construction Ltd commenced the construction of a building on 1 July 2003. It has a fixed-price contract for total revenues of $45 million. The expected completion date is 30 June 2006. The expected total cost to Hillier Construction at the beginning of the project is $35 million. The following information relates only to the construction of this building: Hillier Construction uses the percentage of completion method based on cost to account for its construction contracts. What are the journal entries for the year ended 30 June 2004 (rounded to the nearest $000) ? A) B) C) D) E) None of the given answers.
E) None of the given answers.

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