Reynolds Custom Builders (RCB) was established in 1987 by

Reynolds Custom Builders (RCB) was established in 1987 by Avery Conway and initially built high-quality customized homes under contract with specific buyers. In the 2002s, Conway’s two sons joined the company and expanded RCB’s activities into the high-rise apartment and industrial plant markets. Upon the retirement of RCB’s long-time financial manager, Conway’s sons recently hired Ed Borke as controller for RCB. Borke, a former college friend of Conway’s sons, has been associated with a public accounting firm for the last 6 years.

Upon reviewing RCB’s accounting practices, Borke observed that RCB followed the completed-contract method of revenue recognition, a carryover from the years when individual home building was the majority of RCB’s operations. Several years ago, the predominant portion of RCB’s activities shifted to the high-rise and industrial building areas. From land acquisition to the completion of construction, most building contracts cover several years. Under the circumstances, Borke believes that RCB should follow the percentage-of-completion method of accounting. From a typical building contract, Borke developed the following data.

BLUESTEM TRACTOR PLANT

Contract price: $8,337,000

2014

2015

2016

Estimated costs $1,826,010 $2,705,200 $2,231,790
Progress billings 1,887,000 3,063,000 3,387,000
Cash collections 1,775,000 2,805,000

3,280,000

 

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