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4. For the year ended December 31, 2008, Carter would recognize gross profit from contract # 3814 in the amount of $1,200,000. $1,725,000 $1,800,000. $2,400,000. a. b. с. с.

4. For the year ended December 31, 2008, Carter would recognize gross profit from contract # 3814 in the amount of $1,200,000. $1,725,000 $1,800,000. $2,400,000. a. b. с. с.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer is $1,725,000 Please explain the reasoning and calculations
4. For the year ended December 31, 2008, Carter would recognize gross profit from contract # 3814 in the amount of $1,200,000. $1,725,000 $1,800,000. $2,400,000. a. b. C. C.
Transcribed Image Text:4. For the year ended December 31, 2008, Carter would recognize gross profit from contract # 3814 in the amount of $1,200,000. $1,725,000 $1,800,000. $2,400,000. a. b. C. C.
Ramos, Inc. began work in 2017 on contract #3814. The contract price is $7,200,000. The contract is expected to be completed in 2018. Other details follow: 2017 $1,200,000 3,600,000 1,350,000 900,000 2018 Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the Collections during the $3,675,000 year 5,400,000 5,850,000 year Assume that Ramos uses the percentage-of-completion method of accounting and has fiscal years ending on December 31.
Transcribed Image Text:Ramos, Inc. began work in 2017 on contract #3814. The contract price is $7,200,000. The contract is expected to be completed in 2018. Other details follow: 2017 $1,200,000 3,600,000 1,350,000 900,000 2018 Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the Collections during the $3,675,000 year 5,400,000 5,850,000 year Assume that Ramos uses the percentage-of-completion method of accounting and has fiscal years ending on December 31.
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