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Final Exam Review Note: This hand-out is designed to provide additional review materials for your exam. The practice problems included are not all inclusive and this should be reviewed in conjunction with your practice exam, coursepacket materials and homework problems. Chapter 14 1. On January 1, 2007, Ann Rosen loaned $45,078 to Joe Grant. A zero-interest-bearing note (face amount, $60,000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2009.

The prevailing rate of interest for a loan of this type is 10%. The present value of $60,000 at 10% for three years is $45,078. What amount of interest income should Ms. Rosen recognize in 2007? a. $4,508. b. $6,000. c. $18,000. d. $13,524. 2. A company issues $20,000,000, 7. 8%, 20-year bonds to yield 8% on January 1, 2007. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. Using effective-interest amortization, how much interest expense will be recognized in 2007? a. $780,000 b. $1,560,000 c. $1,568,498 d. $1,568,332 3.

Carr Corporation retires its $100,000 face value bonds at 105 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $103,745. The entry to record the redemption will include a a. credit of $3,745 to Loss on Bond Redemption. b. debit of $3,745 to Premium on Bonds Payable. c. credit of $1,255 to Gain on Bond Redemption. d. debit of $5,000 to Premium on Bonds Payable. DR Bonds Payable 100,000 DR Premium 3,745 DR Loss 1,255 CR Cash 105,000 4. The printing costs and legal fees associated with the issuance of bonds should a. e expensed when incurred. b. be reported as a deduction from the face amount of bonds payable. c. be accumulated in a deferred charge account and amortized over the life of the bonds. d. not be reported as an expense until the period the bonds mature or are retired. Page 1 of 10 5. The generally accepted method of accounting for gains or losses from the early extinguishment of debt treats any gain or loss as a. an adjustment to the cost basis of the asset obtained by the debt issue. b. an amount that should be considered a cash adjustment to the cost of any other debt issued ver the remaining life of the old debt instrument. c. an amount received or paid to obtain a new debt instrument and, as such, should be amortized over the life of the new debt. d. a difference between the reacquisition price and the net carrying amount of the debt which should be recognized in the period of redemption as an other expense on the income statement. 6. A corporation called an outstanding bond obligation four years before maturity. At that time there was an unamortized discount of $300,000. To extinguish this debt, the company had to pay a call premium of $100,000.

Ignoring income tax considerations, how should these amounts be treated for accounting purposes? a. Amortize $400,000 over four years. b. Charge $400,000 to a loss in the year of extinguishment. c. Charge $100,000 to a loss in the year of extinguishment and amortize $300,000 over four years. d. Either amortize $400,000 over four years or charge $400,000 to a loss immediately, whichever management selects. 7. On June 1, 2006, Janson Bottle Company sold $400,000 in long-term bonds for $351,040. The bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10%.

The bonds pay interest annually on May 31 of each year. The bonds are to be accounted for under the effective-interest method. Instructions (a) Construct a bond amortization table for this problem to indicate the amount of interest expense and discount amortization at each May 31. Include only the first four years. Make sure all columns and rows are properly labeled. (Round to the nearest dollar. ) (b) The sales price of $351,040 was determined from present value tables. Specifically explain how one would determine the price using present value tables. c) Assuming that interest and discount amortization are recorded each May 31, prepare the adjusting entry to be made on December 31, 2008. (Round to the nearest dollar. ) (a) Date 6/1/06 5/31/07 5/31/08 5/31/09 5/31/10 (b) (1) (2) Credit Cash $32,000 32,000 32,000 32,000 Debit Interest Expense $35,104 35,414 35,756 36,131 Credit Carrying Amount Bond Discount of Bonds $351,040 $3,104 354,144 3,414 357,558 3,756 361,314 4,131 365,445 Find the present value of $400,000 due in 10 years at 10%. Find the present value of 10 annual payments of $32,000 at 10%.

Add (1) and (2) to obtain the present value of the principal and the interest 20,858* 18,667** 2,191 payments. (c) Interest Expense……………………………………………………… Interest Payable …………………………………………….. Discount on Bonds Payable………………………………… *7/12 ? $35,756 (from Table) = $20,858 **7/12 ? 8% ? $400,000 = $18,667 Page 2 of 10 Chapter 15: 1. E15-1:Porter Corp. purchased its own par value stock on January 1, 2010 for $20,000 and debited the treasury stock account for the purchase price.

The stock was subsequently sold for $12,000. The $8,000 difference between the cost and sales price should be recorded as a deduction from a. additional paid-in capital to the extent that previous net “gains” from sales of the same class of stock are included therein; otherwise, from retained earnings. b. additional paid-in capital without regard as to whether or not there have been previous net “gains” from sales of the same class of stock included therein. c. retained earnings. d. net income. 2. Which of the following best describes a possible result of treasury stock transactions by a corporation? . May increase but not decrease retained earnings. b. May increase net income if the cost method is used. c. May decrease but not increase retained earnings. d. May decrease but not increase net income. 3. When a corporation issues its capital stock in payment for services, the least appropriate basis for recording the transaction is the a. market value of the services received. b. par value of the shares issued. c. market value of the shares issued. d. Any of these provides an appropriate basis for recording the transaction. . Direct costs incurred to sell stock such as underwriting costs should be accounted for as 1. a reduction of additional paid-in capital. 2. an expense of the period in which the stock is issued. 3. an intangible asset. a. b. c. d. 1 2 3 1 or 3 5. A feature common to both stock splits and stock dividends is a. a transfer to earned capital of a corporation. b. that there is no effect on total stockholders’ equity. c. an increase in total liabilities of a corporation. d. a reduction in the contributed capital of a corporation.

Stock splits – change in par value and change in number of shares Stock dividend – DR Retained Earnings and CR CS dividend distributable (and APIC if small stock dividend) 6. On September 1, 2010, Valdez Company reacquired 12,000 shares of its $10 par value common stock for $15 per share. Valdez uses the cost method to account for treasury stock. The journal entry to record the reacquisition of the stock should debit a. Treasury Stock for $120,000. b. Common Stock for $120,000. c. Common Stock for $120,000 and Paid-in Capital in Excess of Par for $60,000. . Treasury Stock for $180,000. 12,000 ? $15 = $180,000. (Credit is to cash. ) Page 3 of 10 7. Long Co. issued 100,000 shares of $10 par common stock for $1,200,000. Long acquired 8,000 shares of its own common stock at $15 per share. Three months later Long sold 4,000 of these shares at $19 per share. If the cost method is used to record treasury stock transactions, to record the sale of the 4,000 treasury shares, Long should credit a. Treasury Stock for $76,000. b. Treasury Stock for $40,000 and Paid-in Capital from Treasury Stock for $36,000. c.

Treasury Stock for $60,000 and Paid-in Capital from Treasury Stock for $16,000. d. Treasury Stock for $60,000 and Paid-in Capital in Excess of Par for $16,000. 4,000 ? $15 = $60,000; 4,000 ? $4 = $16,000. Stock Issue: DR Cash 1,200,000, CR Common Stock $1,000,000, CR APIC $200,000 Repurchase: DR Treasury Stock 120,000, CR Cash 120,000 Sale: DR Cash 76,000, CR Treasury Stock 60,000, CR APIC-TS 16,000 8. Colson Inc. declared a $160,000 cash dividend. It currently has 6,000 shares of 7%, $100 par value cumulative preferred stock outstanding. It is one year in arrears on its preferred stock.

How much cash will Colson distribute to the common stockholders? a. $76,000. b. $84,000. c. $118,000. d. None. Note: Assumes that the preferred tock is not participating since it does not say that it is. 6,000 ? $100 ? .07 = $42,000 PS Dividend Total Dividend of $160,000 – ($42,000 ? 2 years since one in arrears and it is cumulative) = $76,000 payable to common stockholders. If it was participating preferred stock, then each would equal dividends and you would need to know the amount of the common stock par to know how to divide it. Refer to example from Ch 15 lecture. . Hernandez Company has 350,000 shares of $10 par value common stock outstanding. During the year, Hernandez declared a 10% stock dividend when the market price of the stock was $30 per share. Four months later Hernandez declared a $. 50 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by a. $1,242,500. b. $525,000. c. $192,500. d. $175,000. 350,000 ? .10 ? $30 = $1,050,000 Stock dividend: DR RE 1,050,000 and CR CS Dividend Distributable (for par) $50,000 and CR APIC 700,000 $1,050,000 + (350,000 ? 1. 0 (increase for stock dividend) ? $. 50) = $1,242,500. 10. On June 30, 2010, when Ermler Co. ‘s stock was selling at $65 per share, its capital accounts were as follows: Capital stock (par value $50; 60,000 shares issued) Premium on capital stock Retained earnings $3,000,000 600,000 4,200,000 If a 100% stock dividend were declared and distributed, capital stock would be a. $3,000,000. b. $3,600,000. c. $6,000,000. d. $7,800,000. Declaration Date: DR RE 3,000,000 and CR CS Dividend Distributable 3,000,000 Payment Date: DR CS Dividend Distributable 3,000,000 and CR CS 3,000,000 Page 4 of 10

The following data are provided for 11 and 12: 10% Cumulative preferred stock, $50 par Common stock, $10 par Additional paid-in capital Retained earnings (includes current year net income) Net income December 31, 2011 2010 $100,000 $100,000 120,000 90,000 80,000 65,000 240,000 215,000 90,000 Additional information: On May 1, 2011, 3,000 shares of common stock were issued. The preferred dividends were not declared during 2011. The market price of the common stock was $50 at December 31, 2011. 11. The rate a. 90 ? b. 90 ? c. 80 ? d. 80 ? c = $80 ? 400. 12. The book value per share of common stock at 12/31/11 is a. 30 ? 12. b. 200 ? 12. c. 330 ? 12. d. 440 ? 11. $120,000 + $80,000 + (240,000 – $10,000) a ——————————————————— = $430 ? 12. 12,000 Chapter 18: Solve P18-5 b – 1, 2 and 3 using the Completed Contract Method for Practice ER18-1: POC and Completed Contract Methods Toaster Co. entered into the following contract with Oven Inc. to construct a new facility. At the time the contract was negotiated, Toaster was confident that they would be able to complete the contract to Oven’s specifications. Further, Oven had good credit standing and was expected to pay the contract in full in accordance with the billing terms.

The contract started on March 1, 2009 and ended on December 15, 2011 when construction was complete. Toaster Co. Contract price: $10,000,000 Costs incurred Estimated costs to complete Progress billings Cash collections 2009 $3,600,000 4,400,000 3,000,000 2,500,000 2010 $3,800,000 1,000,000 3,500,000 3,000,000 2011 $800,000 0 3,500,000 4,500,000 of return on common stock equity for 2011 is 400. 440. 400. 440. 1) What should Toaster Co. consider in deciding between the Completed Contract and the POC methods? Based on these facts, which method is preferable?

Toaster must use the POC method for long-term contracts when all three of the following exist: 1) terms are fixed per the contract 2) buyer is expected to pay and 3) contractor is expected to perform. If Toaster does not meet these three requirements, the completed contract method may be used. The completed contract method may also be used if the contract is short-term or Page 5 of 10 there are inherent hazards. Typically inherent hazards mean they cannot estimate the costs reliably for some reason. In this example, the terms are fixed and known as per above and both parties were expected to perform when the contract was negotiated.

Since the contract is longterm and there are no inherent hazards mentioned, the POC method is not only preferred but it would be required. 2) What factors might cause Toaster Co. to use the Installment Sales or Cost Recovery methods? Toaster would have to not qualify for the POC method as discussed above. Further, the collectability of the contract price from Oven would have to be uncertain. The choice between installment sales and cost recovery depends on the level of uncertainty that Oven will pay. The more uncertain Toaster is, the more likely they would use the cost recovery method. ) Prepare the entries for all three years using the POC method. See template for ER18-1. Page 6 of 10 ER 18. 1 % Complete Calculations: 1 2 Costs to Year Date Given Given 2009 2010 2011 3,600,000 7,400,000 8,200,000 3 Estimated Total Costs Given 8,000,000 8,400,000 8,200,000 4 % Complete =2/3 45. 0% 88. 1% 100. 0% 5 Conrtract Price Given 10,000,000 10,000,000 10,000,000 6 Revenue Recognizable =4*5 4,500,000 8,809,524 10,000,000 7 Less Pys See PY line 4,500,000 8,809,524 8 Current Year =6-7 4,500,000 4,309,524 1,190,476 1 Year Given 2009 2010 2011 Journal Entries: Estimated Profit =5-3 2,000,000 1,600,000 1,800,000 10 % Complete* =4 above 45. 0% 88. 1% 11 Profit Recognizable =9*10 900,000 1,409,524 12 Less Pys See PY Line 900,000 13 Current Year =11-12 900,000 509,524 390,476 COMPLETED CONTRACT: 2009 2010 3,600,000 3,800,000 (3,600,000) (3,800,000) 3,000,000 (3,000,000) 2,500,000 (2,500,000) 3,500,000 (3,500,000) 3,000,000 (3,000,000) 2011 800,000 (800,000) 3,500,000 (3,500,000) 4,500,000 (4,500,000) CIP AP AR Billings Cash AR CIP Const Expense Revenue Billings CIP 100. 0% 1,800,000 1,409,524 *Note – assume 100% of the loss if a loss contract!! 009 2010 2011 3,600,000 3,800,000 800,000 CIP (3,600,000) (3,800,000) (800,000) AP 3,000,000 (3,000,000) 2,500,000 (2,500,000) 900,000 3,600,000 (4,500,000) 3,500,000 (3,500,000) 3,000,000 (3,000,000) 509,524 3,800,000 (4,309,524) 3,500,000 (3,500,000) 4,500,000 (4,500,000) 390,476 800,000 (1,190,476) 10,000,000 (10,000,000) 2011 AR Billings Cash AR Const Expense Revenue Billings CIP (3,000,000) 3,600,000 600,000 (6,500,000) 7,400,000 900,000 8,200,000 (10,000,000) 10,000,000 (8,200,000) – 2009 2010 Balance Sheet Presentation: Billings Total (3,000,000) (6,500,000) CIP Total 4,500,000 8,809,524 BS Amount: 1,500,000 2,100,000

Unbilled Unbilled Contract Costs Contract Costs Unbilled Unbilled Contract Costs Contract Costs Inventory Inventory Title: Section: Inventory Inventory – 4) Prepare the entries for all three years using the Completed Contract method. See template for ER18-1. Page 7 of 10 5) Now assume the same as above except that in 2010, Toaster ran into some construction delays and actual costs incurred were $2,000,000 higher than stated above. The delays were Toaster’s fault and they were not able to bill Ovens Inc. for these extra costs incurred.

Prepare the journal entries for all three years under both the POC and completed contract methods. See template for ER18-1 Part 5). Page 8 of 10 ER 18. 1 Part 5 % Complete Calculations: 1 2 Costs to Year Date Given Given 2009 2010 2011 3,600,000 9,400,000 10,200,000 3 Estimated Total Costs Given 8,000,000 10,400,000 10,200,000 4 % Complete =2/3 45. 0% 90. 4% 100. 0% 5 Conrtract Price Given 10,000,000 10,000,000 10,000,000 6 Revenue Recognizable =4*5 4,500,000 9,038,462 10,000,000 7 Less Pys See PY line 4,500,000 9,038,462 8 Current Year =6-7 4,500,000 4,538,462 961,538 Year Given 2009 2010 2011 Journal Entries: 9 Estimated Profit =5-3 2,000,000 (400,000) (200,000) 10 % Complete* =4 above 45. 0% 100. 0% 11 Profit Recognizable =9*10 900,000 (400,000) 12 Less Pys See PY Line 900,000 13 Current Year 2010 Contrstruction Expense: =11-12 5,838,462 900,000 (1,300,000) 200,000 COMPLETED CONTRACT: 2009 2010 3,600,000 5,800,000 (3,600,000) (5,800,000) 3,000,000 (3,000,000) 2,500,000 (2,500,000) 3,500,000 (3,500,000) 3,000,000 (3,000,000) 2011 800,000 (800,000) 3,500,000 3,500,000) 4,500,000 (4,500,000) 2011 Contruction Expense: 761,538 CIP AP AR Billings Cash AR CIP Const Expense Revenue Billings CIP 100. 0% (200,000) (400,000) *Note – assume 100% of the loss if a loss contract!! 2009 2010 2011 3,600,000 5,800,000 800,000 CIP (3,600,000) (5,800,000) (800,000) AP 3,000,000 (3,000,000) 2,500,000 (2,500,000) 900,000 3,600,000 (4,500,000) 3,500,000 (3,500,000) 3,000,000 (3,000,000) (1,300,000) 5,838,462 (4,538,462) 3,500,000 (3,500,000) 4,500,000 (4,500,000) 200,000 761,538 (961,538) 10,000,000 (10,000,000) 2011

AR Billings Cash AR Const Expense Revenue Loss on Contract Billings CIP (3,000,000) 3,600,000 600,000 400,000 (400,000) (6,500,000) 9,000,000 2,500,000 10,000,000 (10,000,000) (200,000) 10,000,000 (9,800,000) – 2009 2010 Balance Sheet Presentation: Billings Total (3,000,000) (6,500,000) CIP Total 4,500,000 9,000,000 BS Amount: 1,500,000 2,100,000 Unbilled Unbilled Contract Costs Contract Costs Unbilled Unbilled Contract Costs Contract Costs Inventory Inventory Title: Section: Inventory Inventory ER 18–2: Installment Sales Method Cornick, Inc. appropriately used the installment method of accounting to recognize income in its financial statement. Some pertinent data relating to this method of accounting include: 2010 2011 Installment sales $750,000 $900,000 Cost of sales 450,000 630,000 Gross profit $300,000 $270,000 Collections during year: On 2010 sales 250,000 250,000 On 2011 sales 300,000 Prepare the journal entries for 2010 and 2011 required under the installment sales method.

Gross Profit Rates: 2010 = 40% (300,000/750,000)/ 2011 = 30% (270,000/900,000) 2010 2011 DR CR DR CR AR – 2010 750,000 0 AR – 2011 0 900,000 Revenue 750,000 900,000 COGS Inventory Revenue COGS Deferred GP–2010 Deferred GP-2011 Cash AR – 2010 AR – 2011 450,000 450,000 750,000 450,000 300,000 0 250,000 250,000 0 100,000* 90,000** 100,000 190,000 550,000 250,000 300,000 900,000 630,000 0 270,000 630,000 630,000 Deferred GP–2010 100,000* Deferred GP-2011 0 Realized GP * 250,000 cash * 40% GP Rate ** 300,000 cash * 30% GP Rate Page 9 of 10

ER 18-3: Completed Contract and Percentage of Completion with Interim Loss Russell Custom Builders manufactures commercial building complexes. The following data is available for an airport construction contract: Amount in thousands Contract price: $10,000 2010 2011 2012 Costs incurred each year $1,900 $1,500 $5,000 Estimated costs to complete 3,100 6,000 0 Progress billings 4,000 4,000 2,000 Cash collections 3,000 4,000 3,000 1. Prepare the required entries for all three years under the percentage of completion method and the completed contract methods.

See template for ER18-3. 2. Assume now that the project manager miscalculated the building’s window widths and all of the windows had to be reordered. This resulted in significant cost overruns. The costs were as follows: 2010 2011 2012 Costs incurred each year $1,900 $6,200 $2,900 Estimated costs to complete 3,100 2,800 0 Prepare the required entries for 2011 and 2012 under the percentage of completion method and the completed contract methods. See template for ER18-3 Part 2).

Page 10 of 10 % Complete Calculations: 1 2 Costs to Year Date Given Given 2010 2011 2012 1,900,000 3,400,000 8,400,000 ER 18. 3 3 Estimated Total Costs Given 5,000,000 9,400,000 8,400,000 4 % Complete =2/3 38. 0% 36. 2% 100. 0% 5 Conrtract Price Given 10,000,000 10,000,000 10,000,000 6 Revenue Recognizable =4*5 3,800,000 3,617,021 10,000,000 7 Less Pys See PY line 3,800,000 3,617,021 8 Current Year =6-7 3,800,000 (182,979) 6,382,979 1 Year Given 2010 2011 2012

Journal Entries: 9 Estimated Profit =5-3 5,000,000 600,000 1,600,000 10 % Complete* =4 above 38. 0% 36. 2% 11 Profit Recognizable =9*10 1,900,000 217,021 12 Less Pys See PY Line 1,900,000 13 Current Year =11-12 1,900,000 (1,682,979) COMPLETED CONTRACT: 2010 2011 1,900,000 1,500,000 (1,900,000) (1,500,000) 4,000,000 (4,000,000) 3,000,000 (3,000,000) 4,000,000 (4,000,000) 4,000,000 (4,000,000) CIP AP AR Billings Cash AR CIP Const Expense Revenue Billings CIP 100. % 1,600,000 217,021 1,382,979 *Note – assume 100% of the loss if a loss contract!! 2010 2011 2012 1,900,000 1,500,000 5,000,000 CIP (1,900,000) (1,500,000) (5,000,000) AP 4,000,000 (4,000,000) 3,000,000 (3,000,000) 1,900,000 1,900,000 (3,800,000) 4,000,000 (4,000,000) 4,000,000 (4,000,000) (1,682,979) 1,500,000 182,979 2,000,000 (2,000,000) 3,000,000 (3,000,000) 1,382,979 5,000,000 (6,382,979) 10,000,000 (10,000,000) 2012 AR Billings Cash AR 2012 5,000,000 (5,000,000) 2,000,000 (2,000,000) 3,000,000 (3,000,000)

Const Expense Revenue Billings CIP (4,000,000) 1,900,000 (2,100,000) (8,000,000) 3,400,000 (4,600,000) 8,400,000 (10,000,000) 10,000,000 (8,400,000) – 2010 2011 Balance Sheet Presentation: Billings Total (4,000,000) (8,000,000) CIP Total 3,800,000 3,617,021 BS Amount: (200,000) (4,382,979) Billings in excess of Unbilled contract costs Contract Costs Billings in Billings in excess of excess of contract costs contract costs Current Liabilities Current Liabilities Current Liabilities Current Liabilities

Title: – Section: ER 18. 3 Part 2 % Complete Calculations: 1 2 Costs to Year Date Given Given 2010 2011 2012 1,900,000 8,100,000 11,000,000 3 Estimated Total Costs Given 5,000,000 10,900,000 11,000,000 4 % Complete =2/3 38. 0% 74. 3% 100. 0% 5 Conrtract Price Given 10,000,000 10,000,000 10,000,000 6 Revenue Recognizable =4*5 3,800,000 7,431,193 10,000,000 7 Less Pys See PY line 3,800,000 7,431,193 8 Current Year =6-7 3,800,000 3,631,193 2,568,807 1 Year Given 2010 2011 2012 Journal Entries: Estimated Profit =5-3 5,000,000 (900,000) (1,000,000) 10 % Complete* =4 above 38. 0% 100. 0% 11 Profit Recognizable =9*10 1,900,000 (900,000) 12 Less Pys See PY Line 1,900,000 13 Current Year 2010 Contrstruction Expense: =11-12 6,431,193 1,900,000 (2,800,000) (100,000) COMPLETED CONTRACT: 2010 2011 1,900,000 6,200,000 (1,900,000) (6,200,000) 4,000,000 (4,000,000) 3,000,000 (3,000,000) 4,000,000 (4,000,000) 4,000,000 (4,000,000) 2012 2,900,000 (2,900,000) 2,000,000 (2,000,000) 3,000,000 (3,000,000) 2011 Contruction Expense: 2,668,807

CIP AP AR Billings Cash AR CIP Const Expense Revenue Billings CIP 100. 0% (1,000,000) (900,000) *Note – assume 100% of the loss if a loss contract!! 2010 2011 2012 1,900,000 6,200,000 2,900,000 CIP (1,900,000) (6,200,000) (2,900,000) AP 4,000,000 (4,000,000) 3,000,000 (3,000,000) 1,900,000 1,900,000 (3,800,000) 4,000,000 (4,000,000) 4,000,000 (4,000,000) (2,800,000) 6,431,193 (3,631,193) 2,000,000 (2,000,000) 3,000,000 (3,000,000) (100,000) 2,668,807 (2,568,807) 10,000,000 (10,000,000) 2012 AR Billings Cash AR

Const Expense Revenue Loss from contract Billings CIP (4,000,000) 1,900,000 (2,100,000) Billings in excess of contract costs Current Liabilities 900,000 (900,000) (8,000,000) 7,200,000 (800,000) Billings in excess of contract costs Current Liabilities 10,000,000 (10,000,000) 100,000 10,000,000 (10,100,000) – 2010 Balance Sheet Presentation: Billings Total (4,000,000) CIP Total 3,800,000 BS Amount: (200,000) 2011 (8,000,000) 7,200,000 (800,000) Title: Billings in Billings in excess of excess of contract costs contract costs Current Liabilities Current Liabilities – Section:

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