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Adler Construction Co. uses the percentage-of-completion method. In 2010, Adler began work on a contract for $3,300,000 and it was completed in 2011. Data on the costs are: Year Ended December 31  2010 2011 Costs incurred $1,170,000 $840,000 Estimated costs to complete 780,000 — For the years 2010 and 2011, Adler should recognize gross profit of

Adler Construction Co. uses the percentage-of-completion method. In 2010, Adler began work on a contract for $3,300,000 and it was completed in 2011. Data on the costs are: Year Ended December 31  2010 2011 Costs incurred $1,170,000 $840,000 Estimated costs to complete 780,000 — For the years 2010 and 2011, Adler should recognize gross profit of

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Adler Construction Co. uses the percentage-of-completion method. In 2010, Adler began

work on a contract for $3,300,000 and it was completed in 2011. Data on the costs are:

Year Ended December 31

 2010 2011

Costs incurred $1,170,000 $840,000

Estimated costs to complete 780,000 —

For the years 2010 and 2011, Adler should recognize gross profit of

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