Long-Term Contract Losses

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© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO1 Journalize and post closing entries.

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Long-Term Contract Losses Illustration: Loss on a Profitable Contract Casper Construction Co. b) Prepare the journal entries for 2007, 2008, and 2009 assuming the estimated cost to complete at the end of 2008 was $215,436 instead of $170,100. LO 5 Identify the proper accounting for losses on long-term contracts.

Long-Term Contract Losses Illustration: Loss on a Profitable Contract LO 5 Identify the proper accounting for losses on long-term contracts.

Long-Term Contract Losses Illustration: Loss on a Profitable Contract LO 5 Identify the proper accounting for losses on long-term contracts.

Long-Term Contract Losses Illustration: Loss on an Unprofitable Contract Casper Construction Co. c) Prepare the journal entries for 2007, 2008, and 2009 assuming the estimated cost to complete at the end of 2008 was $246,038 instead of $170,100. LO 5 Identify the proper accounting for losses on long-term contracts.

Long-Term Contract Losses Illustration: Loss on an Unprofitable Contract Plug $683,438 – 678,500 = 8,438 cumulative loss LO 5 Identify the proper accounting for losses on long-term contracts.

Long-Term Contract Losses Illustration: Loss on an Unprofitable Contract LO 5 Identify the proper accounting for losses on long-term contracts.