A construction company has the following data concerning one of its contracts: Contract price Value certified £2,000,000 £1,300,000 £1,200,000 £1,050,000 £1,000,000 Cash received Costs incurred Cost of work certified The profit (to the nearest £1,000) to be attributed to the contract is: (A) £250,000 (B) £277,000 (C) £300,000 (D) £950,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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A construction
company
has the following data concerning one of its contracts:
Contract price
£2,000,000
£1,300,000
£1,200,000
£1,050,000
Value certified
Cash received
Costs incurred
Cost of work certified
£1,000,000
The profit (to the nearest £1,000) to be attributed to the contract is:
(A) £250,000
(B) £277,000
(C) £300,000
(D) £950,000
Transcribed Image Text:A construction company has the following data concerning one of its contracts: Contract price £2,000,000 £1,300,000 £1,200,000 £1,050,000 Value certified Cash received Costs incurred Cost of work certified £1,000,000 The profit (to the nearest £1,000) to be attributed to the contract is: (A) £250,000 (B) £277,000 (C) £300,000 (D) £950,000
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