Employees can solicit union support even on the employer's property on their own time

What is a cash flow budget?

What will be an ideal response?

At the beginning of 2017 Premier Yachts enters into a contract to build a luxury yacht for a customer that is expected to take three years to complete. The contract price is $12,000,000. Completion is scheduled for the end of 2019. Premier's year end is December 31. The following is a year by year summary of construction costs incurred and the estimated costs to complete the projects at the end

of each year. 2017 2018 2019 Actual costs incurred current year $2,250,000 $6,750,000 $2,325,000 Actual costs incurred prior years -0- 2,250,000 9,000,000 Cumulative actual costs incurred to date 2,250,000 9,000,000 11,325,000 Estimated costs to complete end of year 6,750,000 2,250,000 -0- Total Costs $9,000,000 $11,250,000 $11,325,000 Billings $2,100,000 $7,800,000 $2,100,000 Cash Collections 1,500,000 6,000,000 4,500,000 Required: Prepare the entries under the completed-contract method for 2017 What will be an ideal response?