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7 Cards in this Set

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Percentage of completion

Use the chart to help out. It's the best tool

Percentage of completion accounts

Cip, expensesAccounts receivable, billings on cipCash, accounts receivableCip gross profit, construction expense, revenue from long term contract

Percentage of completion income statement

Revenue from long term contracts


Cost of construction


Gross profit

Percentage of completion balance sheet

Current assets


Accounts receivable


Inventory


Construction in process


Less: billings


Costs and recognized profit in , excess of billings

Completed contract method

Profit recognized at the end of contact

Completed contract method accounts

Billings on cip, revenue from long term contracts


Cost of construction, construction in process

Loss on contacts

For a whole contact loss both ways recognize the lots on the period it occurs. For just a year loss only for percentage method would you recognize the loss in the period.