Jones Contractors Inc. agreed to construct a building for $500,000. Construction commenced in 2011 and was completed in 2013.
Required:
For each of the three years, determine the following amounts relating to the above contract: revenue, expenses, gross profit, accounts receivable balance, and construction-in-process inventory balance.

Question

Jones Contractors Inc. agreed to construct a building for $500,000. Construction commenced in 2011 and was completed in 2013.
  Required:
For each of the three years, determine the following amounts relating to the above contract: revenue, expenses, gross profit, accounts receivable balance, and construction-in-process inventory balance.

Quizplus · Accepted Answer

The Answer of Jones Contractors Inc. agreed to construct a building for $500,000. Construction commenced in 2011 and was completed in 2013.
  Required:
For each of the three years, determine the following amounts relating to the above contract: revenue, expenses, gross profit, accounts receivable balance, and construction-in-process inventory balance.