Dominion construction is awarded a contract to build a commercial building. The contract price is $1,500,000 and during the first month of the job, the following transactions occurred: Cash expenditures to date$300,000Total expenditures to date$350,000Estimated expenditure to complete$1,100,000Total estimated expenditures$1,450,000Billing to date$280,000Cash collected to date$250,000 What is "Revenue to Date" in Cash Method? 350000 280000 250000 300000

Under the cash method, revenue and expenses are recognized when a construction firm actually…

Answered: Dominion construction is awarded a…

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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Dominion construction is awarded a contract to build a commercial building. The contract price is $1,500,000 and during the first month of the job, the following transactions occurred:

Cash expenditures to date	$300,000
Total expenditures to date	$350,000
Estimated expenditure to complete	$1,100,000
Total estimated expenditures	$1,450,000
Billing to date	$280,000
Cash collected to date	$250,000

What is "Revenue to Date" in Cash Method?

		350000
		280000
		250000
		300000

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