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?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 40P

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