During 2023, Marigold Corp. started a construction job with a total contract price of $1072000. Marigold has consistently used the completed-contract method. The job was completed on December 15, 2024. Additional data are as follows: Actual costs incurred Estimated remaining costs Billings to date Collections to date 2023 $405000 405000 $120300 $0 $140200 O $209800 361000 208000 2024 $457200 695300 481300 For 2024, what amount should Marigold recognize as gross profit?

During 2023, Marigold Corp. started a construction job with a total contract price of $1072000. Marigold has consistently used the completed-contract method. The job was completed on December 15, 2024. Additional data are as follows: Actual costs incurred Estimated remaining costs Billings to date Collections to date 2023 $405000 405000 $120300 $0 $140200 O $209800 361000 208000 2024 $457200 695300 481300 For 2024, what amount should Marigold recognize as gross profit?

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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