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Wells corporation uses the percentage of completion method of accounting for construction costs. for construction project a, wells had previously recognized revenue of $250,000 out of a total of $800,
Wells corporation uses the percentage of completion method of accounting for construction costs. for construction project a, wells had previously recognized revenue of $250,000 out of a total of $800,000 for the project. During the current year, the company accumulated the following information about this project:*construction costs incurred for the year, $92,000*construction costs incurred to date (including this year's costs), $200,000*estimated costs to complete, $300,000Based on the previous information, prepare a schedule to determine the amount of loss that Wells Corporation should recognize for the current year.
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***** corporation uses *** ********** ** completion ****** ** ********** for ************ ***** *** ************ ******* * ***** *** previously recognized revenue ** ******* out ** a ***** ** $800000 *** *** project During the ******* year the ******* *********** *** ********* information ***** **** ********************* ***** ******** *** *** **** ******************* costs incurred ** **** (including **** year's ****** ***************** costs to ******** ************ on *** ******** information prepare * ******** to ********* *** ****** ** **** **** ***** *********** should ********* *** *** current ************************* ***** ******** ** date (including **** ****** ****** **************** costs ** ******** $300000Total estimated costs ************** ******** **************** = ** ** *** ********** ** **** *** * 800000 ************** recognized *** **** ******** * $250000) ****************** ***** incurred *** *** **** $92000Loss ********** ********
