Project Total Contract Price Billings through 12/31/10 Cash Collections throug

Project Total Contract Price Billings through 12/31/10 Cash Collections through 12/31/10 Contract Costs Incurred through 12/31/10 Estimated Additional Costs to Complete 1 $560000 $360000 $340000 $450000 $130000
2 670000 220000 210000 126000 504000
3
520000 500000 440000 330000 -0-
$1750000 $1080000 $990000 $906000 $634000
Prepare a partial income statement and balance sheet to indicate how the above information would be reported for financial statement purposes. Berstler
Construction Company uses the completed-contract method. (For negative numbers use either a negative sign preceding the number e.g. -45 or parenthesis e.g.
(45).) BERSTLER CONSTRUCTION COMPANY
Partial Income Statement
Year Ended December 31 2010 $ Loss recognized in 2010 BERSTLER CONSTRUCTION COMPANY
Partial Balance Sheet
December 31 2010 Current assets:
$ $
Less: Current liabilities:
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