Donald Kieso的中級會計13版的test bank上的一道題，答案我也給了

主要就是誰能很好的解釋c為什么那個account receivable是$1,000,000？ 我怎么覺得是$500,000

Problem E-I — Long-Term Contracts.

Edwards Company contracted on 4/1/12 to construct a building for $2,300,000. The project was completed in 2014. Additional data follow:

2012 2013 2014

Costs incurred to date $ 560,000 $1,350,000 $1,900,000

Estimated cost to complete 1,040,000 450,000 —

Billings to date 500,000 1,800,000 2,300,000

Collections to date 400,000 1,300,000 2,200,000

Instructions

(a) Calculate the income recognized by Edwards under the percentage-of-completion method of accounting in each of the years 2012, 2013, and 2014.

(b) Prepare all necessary entries for the year 2013.

(c) Present the balance sheet disclosures at December 31, 2013. Proper headings or subheadings must be indicated.

答案是：

Problem E-I — Solution.

(a) 2012 income = ($560,000 ÷ $1,600,000) × $700,000 = $245,000

2013 income = ($1,350,000 ÷ $1,800,000) × $500,000 = $375,000 – $245,000 = $130,000

2014 income = $400,000 – $375,000 = $25,000

(b) Construction in Process 790,000

Accounts Payable, Cash, Inventory, etc. 790,000

Accounts Receivable 1,300,000

Billings on Construction in Process 1,300,000

Cash 900,000

Accounts Receivable 900,000

Construction Expenses 790,000

Construction in Process 130,000

Revenue from Long-Term Contracts 920,000

(c) Current assets:

Accounts receivable $1,000,000

Current liabilities:

Billings ($1,800,000) in excess of costs and

recognized profit ($1,725,000) $75,000

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