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Beavis Construction Company was the low bidder on a construction project to bulld an earthen dam for $1,810.000, The project pegun in 2020 and completed in 2021. Cost and other data are presented below: 2020 $447,000 $1,110,000 1,043,000 405, 000 305,000 1, 505,000 2021 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 1,405,000 ssume that Beavis recognizes revenue on this contract over time according to percentage of completion.

Beavis Construction Company was the low bidder on a construction project to bulld an earthen dam for $1,810.000, The project pegun in 2020 and completed in 2021. Cost and other data are presented below: 2020 $447,000 $1,110,000 1,043,000 405, 000 305,000 1, 505,000 2021 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 1,405,000 ssume that Beavis recognizes revenue on this contract over time according to percentage of completion.

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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Beavis Construction Company was the low bidder on a construction project to bulld an earthen dam for $1,810.000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: 2020 2021 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year $ 447,000 S1,110,000 1,043,000 405, 000 1,405,000 30s,000 1,505,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2020 and 2021. Amount of gross profit recognized in 2020 Amount of gross profit recognized in 2021
Transcribed Image Text:Beavis Construction Company was the low bidder on a construction project to bulld an earthen dam for $1,810.000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: 2020 2021 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year $ 447,000 S1,110,000 1,043,000 405, 000 1,405,000 30s,000 1,505,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2020 and 2021. Amount of gross profit recognized in 2020 Amount of gross profit recognized in 2021
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