Berstler Construction company began operations in 2010. Construction activity for the first year is shown below. All contracts are with different customers
and any work remaining at December 31 2010 is expected to be completed in 2011.

Project

Total Contract Price

Billings through 12/31/10

Cash Collections through 12/31/10

Contract costs incurred through 12/31/10

Estimated Additional Costs to Complete

1

693840

446040

421260

557550

161070

2

830130

272580

260190

156114

624456

3

644280

619500

545160

408870

-0-

2168250

1338120

1226610

1122534

785526

Prepare a partial income statement and balance sheet to indicate how the above information would be reported for financial statement purposes. Berstler
Construction Company uses the completed-contract method.

BERSTLER CONSTRUCTION COMPANY

Partial Income Statement

Year Ended December 31 2010

_________________________________________$__________________

_________________________________________$__________________

_________________________________________$__________________

Loss recognized in 2010 $_________________

BRESTLER CONSTRUCTION COMPANY

Partial Balance Sheet

December 31 2010

Current assets:

_____________________________________________________________$______________

________________________________

___________________________________$________________

Less:_______________________________$________________

_____________________________________________________________$_________________

Current liabilities:

_____________________________________________________________$_______________