Brief Exercise 18-10
Guillen, Inc. began work on a $6,482,000 contract in 2014 toconstruct an office building. Guillen uses the completed-contractmethod. At December 31, 2014, the balances in certain accounts wereConstruction in Process $1,509,000; Accounts Receivable $230,000;and Billings on Construction in Process $1,160,000.
Indicate how these accounts would be reported in Guillen’s December31, 2014, balance sheet.
Guillen, Inc.Balance SheetDecember 31, 2014
Current AssetsCurrent LiabilitiesIntangible AssetsLong-termInvestmentsLong-term LiabilitiesProperty, Plant andEquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotalCurrent LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotalLiabilities and Stockholders’ EquityTotal Long-termInvestmentsTotal Long-term LiabilitiesTotal Property, Plant andEquipmentTotal Stockholders’ Equity
AccountsReceivable Billings Constructionin Process Costs and Recognized Profit inExcess ofBillings Inventories
$
Accounts ReceivableBillingsConstruction in ProcessCosts andRecognized Profit in Excess of BillingsInventories
AccountsReceivable Billings Constructionin Process Costs and Recognized Profit inExcess ofBillings Inventories
$
Add Less
:
Accounts ReceivableBillingsConstruction in ProcessCosts andRecognized Profit in Excess of BillingsInventories
AccountsReceivable Billings Constructionin Process Costs and Recognized Profit inExcess ofBillings Inventories
$
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